Eric's Blog

Just an FYI - there are only 104 Days left before the $8,000 First Time Home Buyer tax credit expires.  We don't know for sure if it will be extended but as of now no news has come out stating that it will. All purchases must be closed by November 30th in order for First Time Home Buyers to take ...

Effective today the following changes have occurred, though the FANNIE MAE announcement came on June 8th they weren't effective until today. The changes are: Credit Reports are no longer valid after 90 days. -- This means that if a report is pulled on the 10th of August, you have 90 days for the ...

It's mid-week and you are wondering, "How can I get a couple of these buyers off the fence???"  They keep asking: What if prices drop further? Have we reached the bottom of the market? Should I look for a short sale or a foreclosure? Isn't it still a buyers market?  Can't I put a low bid on the p...

Rates were up, then down and have now closed the week where we left off last week.  Overall though, they are faring better towards the end of this month, then they did at the end of June.  REMINDER:  MDIA (Mortgage Disclosure Information Act) went into effect yesterday so be on the lookout for le...

Rates improved slightly in some areas this week.  30 YR Fixed rates on conventional loans are at 5.5% with 0 Points and 0 Origination Fee.  On a 15 Year FHA Fixed deal the interest rate is 4.5% with 0 Points and 0 Origination Fee. Not too bad if you have somebody that wants or needs to refinance ...

Another week has come and gone but the heat still remains.  We all live in Arizona for a myriad of reasons but usually the heat isn't the first one that comes to mind.  What I can say is that when it cools off and we aren't dealing with snow or anything of the sort we will say, "This is why we li...

There was easing in rates from a couple of weeks ago, as in about .25% better.  This has helped us drop down to the mid 5% range again for qualified borrowers.  The discussion is that this trend may continue and we may see them come down a bit more over the next couple of weeks.  However, nothing...

       Do You Wonder...              * What is Causing Delays in Loan Fundings?              * Why are Appraisals so Difficult to Get?              * Are there any new Mortgage Products available?              * Why can't my client get Mortgage Insurance? Stop Wondering and find out at the "Obtai...

We forget that life is cyclical, history often repeats itself, and nothing is really new under the sun.  Such is the way with rates - though recently it has been more difficult to really "predict" (if that word can even be used) what may happen with rates.  We are clearly in a different rate envi...

Life and our outlook on it, is sometimes dependent on how we Spin the situation.  It's the "Half glass full vs. Half glass empty" theory.  But it is true, we can apply it to any situation. For example, with mortgage rates increasing over the last couple of weeks there are two recurring thoughts: ...