Traverse City, MI Real Estate News

By Ricardo Cobos
(SunTrust Mortgage)
Wednesday's bond market has opened in positive territory following a weaker than expected manufacturing report. The stock markets are mixed with the Dow down 4 points and the Nasdaq up 6 points. The bond market is currently up 5/32, which will likely improve this morning's mortgage rates by approximately .125 of a discount point.The Commerce Department reported this morning that May's Durable Goods Orders fell 2.8%, which was nearly triple the drop that was expected. This indicates that demand for big-ticket items was much weaker than expected. This is good news for bonds because it hints of a possible manufacturing slowdown.The only relevant economic data scheduled for release tomorrow is the final reading to the1st Quarter GDP and weekly unemployment claims. The GDP data is quite aged...
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By Dewayne Kirkman
(Century 21 McCoy Real Estate)
Manufactured Home For Sale in Traverse City • 1,296 sq. ft., 1 bath, 2 bdrm manufactured home - MLS® #1678171   $69,900 - Hard to Find Cheaper! Traverse City, Grand Traverse County  -  Affordable In-Town Beauty! Gorgeously remodeled home w/pergo flooring. Private back yard with deck. Appliances include Refrigerator, Stove, Dishwasher, Washer and Dryer. Will Finance without much difficulty. Home Warranty included. Call Listing Agent for complete package! Property informationPosted by Dewayne Kirkman | 0 Comments Filed under: Real Estate, For Sale
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By Ricardo Cobos
(SunTrust Mortgage)
I just obtained some interesting figures fromt eh Traverse Area Association of Realtors on sales figures for the past three years of May's for Grand Traverse County, Single Family Residences sales:May 05' 136 SOLD, 130 DOM, $143,389./$141,015., $107./p.s.f,$105. Ask/Sold average May 06' 111 SOLD, 125 DOM, $ 186,576./$174,995.,$121./p.s.f,$117. Ask/Sold average May 07' 106 SOLD, 156DOM, $193,353./$184,730.,$116./p.s.f,$112. ask.Sold average In general terms market had about 3600 homes available in 2005, with about 5200 in 2006 and about the same now in 2007. In summary, it looks like sale are off 24% from May 05' with sellers getting 98.34% of the asking price to 2007 with an increased marketing time of 31% and sellers getting only 95.5% of their asking price and an additional 31% of inv...
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By Ricardo Cobos
(SunTrust Mortgage)
Last Week in the News ________________________________ Construction of new homes in May fell to a seasonally adjusted annual rate of 1.47 million units, a 2.1% drop from April and a 24.2% decline from a year ago, the Commerce Department reported June 19. The decrease matched economists' expectations, and reflected weakness in the South and West, which offset construction gains made in the Northeast and Midwest. Housing permits, considered a good barometer of future activity, rose 3% in May, but the increase followed a 7.1% plunge in April. Last month's stronger activity originated from a rebound in permits for apartment construction. Meanwhile, mortgage applications for single-family homes fell 1.8% and have been down four of the past five months. The National Association of Home Builde...
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By Ricardo Cobos
(SunTrust Mortgage)
Did you know that Michigan has;3,288 miles of lake Michigan shoreline11,000 insland lakes36,000 miles of rivers and streams1,000,000 Registered Water Crafts81 degrees Traverse City average summer daily high.As you can imagine, this region attracts all sorts of people who enjoy moderate summer temp's and water sports enthusiasts.Enjoy the summer.Bank with someone you know, drop by or give me a call today.....Ricardo Cobos Your LOCAL Traverse City, Michigan Mortgage Lender
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  Summer Afternoons at Clich Park Beach, Traverse City, MichiganMany things can be said about Michigan these days, many of them not good. We are at the top of all the wrong lists, that's for sure.One list we are at the top of and I am thankful, is fantastic summers and an abundance of beautiful fresh clean water and sandy beaches to play in! The water is so blue, when you fly into Cherry Capital Airport (that's right, we are the Cherry Capital of the world!) if you have the good fortune to have to bank out over the bay, and if it is day time, you would swear you were landing in the Bahamas or any tropical destination save for the absence of palm trees.Today the high was 83, humidity around 50%, no wind, no clouds, fantastic day for the bay on lake Michigan. So we took the fmily out  on ...
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By Tom Ferrara
(Farm Bureau Insurance)
FAQ - Understanding Life InsuranceBy:Tom Ferrara Traverse City, MI  Do you find the world of life insurance to be confusing? If you do you're in good company. In fact, studies indicate that 60% of consumers have shied away from securing sufficient life insurance because they don't understand it. That's really not as surprising as it may seem. With almost 2,000 companies selling a seemingly infinite variety of life insurance policies, the choices can seem overwhelming. However, there are some fundamentals that all life insurance policies share and understanding those basics can help you when making your buying decisions. Life Insurance Fundamental One Life insurance is first and foremost intended to provide financial security for individuals or entities that are dependent on someone else...
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There have been a lot of companies popping up lately with promises of repairing credit. In my opinion, as long as they make no promises of results, and doesn't charge an unreasonable amount of money, they probably are worth the fees. The question in my opinion is; how much is YOUR time worth? See a related article from the Federal Trade Commission.If you are willing to invest an hour or so, most of what they will do for you for a fee, you can do for free. Especially now that the Internet has become so prevalent in our lives! Below I have outlined the process for disputing credit items. By law, it is incumbent to the REPORTER of the credit item to prove or "validate" the accuracy of the line item, not the consumers! (See the Fair Credit Reporting Act) However, if the consumer has irrefut...
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By Ricardo Cobos
(SunTrust Mortgage)
Official Schedule(Schedule subject to change revisit often.) Parades & Special Events Cherry & Food Events Children's Events Seniors' Events Competitive & Sports Events Bayside Entertainment Stage Sign up for these events onlineTwo-Person Beach Volleyball Tournament Sign UpFour-Person Beach Volleyball Tournament Sign UpPPOM Old Mission Peninsula Bike Tour Sign UpPlanters Go Nuts! Bed Race Sign UpCherries Grand Buffet and a Slice of Broadway - Seating 1 of 2 Sign UpQueen's Coronation and Ball Sign UpMeijer Festival of Races Sign UpCherry Tart Tour Sign UpUltimate Air Dogs Sign UpCherries D'Vine Sign UpCherries Grand Buffet - Seating 2 of 2 Sign UpUltimate Air Dogs Sign UpSaturday, July 7 - 9 am - 5 pm Two-Person Beach Volleyball Tournament view10 am - 12 pm Big Wheel Race view10 am - 11 ...
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By Ricardo Cobos
(SunTrust Mortgage)
Monday's bond market is currently down slightly after opening in positive territory. The stock markets are showing losses with the Dow down 24 points and the Nasdaq down 5 points. The bond market is currently down 3/32, but we should still see an improvement of approximately .250 of a discount point in this morning's mortgage rates as a result of strength late Friday. This week brings us the release of only two reports that are may cause movement in mortgage rates. Neither of them are important enough to warrant much concern or attention. One is considered to be of moderate importance and the other is not likely to affect rates at all unless it varies significantly from forecasts.The first piece of data comes tomorrow morning with the release of May's Housing Starts report. This report ...
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By Ricardo Cobos
(SunTrust Mortgage)
·      The highest recorded temperature ever measured in the United States was at Furnace Creek in Death  Valley, California, on July, 10 1913 -- a sweltering 134 degrees.     ·      To beat the desert heat, the ancient Egyptians circulated water through the walls of homes to cool them, and ancient Persians cooled buildings using wind and pools of water. ·      Ever heard of the "year without summer"? That would be 1816, when the northeastern United States and Canada experienced snow and cold all through the summer months. The most likely culprit was an erupting volcano in the Dutch East Indies (modern day Indonesia). So much for global warming,SUV's or G4's then!Bank with someone you know, drop by or give me a call today.....Ricardo Cobos Your LOCAL Traverse City, Michigan Mortgage Lender
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By Ricardo Cobos
(SunTrust Mortgage)
Last Week in the News ________________________________ Fueled by a surge in gasoline prices, May's Consumer Price Index increased 0.7%, its fastest pace in 20 months, the Labor Department reported June 15. However, core consumer prices, which exclude volatile food and energy costs, rose only 0.1%, slightly lower than the 0.2% analysts had predicted. The Producer Price Index, which measures inflation at the wholesale level, rose 0.9% in May, worse than the 0.6% increase economists had expected. Yet, wholesale core inflation increased a moderate 0.2%, slightly better than the 0.3% hike analysts had anticipated. Meanwhile, compared to April, retail sales in May surged 1.4%, the sharpest rise in 16 months and double the increase analysts had expected, the Commerce Department said June 13. T...
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By Ricardo Cobos
(SunTrust Mortgage)
Rate Lock Advisory - Wednesday Jun. 13thWednesday's bond market has actually opened in positive territory despite stronger than expected economic data. The stock markets are also showing gains with the Dow up 47 points and the Nasdaq down 8 points. The bond market is currently up 12/32, but due to weakness in bonds late yesterday, we will still see another increase in this morning's mortgage rates. I am expecting to see this morning's increase to be approximately .250 - .375 of a discount point over yesterday's morning rates.The Commerce Department reported early today that retails levels sales rose 1.4% last month. This was more than twice what forecasts were calling for and indicates that consumers are still making purchases. This is bad news for bonds because it raises economic growt...
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By Ricardo Cobos
(SunTrust Mortgage)
Private Mortgage Insurance helps you get the loan Private Mortgage Insurance, also known as PMI, is a supplemental insurance policy you may be required to obtain in order to get a mortgage loan. PMI is provided by private (non-government) companies althought the FHA also charge both an upfront PMI at loan closing in addition to a monthly PMI fee. PMI usually required when your loan-to-value ratio - the amount of your mortgage loan divided by the value of your home - is greater than 80 percent. PMI isn't a bad thing - it allows you to make a lower down payment and still qualify for a mortgage loan. In fact without PMI, many of us would not be able to purchase our first home. In fact, I even had it on my first home because I only had 5% to put down. In fact, if your mortgage was originate...
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City life is fine for some people, but your dream of home ownership involves clean air and quiet streets. Why wait for someday? Honor State Bank offers affordable loan programs that can help you buy a home in a country setting. If you're not sure you make enough income to qualify for home financing or have down payment concerns, talk to us.Our Rural Home Financing and Guaranteed Rural Housing programs offer these advantages:• no down payment and no monthly PMI• Expanded qualifying guidelines• Flexible credit considerations• Money saving closing optionsMore Happy Endings Begin HereYou have a special picture of home in your mind. Let me help you bring it to life. Our Rural Home loan programs are often the answer for aspiring homebuyers. You could be closer to making your move than you thi...
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H O M E B U Y E R H I N T S; Practical Questions to Ask Mortgage Lenders1. Do you offer a pre-approval program before I start house hunting?2. What is the average number of days it takes for you to issue a firm loan approval?3. How long can I lock my rate and what will it cost?4. If we are locked in and rates go down, what options do you offer?5. If we are locked in and rates go up, what is your policy if the rate lock expires?6. Are you quoting the interest rate or APR?7. Do you offer a limited-documentation program?8. What are my down payment and closing cost options?9. What is the index on the adjustable rate you're quoting?• Can you give me a 24-month history ofmovement on that index?• Is this the best index to have? Why is it best?• What is the margin associated with this loan?10. ...
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By Ricardo Cobos
(SunTrust Mortgage)
Last Week in the News The U.S. trade deficit -- the gap between what America sells abroad and what it imports -- totaled $58.5 billion in April, a 6.2% improvement over the March deficit, the Commerce Department reported June 8. Record-high exports of $129.5 billion, reflecting strong sales of soybeans and other farm products, commercial aircraft and industrial machinery, helped shrink the gap. The nation's service economy showed surprising strength as the Institute for Supply Management (ISM) said June 5 that its index of business activity in the non-manufacturing sector registered 59.7 in May, higher than April's reading of 56 and Wall Street's expectation of 56 for May. A reading above 50 indicates expansion. A better-than-expected service economy underscored comments by Federal Rese...
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By Ricardo Cobos
(SunTrust Mortgage)
The Language of LoansIf you're looking to buy a home, sometimes the various terms used by your lender and real estate agent can be confusing. The following definitions have been preparedto help you better understand the terms commonly used in the mortgage process.Adjustable-Rate Mortgage (ARM)A mortgage loan with an interest rate that periodically adjusts to current market interest rates.AppraisalAn estimate of the value of a property performed by a certified appraiser.APR (Annual Percentage Rate)The total finance charges for a loan, including interest, fees and charges expressed asan annual rate.Balloon LoanA mortgage, which a borrower makes regular fixed payments, based on a long-term payment schedule (5 to 30 years) to a lending institution. At a predetermined time,the balance on the...
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By Ricardo Cobos
(SunTrust Mortgage)
Clear Up Your Credit ErrorsIf you are planning to purchase or refinance a home, your credit report plays an important role in the mortgage process. Here are a few tips for soon-to-be mortgage applicants.Take an Early Look at Your Credit DataThere are three major credit "repositories" that gather financial information from creditors, public records and other sources. Ordering reports from Equifax, Experian and Trans Union Corp should cover the quest to find out what's written about your credit history. The reports are inexpensive, or in many cases, free. You should order reports and check for errors six to 12 months prior to making a mortgage application.Many Mistakes Are Unintentional GoofsMost of the information about your financial background, such as your credit card payment history,...
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By Ricardo Cobos
(SunTrust Mortgage)
For a faster, targeted search for the best possible property, spending time consulting with an agent and a home lender is the most effective way to start.By following these important tips, you can help make your home search much easier.Simplify Your SearchPrior to starting your home search, contact a reputable and trusted  Mortgage consultant to find out how much home you can afford. Knowing what you can afford means you won't settle for less home than you can purchase, or waste time looking at homes outside your price range.Shop SmartReal estate and lending professionals agree that securing mortgage preapproval before you begin house hunting is a wise course of action. A strong preapproval from a reputable local lender determines your price range, which helps define your home search. A...
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