Tim Hall's Blog

Mortgage Rate Update

Wed, 11 Aug 2010 03:00:00 GMT

Mortgage rates have continued to drop making this the fourth week in a row that rates have reached modern-day record lows. My preferred loan officers are currently quoting 30-year fixed-rate mortgages in the 4.375%* range and are indicating that they could go even lower! The most recent downward trend is a result of the Federal Reserve’s announcement that they will begin buying long term Treasury securities in an attempt to keep the U.S. economic recovery on track and avoid deflation.

Now's the time to buy! Don't wait!

*4.375% is $4.99 per thousand borrowed.

Clarification of the Home Buyer tax credit extension

Mon, 26 Jul 2010 03:00:00 GMT

I have received several calls over the last couple of days by buyers and even some real estate agents who believe the home buyer tax credit has been extended. While it is true that congress has extended the closing date to September 30^th, the extension only applies to those people who already had a ratified contract in place as of April 30, 2010. The extension will likely benefit thousands of homebuyers who were unable to close by the June 30^th deadline.

The only exemption from the April 30, 2010 date are homebuyers who have served in the military, foreign service, and intelligence community outside of the USA for at least 90 days during the period of December 230, 2008 through May 1, 2010. This select group of people may still be eligible to receive the $8,000 or $6,500 home buyer tax credit through April 30, 2011.

You can receive additional information regarding this at http://www.irs.gov/newsroom/article/0,,id=215791,00.html.

Call us today if you think you may qualify so we can help you find the home of your dreams.

There are dignified solutions to foreclosure

Tue, 29 Jun 2010 03:00:00 GMT

I'm noticing a new, unfortunate trend in our community that I wanted to let you know about. A recent industry report caught my attention when it found that more than 1 in 6 homeowners in the U.S. are behind on mortgage payments. Now, I'm not saying you're part of this percentage, but I think there's a chance you might know someone who could use some help. With you and our community in mind, I earned the Certified Distressed Property Expert Designation back in November of 2009. The CDPE Designation means that I've received specialized training in foreclosure avoidance. I understand all the alternatives available to homeowners facing financial hardship. But more than this, I know the ways to get them done.

The fastest growing alternative to foreclosure is a short sale. Many people are still confused at what a short sale is. Feel free to watch the video below to help understand how a short sale might help you or someone you know.

If you know somebody who might benefit from talking to me, please feel to call or give out my information. I want to help as many members of our community as I can to find real solutions to their challenging situations.

Thank you for viewing this video. If you know someone facing foreclosure, there are better options and very strong reasons to pursue them. Read my free report that explains the benefits of avoiding foreclosure, including a saved credit score and possibly $3,000 from the government to help get your life back on track. You can get the report at www.ohioshortsalehelp.com. As a CDPE designated agent, I'm extensively trained to help you assess your best options. Please don't hesitate to contact me at 937.743.6274.

Should I Buy a Home Now?

Wed, 30 Sep 2009 19:20:00 GMT

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.