Tag Archives: Mortgage

Seaside Spotlight of the Week – 98 Sunrise Lane, Kill Devil Hills

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OBARMLS76946  Introducing the Seaside Spotlight of the week – 98 Sunrise Lane in Kill Devil Hills. This property has 3 bedrooms, 3 and 1 half bathrooms, and is being offered for $900,000.

One of a kind contemporary living on the sound in Colington.  Inspired by the Ward Willits House built by Frank Lloyd Wright in Highland Park, IL,  this home
has an incredible design.  Over 1.34 acres on the sound with 220ft. of bulkheading, this is quite a unique setting including a Koi Pond fed by Waterfall
adjoining the home.  Main house was built in 2006 with attention to detail and guest house built in 2001.  The main house boasts one large master suite with
jacuzzi, tiled shower, his and her vanities and washer/dryer hookup, with amazing sound views and access to deck.  There is a second master suite on the
second level with wetbar. Large central living room with ceilings open to second level, gourmet kitchen, screened porch and library/loft area. Bonus spaces
downstairs include large storage room, garage, workshop, wine cellar and bonus game room. The main house has these upgrades:
>Geo-thermal in-ground closed loop system with hot water option (owner estimates 40% savings on heat costs and 60% savings on cooling costs over traditional heat pump system)
>Interior heat pumps for longer useful life
>Double hot water heaters/storage tanks
> Andersen Sun II windows & doors throughout
> Four ft. roof overhangs for summer shade
> 6-inch exterior walls w/spray foam installation
>Double sheathed roof w/Certainteed Hatteras Shingles w/ice & water shield
underlayment .Hardiplank siding
>Brazilian cherry flooring, stairs & mantel
> Ipe wood custom exterior wood railings, stairs & porch decking
> Thermadore & Kenmore Elite stainless appliances
> Custom floor-to-ceiling stone fireplace in great room
> Oversized finished workshop
> Temperature controlled wine room w/wet bar
> Oversized laundry room w/ storage & Counter space
>Main level master suite w/jetted tub in bathroom & sliding glass door to main deck
> Second master suite on upper level w/adjoining study, private sound front deck>Dumb waiter roughed in
> New exterior paint in December 2011.  Guest house has one bedroom, full bath, full kitchen, living room and sunroom. Andersen Sun II windows & doors thoughout
> Doubled sheathed roof w/ Certainteed Hatteras Shingles
> 40-ft. Trex deck reinforced for hot tub
> Handicap Ramp. Newly landscaped and move-in ready!
This is an extremely well built and unique property.  One of very few with a Main house & Guest House.  Perfect for the visitors you will want to entertain in this home!

 For more information and to see additionional photos, please click on the link below.

For Sale: 3BR/4BA Single Family House in Kill Devil Hills, NC, $900,000.

Major Changes Likely to QRM Proposal

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“No hardwired mortgage down payment requirements for well-qualified homebuyers. Not 20 percent. Not 10 percent. Not 5 percent.”- Inman News

An alliance of dozens of civil rights, real estate, labor, mortgage and consumer advocacy groups, along with a substantial percentage of the members of Congress have been addressing six federal agencies for the past two weeks to convince officials to change their minds about the controversial “QRM” (qualified residential mortgage) proposal that would mandate 20 percent down payments and strict debt-to-income rules.

While the regulatory agencies cannot discuss the proposal, industry sources say the rule writers are getting the message and are believe to back down in their final QRM plan.

“If they don’t back down enough, however, say sources on Capitol Hill, Democrats and Republicans in the Senate and House are prepared to force them to do so with corrective legislation.”

Bipartisan groups of 160-plus members of the House and 40 members of the Senate wrote to the six agencies last week, urging them to focus on sound underwriting, safe loan products, and borrowers’ ability to repay, plus full documentation… not down payments. The six agencies include, the FDIC, SEC, HUD, the Office of the Comptroller of the Currency, the Federal Housing Finance Agency and the Federal Reserve.

Two Leading Mortgage Lenders Loosen Lending Requirements

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There was no public announcement, but Inman News is reporting that two of the largest Federal Housing Administration (FHA) approved lenders have loosened their “overlay” requirements credit scores and down payments (lender overlays are lending qualification requirements that are more strict than FHA’s requirements).

Wells Fargo and Quicken Loans have confirmed that they will now lend to applicants with 580 credit scores and 3.5 percent down payments. This is a significant adjustment, and the new requirements offer opportunities for buyers who may have been left out of the market up to this point.

Although, the newly revised policy also sets strict underwriting hoops and snares to weed out unqualified applicants.

Mortgage Rates Continue to Drop

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Freddie Mac, the government-run mortgage agency that surveys the market each week, announced that mortgage rates fell again this week…continuing to set record lows. 

The average price of a 30-year mortgage dropped to 4.42% from 4.44%.  This time last year, the mortgage rate was 5.12%, which was low at the time.

Amazingly, you can get a 15-year fixed-rate loan for under 4% — 3.90% this week, which is down from last week’s rate of 3.92%. This time last year, the same loan cost 4.56%.

Mortgage Rates at Record Lows for Third Week

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Freddie Mac reported this morning that interest rates on 30-year fixed-rate mortgages averaged 4.57 percent this week. That’s down a hundredth of a percentage point from last week’s average rate, which was already at record lows.   Freddie Mac has been tracking 30-year-fixed-rate mortgages for 39 years, and the past three weeks have shown record-setting lows for the most popular type of home loan.

Rates for 30-year Fixed Mortgages Fall to Lowest Level on Record

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Last week, mortgage rates fell to the lowest level on record. 

Mortgage company Freddie Mac said on Thursday June 24 that the average rate for 30-year fixed loans sank to 4.69 percent, from 4.75 percent the previous week.

This is the lowest since rate on 30-year fixed mortgages we’ve seen since Freddie Mac began tracking rates in 1971. The previous record of 4.71 percent was set in December 2009.

Rates for 15-year and five-year mortgages also hit lows. Rates on 15-year, fixed-rate mortgages fell to an average of 4.13 percent, the lowest on records dating to September 1991 and down from 4.2 percent a week earlier.  Rates on five-year, adjustable-rate mortgages averaged 3.84 percent, down from 3.89 percent a week earlier. That was also the lowest on Freddie Mac’s records, which only date back to January 2005.

Mortgage Rates Approach 54 Year Low, Are Lenders Loosening Down Payment Requirements?

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Mortgage rates are low, and it seems they will be staying that way for a while.  In fact, they are two one-hundredths of a percentage point away from the rates of 1956…that’s 54 years!

The average rate for a 30-year fixed-rate mortgage is within one one-hundredth of a percentage point of the 4.71% reported the week ending December 3, 2009, and if rates decline two one-hundredths of a percentage point, we’re back to the spring of 1956, when the average rate hit 4.68%, according to National Bureau of Economic Research statistics.

Rates for 15-year mortgages fell for the fourth straight week, to 4.17%, the lowest rate since Freddie Mac started tracking 15-year loans in 1991.

In addition to low mortgage rates, according to a recent BankRate.com article, some lenders are beginning to loosen their requirements for down payments.  The article discusses four types of mortgages that require small down payments, some with zero down options.  While these mortgages may have limited availability, they could be a sign of what’s to come.

Is it tougher for buyers to secure mortgage money?

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Is it tougher for buyers to secure mortgage money?

  • Mortgage funding remains available for consumers who meet the classic lending standards – including proof of income and solid credit.
  • The reasons that most people purchase a home are overwhelmingly lifestyle-driven – from having a baby or getting married, to moving to a smaller home after retirement.  These types of lifestyle changes occur year-in and year-out, in every kind of market.  So even despite the headlines focused on economic issues, we will continue to see people buy and sell homes

Short Sale Guidelines

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The Obama Administration set guidelines for financially troubled borrowers to sell their homes last week.  The government created these guidelines to encourage the use of short sales. 

 

To put it simply using a definition from the Wall Street Journal, a short sale is a transactions in which the borrower with lender approval sells the home for less than what is owed on the loan. Short Sales are often less damaging to a neighborhood’s property values than a foreclosure would be.  The program makes it easier for borrowers to voluntarily transfer ownership of properties through a “deed in lieu” of foreclosure. 

 

This plan will award borrowers $1500 from the government if they sell their home for less than they owe on it.  This is the newest addition to Obama’s $75 billion foreclosure prevention plan. 

 

Call 252-261-3800 or email sales@seasiderealty.com to speak with a short sales specialist.