A seller concession is anything the seller is going to throw into the deal to make their home more enticing for you to buy. Generally this comes in the form of a financial incentive at the closing as a fixed amount or percentage of the selling price that is returned to the buyer at the closing. This is the most common form of seller concession, but by no means he only form. Basically a seller can offer you anything they like as an incentive to buy their home.
In a buyer's market, seller concessions are fairly prevalent and are not limited to financial incentives. If repairs or upgrades need to be made on the house, a seller can lower the asking price of their property to reflect the work that will need to be done to bring the house up-to-date rather than having to fix the issue themselves.
The current housing market leaves ample room for seller concession negotiations. When taken in conjunction with some of the more liberal home loans available offering no money down, an offer of a seller concession for no closing costs can mean the buyer can come to the closing without any money. This can be an invaluable asset to a buyer, since buying a home typically involves many hidden costs once you have signed the papers and moved in.
If you are interested in seller's concessions at your closing, be sure that your real estate professional is aware of your wishes and is willing to work with you regarding these issues.
------------------------------------------
Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.
Showing posts with label MA first time home buyer. Show all posts
Showing posts with label MA first time home buyer. Show all posts
Thursday, December 2, 2010
Saturday, October 16, 2010
Reasons Why MA Mortgage Rates Are Fluctuating
Mortgage refinance rates change over the course of time, even in as little as a month. Factors like supply and demand, economic issues such as perceived recessions, and unemployment rates in your area, can all affect the mortgage rates.
With the assistance of the Federal Reserve investing over $1.25 trillion in mortgage backed securities as noted in the article below, expect some leveling out to occur.
Ultimately, finding the right mortgage refinance loan, or first or second time homeowner loan requires patience and research of the current market trends and forecasts. Securing the advice of a trusted real estate attorney can help you alleviate any stress or miscommunication during this process.
Mortgage Refinance Rates Hover Around 4.75% – The Reasons Why
If you had research the market for home mortgage refinance in past weeks and now you have decided to go for the one; you might get a surprise. The rates might have changed considerably. You are again required to do the analysis and calculations. The Federal Reserve has come up to control this increasing trend of variations in the rates of home mortgage refinance loan. It has injected the massive sum of $1.25 trillion in mortgage backed securities.
If you question why sudden variations in rates of home mortgage refinance program, let me tell you, there are more than one factor. The first is the ‘demand and supply’ law of economy. As and when, the sales of homes increases, rates increase proportionally. It’s not only due to the new buyers, there are many American existing homeowners who go for mortgage refinance as they prove to be a better option economically and retain ownership paying of the mortgage. The recession is also responsible for the variation. The economic downturn is forcing organization to go for cost cutting and hence layoffs. The layoffs on the other hand make monthly payments difficult to manage for an individual. This situation leads banks to charge higher for the insecure mortgages.
It is very important to research the market and have a comparative analysis of different mortgage refinance loans offered by various banks and institutions. The monthly payment to be paid depends upon the type of mortgage refinance loan, its period and rate. Normally the short term loans have lower interest rate and higher monthly payments while long term loans have higher interest rate and low monthly payments. You eventually pay more in a long term loan but helpful when income is not fixed. The rates don’t differ much across banks but one should look for the terms and conditions, down payments and early closing penalties. Once the deal is sealed, one may not worry about the fluctuation as rates are already fixed and cannot be changed.
After all these, availing a mortgage refinance loan that fits best to you is also a task. There are many parameters that govern the feasibility of availing the loan. Your current income, credit score and history, current assessed value of the property you possess, down payment that you can make etc play an important role in getting home mortgage refinance loan. If an individual has a bad credit history or poor credit score, it’s difficult to avail a mortgage refinance. In such circumstances it is recommended to avail a bad credit mortgage refinance loan which is specially designed for such cases.
------------------------------------------
Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.
With the assistance of the Federal Reserve investing over $1.25 trillion in mortgage backed securities as noted in the article below, expect some leveling out to occur.
Ultimately, finding the right mortgage refinance loan, or first or second time homeowner loan requires patience and research of the current market trends and forecasts. Securing the advice of a trusted real estate attorney can help you alleviate any stress or miscommunication during this process.
Mortgage Refinance Rates Hover Around 4.75% – The Reasons Why
If you had research the market for home mortgage refinance in past weeks and now you have decided to go for the one; you might get a surprise. The rates might have changed considerably. You are again required to do the analysis and calculations. The Federal Reserve has come up to control this increasing trend of variations in the rates of home mortgage refinance loan. It has injected the massive sum of $1.25 trillion in mortgage backed securities.
If you question why sudden variations in rates of home mortgage refinance program, let me tell you, there are more than one factor. The first is the ‘demand and supply’ law of economy. As and when, the sales of homes increases, rates increase proportionally. It’s not only due to the new buyers, there are many American existing homeowners who go for mortgage refinance as they prove to be a better option economically and retain ownership paying of the mortgage. The recession is also responsible for the variation. The economic downturn is forcing organization to go for cost cutting and hence layoffs. The layoffs on the other hand make monthly payments difficult to manage for an individual. This situation leads banks to charge higher for the insecure mortgages.
It is very important to research the market and have a comparative analysis of different mortgage refinance loans offered by various banks and institutions. The monthly payment to be paid depends upon the type of mortgage refinance loan, its period and rate. Normally the short term loans have lower interest rate and higher monthly payments while long term loans have higher interest rate and low monthly payments. You eventually pay more in a long term loan but helpful when income is not fixed. The rates don’t differ much across banks but one should look for the terms and conditions, down payments and early closing penalties. Once the deal is sealed, one may not worry about the fluctuation as rates are already fixed and cannot be changed.
After all these, availing a mortgage refinance loan that fits best to you is also a task. There are many parameters that govern the feasibility of availing the loan. Your current income, credit score and history, current assessed value of the property you possess, down payment that you can make etc play an important role in getting home mortgage refinance loan. If an individual has a bad credit history or poor credit score, it’s difficult to avail a mortgage refinance. In such circumstances it is recommended to avail a bad credit mortgage refinance loan which is specially designed for such cases.
------------------------------------------
Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.
Thursday, September 30, 2010
Mortgage Application Rejections and Second Chances
Wall Street Journal article regarding the options available to many borrowers facing initial rejection for their mortgage applications, posted here by Crowley and Cummings Massachusetts Real Estate Attorneys.
The full article is posted below.
'Second Look': First Aid for Borrowers
By RUTH SIMON
When a borrower hears a "no" from the bank, sometimes it really means "maybe."
Many of the biggest U.S. banks, criticized since the financial crisis erupted for making fewer loans and toughening borrowing standards, have launched what industry officials call "second look" programs to review rejected loan applications.
Some bank employees hunt for credit-report errors that hurt borrowers the first time their applications were vetted, or unreported sources of income that would make a consumer loan look less risky. Even more common are reviews of rejected small-business loans by loan officers and other bank employees.
The moves are a throwback to traditional roll-up-the-sleeves loan underwriting, emphasizing a potential borrower's track record and relationship with a bank over credit scores and other data that powered the industry's loan machine when credit was fast and cheap.
"I don't think of it as being looser. I think of it as making good judgments," says Stephen D. Steinour, chairman, president and chief executive of Huntington Bancshares Inc. At the Columbus, Ohio, bank, a second-look program and separate effort to make more loans to companies that regained profitability after hitting a rocky patch have boosted the approval rate for small-business loans by 4.7 percentage points in the first half of 2010, when compared with the rate for all of 2009.
The Financial Services Roundtable, a trade group of 100 large financial companies, says nearly all its members have second-look programs. Such banks include Bank of America Corp., J.P. Morgan Chase & Co., PNC Financial Services Group Inc. and U.S. Bancorp.
At some banks, the reviews are triggered automatically for spurned loan applications that fell just outside the lender's standards. Lenders also may allow borrowers to request a review.
While the collective push isn't nearly enough to end the loan logjam, bankers say it is starting to have an impact. For example, last month's Federal Reserve survey of senior loan officers showed the first overall easing of lending standards for small businesses since 2006. "Part of this is due to the second-look programs," says Bob Seiwert, a senior vice president of the American Bankers Association, a trade group of U.S. banks.
Frederick Cannon, co-director of research at Keefe, Bruyette & Woods Inc., says that the effectiveness "of any one of these campaigns individually is modest, but at the margin, these things can make a difference.
William Dunkelberg, chief economist of the National Federation of Independent Business, a trade group for small businesses, says the moves "can't hurt," but believes second-look programs are aimed more at rehabilitating banks' public-relations image than at making new loans.
Some banks acknowledge that their second-look programs are at least partly in response to outside pressure.
"I give him full credit," says James Dimon, chairman and chief executive of J.P. Morgan Chase & Co., referring to Lawrence Summers. The top economic adviser to President Obama suggested to Mr. Dimon at a meeting last December that the nation's largest bank in stock-market value review small-business loans it had denied.
Since then, the New York bank has offered $198 million in loans to borrowers who got a second round of scrutiny. J.P. Morgan won't comment on the loans' performance.
U.S. Bancorp says it sees the "same relative performance from second looks and appeals as we do from first-pass approvals," according to a spokeswoman for the Minneapolis bank.
The deeper analysis can cost hundreds of dollars or more, compared with $30 to $50 for a loan analysis based on credit scores.
"There's no right way or wrong way, but these two ways of underwriting a business loan can result in a different answer," says Mr. Seiwert of the ABA.
Huntington, with 608 branches in six states and about $52 billion in assets, made about 475 loans in the first half of 2010 to small businesses and consumers using its second-look program. Fourteen consumer-loan specialists work with loan officers to uncover new information about consumers that could make a difference in whether they should be approved for a loan. Huntington's 300 small-business bankers are encouraged to look for ways to help rejected loans meet the bank's standards.
"The financial statement doesn't tell the whole story," says Mr. Steinour, who became Huntington's CEO in January 2009.
In mid-July, Curtis and Renee Fields got a $25,000 unsecured personal loan to get their Cincinnati lunch spot, called the Squirrel, ready for its grand opening in August. Huntington initially rejected their application because bank officials worried they would be carrying too much debt. The Fields had applied for two Small Business Administration loans totaling $50,000 but needed cash quickly to pay contractors.
Their banker at Huntington realized the couple's debt level was temporarily too high because they had been using their own money to finance the restaurant. Based on their relationship with the bank and good overall credit record, Huntington decided to approve the loan. It was repaid the following month.
"We're hanging in just fine," Mr. Fields says. The Squirrel, known for its double-decker sandwiches, opened on time and now has 12 employees.
Lynne Logel, a 66-year-old elementary-school teacher living in Marysville, Ohio, was turned down for a mortgage refinancing by Huntington because her credit score was too low. After a consumer-loan specialist at the bank suggested she check her credit record, Ms. Logel found two errors.
After the flubs were fixed, Ms.Logel's credit score jumped to 709 from 656. In July, she got a $140,000 home loan from Huntington that she plans to pay off by the time she retires in six years.
"I feel like I can retire," she says. "I had been praying about this."
—Robin Sidel contributed to this article.
------------------------------------------
Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.
The full article is posted below.
'Second Look': First Aid for Borrowers
By RUTH SIMON
When a borrower hears a "no" from the bank, sometimes it really means "maybe."
Many of the biggest U.S. banks, criticized since the financial crisis erupted for making fewer loans and toughening borrowing standards, have launched what industry officials call "second look" programs to review rejected loan applications.
Some bank employees hunt for credit-report errors that hurt borrowers the first time their applications were vetted, or unreported sources of income that would make a consumer loan look less risky. Even more common are reviews of rejected small-business loans by loan officers and other bank employees.
The moves are a throwback to traditional roll-up-the-sleeves loan underwriting, emphasizing a potential borrower's track record and relationship with a bank over credit scores and other data that powered the industry's loan machine when credit was fast and cheap.
"I don't think of it as being looser. I think of it as making good judgments," says Stephen D. Steinour, chairman, president and chief executive of Huntington Bancshares Inc. At the Columbus, Ohio, bank, a second-look program and separate effort to make more loans to companies that regained profitability after hitting a rocky patch have boosted the approval rate for small-business loans by 4.7 percentage points in the first half of 2010, when compared with the rate for all of 2009.
The Financial Services Roundtable, a trade group of 100 large financial companies, says nearly all its members have second-look programs. Such banks include Bank of America Corp., J.P. Morgan Chase & Co., PNC Financial Services Group Inc. and U.S. Bancorp.
At some banks, the reviews are triggered automatically for spurned loan applications that fell just outside the lender's standards. Lenders also may allow borrowers to request a review.
While the collective push isn't nearly enough to end the loan logjam, bankers say it is starting to have an impact. For example, last month's Federal Reserve survey of senior loan officers showed the first overall easing of lending standards for small businesses since 2006. "Part of this is due to the second-look programs," says Bob Seiwert, a senior vice president of the American Bankers Association, a trade group of U.S. banks.
Frederick Cannon, co-director of research at Keefe, Bruyette & Woods Inc., says that the effectiveness "of any one of these campaigns individually is modest, but at the margin, these things can make a difference.
William Dunkelberg, chief economist of the National Federation of Independent Business, a trade group for small businesses, says the moves "can't hurt," but believes second-look programs are aimed more at rehabilitating banks' public-relations image than at making new loans.
Some banks acknowledge that their second-look programs are at least partly in response to outside pressure.
"I give him full credit," says James Dimon, chairman and chief executive of J.P. Morgan Chase & Co., referring to Lawrence Summers. The top economic adviser to President Obama suggested to Mr. Dimon at a meeting last December that the nation's largest bank in stock-market value review small-business loans it had denied.
Since then, the New York bank has offered $198 million in loans to borrowers who got a second round of scrutiny. J.P. Morgan won't comment on the loans' performance.
U.S. Bancorp says it sees the "same relative performance from second looks and appeals as we do from first-pass approvals," according to a spokeswoman for the Minneapolis bank.
The deeper analysis can cost hundreds of dollars or more, compared with $30 to $50 for a loan analysis based on credit scores.
"There's no right way or wrong way, but these two ways of underwriting a business loan can result in a different answer," says Mr. Seiwert of the ABA.
Huntington, with 608 branches in six states and about $52 billion in assets, made about 475 loans in the first half of 2010 to small businesses and consumers using its second-look program. Fourteen consumer-loan specialists work with loan officers to uncover new information about consumers that could make a difference in whether they should be approved for a loan. Huntington's 300 small-business bankers are encouraged to look for ways to help rejected loans meet the bank's standards.
"The financial statement doesn't tell the whole story," says Mr. Steinour, who became Huntington's CEO in January 2009.
In mid-July, Curtis and Renee Fields got a $25,000 unsecured personal loan to get their Cincinnati lunch spot, called the Squirrel, ready for its grand opening in August. Huntington initially rejected their application because bank officials worried they would be carrying too much debt. The Fields had applied for two Small Business Administration loans totaling $50,000 but needed cash quickly to pay contractors.
Their banker at Huntington realized the couple's debt level was temporarily too high because they had been using their own money to finance the restaurant. Based on their relationship with the bank and good overall credit record, Huntington decided to approve the loan. It was repaid the following month.
"We're hanging in just fine," Mr. Fields says. The Squirrel, known for its double-decker sandwiches, opened on time and now has 12 employees.
Lynne Logel, a 66-year-old elementary-school teacher living in Marysville, Ohio, was turned down for a mortgage refinancing by Huntington because her credit score was too low. After a consumer-loan specialist at the bank suggested she check her credit record, Ms. Logel found two errors.
After the flubs were fixed, Ms.Logel's credit score jumped to 709 from 656. In July, she got a $140,000 home loan from Huntington that she plans to pay off by the time she retires in six years.
"I feel like I can retire," she says. "I had been praying about this."
—Robin Sidel contributed to this article.
------------------------------------------
Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.
Thursday, September 23, 2010
MA Real Estate Lawyer New Office Location
Crowley & Cummings LLC Real Estate Attorneys Announce New Office Location in MA
August 16, 2010 – Dedham, MA – In August 2010, Crowley & Cummings LLC real estate attorneys office is happy to announce its move to a new office location at 990 Washington Street, Suite 214, in Dedham, MA 02026.
The move will give Crowley & Cummings more room for their growing real estate law practice, while providing the same services to the Dedham MA community.
"The move gives us more room for the growing real estate and mortgage financing aspect of the law office, and will still allow us to maintain and care for our Dedham clientele,” said owner Alicia Cummings. “It’s a great opportunity for growth in the real estate sector and our Massachusetts law practice.”
The new Crowley & Cummings location at 990 Washington Street in Dedham is located in the new Dedham Executive Center which offers a fitness center, ample parking, a conference center, professional security, and direct access to the MBTA bus line.
About Crowley & Cummings LLC
Crowley & Cummings LLC is a Massachusetts real estate law firm that offers real estate and closing services including but not limited to residential and commercial conveyance, refinance transactions, title examinations, purchase and sale agreements, and more Massachusetts real estate services.
Crowley & Cummings are Massachusetts based real estate attorneys providing closing and title services to national banks, mortgage companies, loan officers, lenders, brokers and consumers with real estate interests in MA, New England, and throughout the entire US.
We offer Services to Lenders, Borrowers who are Refinancing, Buyers, Sellers, and REO Companies.
Learn more about Crowley & Cummings LLC at http://www.CrowleyCummings.com/
------------------------------------------
Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.
August 16, 2010 – Dedham, MA – In August 2010, Crowley & Cummings LLC real estate attorneys office is happy to announce its move to a new office location at 990 Washington Street, Suite 214, in Dedham, MA 02026.
The move will give Crowley & Cummings more room for their growing real estate law practice, while providing the same services to the Dedham MA community.
"The move gives us more room for the growing real estate and mortgage financing aspect of the law office, and will still allow us to maintain and care for our Dedham clientele,” said owner Alicia Cummings. “It’s a great opportunity for growth in the real estate sector and our Massachusetts law practice.”
The new Crowley & Cummings location at 990 Washington Street in Dedham is located in the new Dedham Executive Center which offers a fitness center, ample parking, a conference center, professional security, and direct access to the MBTA bus line.
About Crowley & Cummings LLC
Crowley & Cummings LLC is a Massachusetts real estate law firm that offers real estate and closing services including but not limited to residential and commercial conveyance, refinance transactions, title examinations, purchase and sale agreements, and more Massachusetts real estate services.
Crowley & Cummings are Massachusetts based real estate attorneys providing closing and title services to national banks, mortgage companies, loan officers, lenders, brokers and consumers with real estate interests in MA, New England, and throughout the entire US.
We offer Services to Lenders, Borrowers who are Refinancing, Buyers, Sellers, and REO Companies.
Learn more about Crowley & Cummings LLC at http://www.CrowleyCummings.com/
------------------------------------------
Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.
Friday, September 10, 2010
MA Real Estate Attorneys and Closing Costs
Buyer Closing Costs and FHA Loans
The current FHA financing rate is very low, hovering at around 3.5%, making a buyer's downpayment lower right now. The FHA also places mortgage insurance on loans made by their approved lenders.
The downside to an FHA loan is the fact that the buyer is required to carry Mortgage Insurance Premiums (MIPs) on their loan. This charge is generally factored into the mortgage payments for FHA approved buyers. Adding to the confusion, is the PMI, or Private Mortgage Insurance that is also required whenever a buyer puts down less than a 20% deposit on a real estate purchase. This payment however, does not extend for the life of the loan and will stop being charged once the buyer has paid 20% of the mortgage.
Factors that determine the closing costs are the individual circumstances of the buyer, credit score, type of loan, amount of downpayment, and type of mortgage.
------------------------------------------
Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.
The current FHA financing rate is very low, hovering at around 3.5%, making a buyer's downpayment lower right now. The FHA also places mortgage insurance on loans made by their approved lenders.
The downside to an FHA loan is the fact that the buyer is required to carry Mortgage Insurance Premiums (MIPs) on their loan. This charge is generally factored into the mortgage payments for FHA approved buyers. Adding to the confusion, is the PMI, or Private Mortgage Insurance that is also required whenever a buyer puts down less than a 20% deposit on a real estate purchase. This payment however, does not extend for the life of the loan and will stop being charged once the buyer has paid 20% of the mortgage.
Factors that determine the closing costs are the individual circumstances of the buyer, credit score, type of loan, amount of downpayment, and type of mortgage.
------------------------------------------
Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.
Friday, July 16, 2010
Government Housing Subsidy Ends for First and Second Time Home Buyers
With the government subsidy for both first and second time buyers of homes coming to a close this past April of 2010, the real estate market may be beginning to see its first glimpse of what the absence of this extra funding will mean in terms of sales and mortgage applications for American buyers in some locations.
Data on Friday June 4, 2010 was more optimistic than anticipated, not only with the ending of the tax credit, but in spite of it. The information concerning mortgage applications however, shows a more discernible downward trend. The applications began to sink by as much as 40% from May 2010, to the lowest point they have been at since April of 1997.
Conversely, refinancing seems to be on the upswing nationally, with a 2.4% growth during the last week of May. Attitudes toward buying and home-ownership have altered somewhat in light of the recent financial crisis involving the mortgage companies, and it would be folly to say that the market has not been affected, at least for the foreseeable future, by these changes.
The good news is that housing prices will begin to decline even more and as labor markets, wage growth, and the economy improve, buying a home will become more affordable for a group of people that may not have ever had a chance at home-ownership pre-decline.
In some areas this improvement has already started to take hold as closings were up significantly at Massachusetts based real estate attorney firm Crowley and Cummings. People who have the money and the credit, will still be buying homes, except that they will be in a better position to pay the mortgage payments by not having extravagant interest rates to pay, and by paying fair market value for their homes to begin with.
------------------------------------------
Crowley and Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.
Data on Friday June 4, 2010 was more optimistic than anticipated, not only with the ending of the tax credit, but in spite of it. The information concerning mortgage applications however, shows a more discernible downward trend. The applications began to sink by as much as 40% from May 2010, to the lowest point they have been at since April of 1997.
Conversely, refinancing seems to be on the upswing nationally, with a 2.4% growth during the last week of May. Attitudes toward buying and home-ownership have altered somewhat in light of the recent financial crisis involving the mortgage companies, and it would be folly to say that the market has not been affected, at least for the foreseeable future, by these changes.
The good news is that housing prices will begin to decline even more and as labor markets, wage growth, and the economy improve, buying a home will become more affordable for a group of people that may not have ever had a chance at home-ownership pre-decline.
In some areas this improvement has already started to take hold as closings were up significantly at Massachusetts based real estate attorney firm Crowley and Cummings. People who have the money and the credit, will still be buying homes, except that they will be in a better position to pay the mortgage payments by not having extravagant interest rates to pay, and by paying fair market value for their homes to begin with.
------------------------------------------
Crowley and Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.
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