Living in Lincoln Park Blog

If closing in:

• 5-7 Days: I recommend FLOATING as markets a currently favorable to secure a better rate, but I recommend close monitoring of the market to take full advantage.
• 7-15 Days: I recommend FLOATING on weak economic data that does not support a continued rally.
• 15-30 Days: I recommend FLOATING
• 30 or more days: I recommend FLOATING, overall economic weakness supports long-term rate opportunities

Click here for more information or to discuss your real estate deal in greater detail.

If closing in:

• 5-7 Days: I recommend LOCKING as the Federal Open Market Committee meeting and Treasury borrowing will pressure rates.
• 7-15 Days: I recommend FLOATING on weak economic data that does not support a continued rally.
• 15-30 Days: I recommend FLOATING
• 30 or more days: I recommend FLOATING, overall economic weakness supports long-term rate opportunities

Click here for more information or to discuss your real estate deal in greater detail.

If closing in:

• 5-7 Days: I recommend FLOATING with a watchful eye on the market for the right opportunity
• 7-15 Days: I recommend FLOATING on weak economic data
• 15-30 Days: I recommend FLOATING
• 30 or more days: I recommend FLOATING, overall economic weakness supports long-term rate opportunities

Click here for more information or to discuss your real estate deal in greater detail.

It looks like the Seante has approved a 3 month extension for all those buyers that are already under contract and meet the home tax credit guidelines to close on their new home! This is great news for the estimated 180,000 home buyers that met the contract deadline but might otherwise miss the original 30 June close date and therefore the tax credit.

If you were not under contract by the 30 April deadline, unfortunately, you have still missed out on the opportunity to participate in the tax credit. As for the rest of the buyers that are still looking for their perfect new home, there are still plenty of homes available for sale, prices are stable with some reductions taking place and interest rates are low! If you’re not sure how much home you can afford or need a seasoned REALTOR®  to help you fine tune your search and guide you through the home buying process, please let me know!

If closing in:

• 5-7 Days: I recommend LOCKING, due to market volatility and minimal opportunity to secure better rate
• 7-15 Days: I recommend LOCKING, stocks are trading heavily and too much depends on day-to-day equities market
• 15-30 Days: I recommend FLOATING
• 30 or more days: I recommend FLOATING, overall economic weakness supports long-term rate opportunities

Click here for more information or to discuss your real estate deal in greater detail.

If closing in:

• 5-7 Days: I recommend FLOATING, but watch the market for changes
• 7-15 Days: I recommend FLOATING
• 15-30 Days: I recommend FLOATING, but continued watchfullness on market trends as they are beginning changing for the worse
• 30 or more days: I recommend FLOATING

Click here for more information or to discuss your real estate deal in greater detail.

When you decide to buy real estate, one of the best things that you can do is get and stay organized through the transaction.  I wish that I could tell you that all of my clients get me the required loan documents items quickly, but that is not always the case.  Any delay in receiving documents, adds to the time it takes to get the loan approved.  When a borrower has the items that I need, however, the deal usually goes smoothly for all parties involved.  So my advise to you is to assume that your lender is going to need all of your financial information to include but not limited to tax returns, pay stubs, W-2s, bank statements and investment statements.  In addition documents, like milk, expire.  Underwriters will request updates on documents, all documents, to ensure that they have a clear understanding of your financial situation 30 days prior to closing.  As a result, you should copy new items as they come in and add them to the file.  By following this simple tip, you will set the stage for a smooth, efficient and painless loan process.

If closing in:

• 5-7 Days: I recommend LOCKING due to extreme market volatility and the risk outweighs the reward in this short timeframe
• 7-15 Days: I recommend LOCKING due to significant uncertaintly and continued volatility
• 15-30 Days: I recommend FLOATING, but continued watchfullness on market trends as they are beginning changing for the worse
• 30 or more days: I recommend FLOATING

Click here for more information or to discuss your real estate deal in greater detail.

For those stuck between a rock and a hard place in taking advantage of the Federal Homebuyer’s Tax Credit, you may be in luck.  The pig in a python effect that the credit had on lender capacity is making a convincing argument that loans with contracts signed and executed prior to April 30th should have the June 30th closing deadline pushed back or eliminated.  The number that I have heard batted around is about 180,000 buyers that would be out of luck if this does not occur.  Let’s keep our collective fingers crossed that this one happens.  The best thing to do if you have questions is to contact your realtor or lender as they are likely watching the headlines for any definitive news.