U.S. foreclosures in October were up 2% from the month prior, according to a new report from RealtyTrac.
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U.S. foreclosures in October were up 2% from the month prior, according to a new report from RealtyTrac.
Read more: http://tinyurl.com/qbob5rs
Finance Minister Jim Flaherty called Canada’s low interest rates an “anomaly” last week, echoing warnings that other government officials have been making since 2009. But one of the country’s best-known economists believes today’s rates are closer to normal than many think.
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Recent changes to mortgage rules in Canada have left some condo buyers unable to afford their purchases, say professionals who are watching some clients struggle to hang on to their future homes.
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The number of U.S. homes set on the path to foreclosure slid to a seven-year low in the third quarter, reflecting a gradually improving housing market and fewer homeowners falling behind on mortgage payments.
Read more: http://www.cnbc.com/id/101101699
Affluent home buyers are building their dream mansions by signing up for jumbo construction loans that cover extravagant projects, including indoor swimming pools and multicar garages. Some are using construction loans to build their vacation homes. And others are using them to pay for major renovations, like adding extra bedrooms or extensions, to their existing homes.
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Has your real estate agent or financial adviser ever suggested that you go to a specific bank or broker for your mortgage? If they did, and they got paid for it, there’s potential for conflict of interest.
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The good news: Fewer borrowers are lying on their mortgage applications. The bad news: The remaining cheaters may be pulling a more dangerous scam. Instead of inflating their home prices, they are now inflating their incomes and assets, according to researchers at CoreLogic.
Read more: http://www.cnbc.com/id/101062232
As an investor, there are a number of factors which make a deal appealing to you. They may include great cash flow, tremendous upside in equity and multiple exit strategies for disposing your property. One of the many steps you must consider when purchasing an investment property is what your banker looks for when signing on a mortgage agreement. Having to look at the deal from someone else’s perspective is not as simple. However, here are a few rules of thumb to help you out
1) Credit rating. Having been current with all your payments including utilities will be a plus when speaking to your banker. They like dealing with people who pay their bills!
2) Down payment. The larger your down payment, the more positively you will be presenting yourself as someone who is willing to take a risk with the bank. Low money deals mean the bank takes most of the risk and this is not a good thing for them! You need to have your skin in the game. By all means, please do not ever max out your credit cards for a down payment. This is insanity at its worst and will only lead to trouble!
3) Capacity to pay the mortgage. If you are making $5/hr and expect to obtain a 2 million dollar mortgage, chances are you will be turned down. You must have the ability to make the bank comfortable in lending you money. Your capacity to pay them back in this case will not work. The bank is asking themselves if you are able to make the payments long term.
4) Charisma is a vital factor. If you have a personal relationship with your banker and know them one on one, your chances of being approved have just gone up. People like dealing with other people and most of the time, they just want to help you out. Send them a thank you card/Christmas and birthday card throughout the year. You never ever know when they could help you out again.
Real estate stocks rallied, and mortgage rates fell, as fears of Fed “tapering,” at least in the short term, evaporated.
Read more: http://www.cnbc.com/id/101043610
The Federal Housing Finance Agency plans to reduce the maximum size of mortgages backed by Fannie Mae and Freddie Mac this January.
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