Why fight the crowds to get 25% off a $100 item when you can save two or three hundred a month by refinancing.
Rates are the lowest they have been in years.
Conventional 30 yr Fixed – 4.375% no points!
My friend and loan officer Tyler Oden can be reached at:
SunTrust Mortgage (850) 425-6716 Tel (850) 294-6626 Alt215 South Monroe Street Tallahassee, FL 32301
Conventional 30 yr Fixed – 4.375% no points
Conventional 15 yr Fixed – 3.75% no points
Conventional 5/1 arm- 2.875% no points
Jumbo 5/1yr arm – 3.99%
FHA 96.5%- 4.25% – 30 year fixed
VA 100%- 4.25% – 30 year fixed
All conventional loan rates are based on a middle credit score of 740
or higher and a loan amount of $150k or higher on a primary residence
purchase. Max loan to value on all conventional loans is 95% due to
mortgage insurance guidelines. (debt to income ratio is limited for
mortgage insurance above 90% loan to value) Allrates based on
purchase money mortgages for primary residences. Rates are subject to change based on market conditions and are
intended to be used as a guide only. For APR and up to the minute
rates, please call for a rate quote.
For more information on our loan programs or to make an application,
please contact: Tyler Oden
Tyler.oden@suntrust.com
www.tyleroden.com
Office: 850 425-6716
Fax: 850 425-6730
Mobile: 850 294-6626
Do you ever wonder what happens behind the scenes when you take out a mortgage?
There is always some new national group offering to help you sell your house or find a new one.
Conventional 30 yr Fixed – 4.375% no points
Conventional 15 yr Fixed – 3.75% no points
Conventional 5/1 arm– 2.99% no points
Jumbo 5/1yr arm – 4.125%
FHA 96.5%- 4.25% – 30 year fixed (4.00% for first time home buyer)
VA 100%- 4.25% – 30 year fixed (4.00% for first time home buyer)
All conventional loan rates are based on a middle credit score of 740 or higher and a loan amount of $150k or higher on a primary residence purchase. Max loan to value on all conventional loans is 95% due to mortgage insurance guidelines. (debt to income ratio is limited for mortgage insurance above 90% loan to value) All rates based on purchase money mortgages for primary residences.
Rates are subject to change based on market conditions and are intended to be used as a guide only. For APR and up to the minute rates, please call for a rate quote.
For more information on our loan programs or to make an application, please contact:
Tyler Oden
Office: 850 425-6716
Mobile: 850 294-6626
Fax: 850 425-6730
http://www.boston.com/realestate/news/articles/2010/11/12/mortgage_rates_continue_record_slide/
It may sound like a bold statement but its simple supply and demand economics
What is a short sale? A short sale is an attempt by a seller to get
the bank/lien-holder to accept less than they owe on the home and
still settle the mortgage. Its a simple idea. I owe $100K but my house
is only worth $75. I ask the bank to take the $75 now instead of
spending $10K – $30K Foreclosing on me. The bank saves a ton of money
and time. The bad loan is off their books quickly and everyone is a
little happier.
But there are problems. And they are so big it’s like the house is
marked with a Scarlet S! – Most banks make the short sale process so difficult and time
consuming that a buyer wont stick around to close.
If there is more than one bank involved it multiplies the issues. A
SHORT short sale process is 3 months. Many go on for 9 or more months.
Usually in that time the buyer finds a Bigger Better Deal and moves on
– They get little buyer traffic. Realtors don’t like to show their
clients short sales. They hate them because they usually spend months
on a deal without getting paid a dime. Then their buyer finds
something else and they start all over again. – Most sellers are having financial problems so there have been months
or years of neglect. They do not have the money to pay their mortgage
so they are not not having their HVAC serviced or the Roof maintained.
Expect to pay for repairs and cleanup. Many banks will not lend on a
distressed home until some repairs are made. That means you may have
to come out of pocket before closing.
– Finally, many Realtors list Short Sale homes at unrealistically low
prices to elicit an offer. But the bank rarely agrees to the initial
list price. This is becoming more common because the banks wont tell
the owner what they will agree to so they just throw a low price out
there to stir up an offer. I have one client that offered over list
price on a Short Sale. Waited three months and then was told the bank
wanted $35K more than list. Ultimately this just frustrates the buyer
and most wont look at another short sale. Here is the real deal…
Because of the hassle factor, uncertainty of closing, long time lines,
lack of maintenance short sales are worth less than an identical home
on the general market.
There is a high supply and the headaches of the process push prices down.
Short sales are not for every buyer- but if you have cash and are
patient you can get a great deal! Barry Bevis, Broker/Realtor
C-850-491-3600
F-877-870-9066
www.BevisRealty.com
How can something be so good and so bad at the same time?
Trulia has the best mapping and searching function of any real estate
search site.
Their map and pin interface just looks so cool! Hover over a pin and
all the juicy details pop up.
But their information is unbelievably flawed.
In our market they only show about 25% of the true active listings.
And many of those have the wrong price.
A lot of the listing that they show as SOLD are really for sale with a
reduced price.
Many of the ones they show for sale are under contract.
Worst of all- they wont let me update my own listing
without deleting it and reentering all the new info. If your searching for a house, Please, just skip them and use
www.Homes.com or www.Realtor.com
They are much more accurate – they both get their information directly
from the MLS.
And they update it nightly.
Barry Bevis, Broker/Realtor
www.BevisRealty.com
Interesting Loan Product from Tyler Oden at Suntrust!
A conventional product that will allow for you sellers and buyers to
move those properties that need just a little or a lot of TLC.
Escrow hold back option with no rate add on or excessive fees. $100
more in closing costs for the final inspection. -We allow the escrow funds to go directly to the licensed contractor
with a W-9 (or the borrower can be reimbursed if they pay out of
pocket)
-90% loan to value, appraisals are subject to completion of the improvements. -No sourcing of the contingency funds of 50% of the repair costs (to
be refunded to borrower after final inspection)
-$20,000 limit can be waived on a case by case basis -90% loan to value
Barry Bevis, Broker/Realtor
C-850-491-3600
F-877-870-9066
www.BevisRealty.com
Bevis Realty - Tallahassee Florida 