GAYMORTGAGELOANS.COM

Here’s a look at some of the main changes for mortgages:

Mortgage applications slipped 1.2 percent last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association.

On an unadjusted basis, the index increased 0.6 percent compared with the previous week.

The seasonally adjusted purchase index decreased 7 percent from one week earlier. On an unadjusted basis, the purchase index decreased 1.1 percent compared with the previous week and was down 7.5 percent compared to the same week a year ago.

Interest rates declined compared to the previous week:

• 30-year fixed-rate mortgages decreased to 4.94 percent from 5.01 percent.
• 15-year fixed-rate mortgages remained unchanged at 4.33 percent.
• 1-year ARMs decreased to 6.68 percent from 6.70 percent.

Americans have long struggled with the complexities of shopping for home mortgages. Now Uncle Sam is trying to help.

Federal rules that take effect Friday require mortgage lenders and brokers to give consumers better estimates of the barrage of costs they incur when taking out home loans. The new rules mandate a standard three-page Good Faith Estimate that urges consumers to shop around for the best loan and helps them compare lenders' offerings.

The rules, announced by the Department of Housing and Urban Development in November 2008, are an update of the Real Estate Settlement Procedures Act, a 1974 law known as Respa. Though the changes come too late to help the millions of Americans who made poor loan choices during the housing boom, "it's going to be a help," said Jack Guttentag, a retired Wharton School finance professor who operates a mortgage advice Web site www.mtgprofessor.com.

As the most robust season of the year for most real estate markets comes to an end, those whose properties have not yet sold face challenging decisions. Many eager buyers who came out of the woodwork in springtime and then finalized their purchases over the summer are now gone from the landscape, and less buyers means greater competition for sellers whose listings are languishing.

Here are half a dozen helpful tips for home sellers who want to attract a buyer and close a deal before colder weather sets in, real estate markets slow down, and most of those who are shopping for a new home go into hibernation until next year arrives.

#1

Evaluate Realtor Performance

First of all, evaluate your listing agent’s performance in an objective manner. Are they doing enough to advertise the property, and have they held any Open Houses to encourage visits from potential buyers?

If you live in a LGBT enclave, does your real estate agent understand the local LGBT market and have strong connections to those who live and work in the neighborhood? Sometimes hiring a broker who is also an active and supportive member of the LGBT community can be an advantage if you are a LGBT homeowner.

#2

Redefine Your Goals

As the brisk sales season winds down it is important that you reexamine your specific goals as a seller. Ask yourself whether you are really determined to sell and move, or whether you might be interested in alternatives such as refinancing, renting part of the home to a tenant for extra income, or waiting until the market improves and you can realize a greater return on your investment.

#3

Study the Competition

In a competitive market it is essential that you know what other sellers are doing. Know the listing prices of competing homes. Stay current regarding sales prices of homes similar to yours that have recently sold and how long were they were on the market.

Check out other homes. Examine their curb appeal and the conditions of important features and components such as the roof, the paint job, and the landscaping. If your home needs updating in order to compete, factor that into your strategy and pricing.

Analyze sales data and make sure that your offering price is where you want it to be in terms of being either on the high side, somewhere in the middle, or the best bargain on the entire street.

#4

Add an Incentive

By adding a home warranty, a repair allowance, or an offer to help pay your buyer’s closing costs you can often inspire hesitant buyers to get off the fence and sign a contract.

You can also offer intangible incentives through improved curb appeal, a home staging makeover (where you hire a professional to decorate your home to look like a model home), or a simple cosmetic upgrade that won’t strain your budget but will quickly dress up your property.

#5

Crunch New Numbers

Holding on to houses across the winter season can mean that you will face higher utility bills, especially if you live in an older home that is relatively expensive to heat. The longer you keep the home the more taxes and insurance you’ll pay, too – but you will also reap some tax benefits by paying mortgage interest. Crunch the numbers with the help of your Realtor to understand the bottom line benefits to holding or selling. That information will help you decide whether to wait for higher prices next year or to lower your price to inspire a sale now.

#6

Use Calendar Benchmarks

Even houses that are difficult to sell will move if the price is attractive enough to buyers. But sellers often procrastination when it comes to dropping the price – even if they believe it is a smart thing to do – because they get too emotionally involved.

Remove the emotions and avoiding costly delays by relying upon the calendar – not your feelings and whims – to trigger price drops. If you plan to drop the price 20 percent to motivate a faster sale, for instance, one strategy could be to drop the price 10 percent if nobody makes a serious offer within 15 days. Then if the house is still not attracting enough attention, automatically drop to the 20 percent off mark when the 30 day deadline expires.

Mark the dates on the calendar and give instructions to your Realtor to set things in motion if time elapses past a designated deadline.

If you absolutely need to sell right away, then prepare to do whatever it takes rather than trying to hold out for a slightly higher price. And if you happen to be upside down in your mortgage like many Americans, talk to the lender or a credit counselor about loan modification. The worst thing is to do nothing, so remain proactive and positive to invite success.

Most people shopping for a home this year are keenly aware that a special $8,000 new home buyer credit is being offered as part of the government’s emergency economic stimulus legislation. But the clock is ticking toward the expiration date and unless the provision is amended or renewed to extend the deadline, buyers only have until the end of November to finalize their purchases. First timers are urged to do whatever they can to streamline the real estate shopping experience, and working with a gay-friendly Realtor and lender can often save valuable time for LGBT new home buyers. A gay or lesbian couple may need to seek legal and financial advice in order to help them better understand their rights as owners, for example, since many of the benefits related to real estate ownership are only available to those couples who are legally married according to state and federal statutes. An experienced Realtor accustomed to working with LGBT clients will either know the answers immediately or be able to quickly refer the buyers to a reputable real estate attorney who is well-versed in complex LGBT legal issues. Similarly, those who want to buy together gay may encounter complications along the way when trying to secure mortgage financing. They may need guidance regarding whose credit report or income to submit on the loan application, or they may need reassurance that, for example, the mortgage documents and deed are crafted in such a way that they reflect equitable sharing of assets and liabilities. For a loan processor unfamiliar with mortgage financing for LGBT partnerships this may create confusion, and when mortgage applications encounter people who are confused that usually translates into frustrating delays. Plus, the harsh reality is that many people do not support equal rights for gays and are reluctant to roll up their sleeves to help expand the LGBT community in their own neighborhood or city. While they might not openly discriminate against their own clients or customers because they are gay, they may decide to do only the bare minimum to assist them – which is a common tactic of covert discrimination. When working with someone who engages in foot dragging or is not as attentive as possible, precious time gets spent without successful results – and with $8,000 on the line there is really no time to waste. A better strategy is to work from the very beginning with professionals who are known within the community for doing excellent, enthusiastic, tireless work on behalf of satisfied LGBT buyers. Keep in mind that the government and the IRS define first time home owners in a broader sense, so you may still be entitled to the tax credit even if you have already owned a home sometime in your life – or have even bought and sold dozens of them in your lifetime. That’s because according to the official definition of a first time buyer you must not have owned or co-owned your principle residence during the past three consecutive years. So if you have been a renter over the past few years, for example, and have not owned your own principal residence for at least three years, then you are considered a first time buyer. But just having a purchase contract or an approved mortgage application is not sufficient to qualify you for the tax benefit, and deals often get postponed en route to the closing table. That is especially true during months with major holidays. Real estate attorneys and title companies may, for example, work fewer days or limited hours as Thanksgiving approaches. Buyers counting on getting their real estate transactions closed at the end of November may find out that the preparation of final documents cannot be scheduled on time, and that could be a potential nightmare. Buyers should, for instance, expect that there will be a flurry of late November activity as other new home buyers also rush to close on time. The anticipated surge in last-minute transactions may create delays at banks, mortgage companies, and law offices that handle real estate closings. So a better strategy is to get sales settled way ahead of time – ideally before the end of October. Finding and successfully closing on a new home can be a time-consuming effort with many unexpected hurdles and frustrating delays, even under ordinary circumstances. But according to the Commerce Department low interest rates, the big federal tax credit, and deeply discounted prices have caused residential real estate sales to jump to the highest level in months. In June, for example, new home sales experienced their sharpest increase in nearly a decade. That may cause underwriting delays, and with $8,000 at stake it pays to be proactive to facilitate the home buying process, find the best deal on an appropriate mortgage, and get to closing to claim the tax perk before time expires. For expert help with all your real estate and home financing needs contact www.GayRealEstate.com and www.GayMortgageLoans.com. The members of these networks are dedicated to supporting the GLBT community. Or call toll free at 1-888-420-MOVE (6683). ##

The summer of 2009 is shaping up to be an historical window of opportunity for buying fun and affordable vacation homes. Mortgage money is flowing again, interest rates on safe and secure fixed rate loans are extremely attractive, and the inventory of deeply discounted condos and houses in popular vacation destinations is ripe for the picking.

According to a recent article in the National Association of Realtors (NAR) publication Realtor Magazine, prices have dropped up to 50 percent in some of America’s top vacation home markets. But that does not mean that sales are in the doldrums. Buyers are starting to step in and make offers to purchase before the deals disappear and while mortgage rates still hover near historically low levels. Sales of beach homes in Daytona Beach, for instance, are up about 20 percent compared to this time last year, and that is based on statistics recorded before the peak of the summer selling season. In the month of March, for instance, sales of Daytona Beach condos were twice as brisk as they were in the previous month, and homes in the $200,000 to $400,000 range were moving the fastest.

Foreign nationals have also recognized the value of properties throughout the nation, especially in world-famous hotspots like Miami and South Beach. Buyers from other countries are responsible for about 10 percent of recent real estate purchases. That kind of eager buyer participation is giving the market for vacation homes added traction, and many economists expect that the lowest prices are already slipping away as real estate regains its footing.

A recently published NAR vacation home survey found that 27 percent of vacation home buyers considered the purchase a way to diversify their investments. Many bought in order to enjoy extra income ownership of a rental property that they can later convert into a retirement home.

But prized properties in the most desirable destinations are still up for grabs. Fortune Magazine recently included San Diego, Miami, and Washington, DC, for example, in its list of cities offering the best discounts for 2009. Vacation homes in Marco Island, FL had fallen about 27 percent by the end of 2008 compared to the previous year, and during the same timeframe Napa, CA vacation homes became more than 20 percent cheaper. Other places where holiday bargains can be found this summer include Mystic, CT; Point Pleasant Beach, NJ; and Sunriver, OR.

Traditionally high-priced Palm Beach, FL real estate is also significantly undervalued, having pulled back drastically from peak levels when the artificial speculation-fueled real estate bubble pushed prices far above realistic valuations. According to one investment consulting group, houses in Palm Beach were overpriced by more than 40 percent in 2006, whereas they are currently undervalued by about 30 percent. Meanwhile in nearby Delray Beach some beachfront condos are selling for as little as $100,000. Just a few years ago it was virtually impossible to touch those kinds of Florida ocean view properties for less than a quarter of a million dollars, so some shoppers see the opportunity as a rare summertime “two for the price of one” sale.

Brokers also report that prices per square foot in many condo developments in ultra-popular South Beach – which is globally celebrated as the “American Riviera” – are down 20-25 percent compared to last year. They point out that while “SoBe” was the last section of Miami’s large real estate grid to succumb to lower prices, those “last to go” neighborhoods are historically the first to bounce back and regain lost value. One outstanding example of recent real estate rarities is a downright aristocratic South Beach penthouse that sold for about $7 million after originally going on the market for close to $20 million. The spectacular home occupies in excess of 7,000 square feet and has its own rooftop swimming pool and more than seven bathrooms. That may make it a rather sensational exception to the norm, but a $13 million discount certainly does helps to exemplify and underscore the vacation home price reduction phenomenon.

Owning a vacation home means no more hassles with reservations and no need to pay premium prices to get away during peak holiday weekends. Those who rent out their vacation getaways can also deduct part of their travel expenses when they visit those homes, because checking on properties for the purpose of oversight and upkeep is a legitimate part of the business of being a landlord or investor. Pick prime weekends to combine business with pleasure, and then rent out the condo to others to cover the mortgage expenses. Realtors can handle all landlord tasks for a nominal fee, which makes it easy to manage vacation properties even if they are far from home. So for anyone who wants to enjoy the convenience and savings of owning a holiday home, the current vacation season has plenty to offer.

To find expert real estate help with buying vacation or investment property, visit www.GayRealEstate.com or toll free at 1-888-420-MOVE (6683). The professionals in this exclusive network specialize in serving the GLBT community worldwide.

Baby Boomers – those Americans born after 1945 – now make up about 30 percent of the United States population, and they are rapidly swelling the ranks of new retirees. That is one of the main reasons the unique FHA-insured Home Equity Conversion Mortgage (HECM) is becoming increasingly popular. The new, innovative HECM is the only reverse mortgage insured by the U.S. government, and it is the first reverse mortgage designed to facilitate purchases of homes for those who are ready to downsize their way into their golden years.

Real estate appraisals are powerful, particularly in today’s nervous market as loan underwriters take a more skeptical approach to approving mortgages for buyers and homeowners have more trouble qualifying for home equity loans. The appraised value of a home is, after all, the benchmark banks use to calculate collateral, so it directly affects sales prices. Even if a buyer offers a higher price the sale will not go through – unless it is a cash sale not involving a mortgage – until the lender’s appraisal supports and validates the offering price. When the appraisal report comes in too low, for instance, the loan is denied and the buyer either walks away or the homeowner agrees to sell at the lower price.

Returning from vacation to go back to work, catch up on a backlog of projects, and open a stack of bills that accumulated during a blissful absence can be tough. Some things – especially the rather unpleasant ones – can’t be controlled or avoided. But homeowners can take practical steps to ensure that they come back to a welcoming home and that while they are gone the house does not suffer any unwanted surprises but remains safe and secure.

Each year we choose our Gay Ghetto Top 10 by cross-analyzing demographics against real estate sales data to discover those especially prized metropolitan areas throughout the USA that are most in vogue with the diverse GLBT community. When the number crunching is over, we usually have 10 distinct winners, individually ranked by virtue of their popularity. But for 2008 we have some unique and special surprises – including three 2-way ties and a 3-way tie. Our top 10 are so outstanding, in other words, that they rate higher than ever.

To practice real estate in the USA means to first go to real estate school, where much of the curriculum is devoted to studying – and learning how to abide by – Federal Fair Housing Law. The Architectural Barriers Act, the Americans with Disabilities Act, the Age Discrimination Act, and half a dozen Presidential Executive Orders all provide various kinds of protection and legal rights that fall under the broad category of Fair Housing Law. ..

The word “candidate” derives from the word “candid”, and politicians running for office this year have learned that voters prefer frank talk, not a sales pitch. The same is true for homeowners shopping for a mortgage. As we prepare for springtime – which is historically the best time to buy a home – it is appropriate to talk about ways to weed out the hype about exotic residential mortgages in favor of old-fashioned fixed rate loans.

Although winter is notoriously sluggish in terms of real estate shopping, the downtime provides a golden opportunity for homeowners to enhance their property’s marketability. Here are five simple ways to pump-up your listing, even during the winter lull...

Well, Fannie, Freddie and Ginnie aren’t people, they are institutions.  They are the shortened names for Fannie Mae (FNMA-Federal National Mortgage Association), Freddie Mac (FHLMC -Federal Home Loan Mortgage Corporation) and Ginnie Mae (GNMA-Government National Mortgage Association).  They are the big three, and they buy the majority of mortgages for all homes across the nation.

Making appointments to view houses that are on the market can be great fun. If you are not just window-shopping but are seriously looking for property, the chance to tour a home can be critical to your financial decisions and have an impact on your personal living situation for years to come. But touring condos and houses can also be a foolproof way to waste a perfectly good weekend, especially if you are not sure exactly what to look for or how to maximize the brief window of opportunity that a real estate showing provides.

An educated and alert buyer can walk through a typical house or condo and get a snapshot of the home within a matter of minutes, while those who are not so skilled can spend an hour and walk away more confused than they were before the visit. For example, when Realtors “preview” homes – their lingo for viewing homes that are on the market before showing them to their clients – they often complete the whole tour of an average sized home in less than 10 minutes. If a seasoned real estate broker wants to scout for houses or condos on behalf of a client, he or she might visit a dozen different properties in a single afternoon – and most of that time is spent in the car, driving from one location to the next...

An unrealistic asking price may impede the sale of your home. But undermining your profit margin is also unwise. Pricing your home accurately – especially in the middle of an entrenched buyer’s market – is always a bit challenging. But if you’re trying to sell a house or condo these days, intelligent pricing is critical. Those who are off the mark by a slight amount may wind up off target completely in terms of attracting a qualified and interested buyer, and those who price their home unreasonably high may be shooting themselves in the proverbial foot.

With the mortgage crisis forcing some high-profile lenders out of business it seems homebuyers have since re-thought their borrowing situation and made way for the traditional lenders of old to return as hot favorites.

Tuck Reed, an executive vice president of capital markets at SunTrust Mortgage said, 'we are seeing a lot of customers and a lot of very good loan officers that are simply interested with stability.'

The demise of the mortgage industry is the news of the year. Exotic loans, predatory lending practices, high-flying investors buying risky mortgage securities, and the plight of homeowners faced with mounting monthly payments are just a few of the topics making headlines everywhere. But little attention is given to teaching consumers how to pay off their mortgages completely, in a shorter amount of time, so that they are no longer tied to borrowed money and can own their homes free and clear.

Buying your own home is a practical realization of the American Dream. We who live in the USA pride ourselves on the value of freedom in our everyday lives, and paying off your mortgage is one of the most liberating goals a homeowner can accomplish. The way to shrink your mortgage is to pay off the principal at an aggressive pace. More and more consumers are making it happen by following disciplined, strategic formulas.

Price pressures continue to strengthen the bargaining positions of buyers, while homeowners are feeling more desperate to sell, regardless of how many concessions they might have to make to close their deals. With more than half a million brand new homes languishing on the market unsold and a glut of existing homes that will take an estimated 8-9 months to sell, buyers have plenty of reasons to rejoice.

The summer of 2006 was the season for seller shock as buyers took control of the housing market and homeowners watched the value of their homes plummet. Coming away from those experiences homeowners got creative, and during the first half of 2007 they pulled out every trick in the book to lure buyers.