Do you know that the best time to post things to Facebook is 8am in the
morning?  What surprises me is that one of the worst times is 3pm.

Anyways,
on to Obama’s proposed refi program.  By the sounds of it this program might be
the ticket to getting a lot of people who are underwater refinanced.  The
question is will the guidelines be relaxed enough to allow borrowers to refi and
it make sense.  Remember in order to qualify for this program your loan will
have to be owned by Fannie or Freddie and it was transferred to them before May
31 2009.  So in other words if you bought or refinanced since May 31 2009 then
your loan will not qualify.  The final details will be out Nov 15th so I will
follow up once we get that info.  In the mean time you can check to see if your
mortgage is owned by either enterprise by going to Fannie Mae or Freddie Mac

In
other news the roller coaster continues in the markets.  After the EU meeting
yesterday they agreed to boost the bailout fund and struck a deal with private
banks to accept a 50% loss on Greek bonds…Wow!.  So even though job numbers
are not the greatest and earnings reports have been so so, just knowing EU looks
like they are on track to get their problem under control gave markets a nice
warm fuzzy feeling.  With that said, Stocks are up and bonds are down so rates
are back on the higher end today at 4.25% on a 30 yr fixed….more than likely
they will increase to 4.375% by end of day.  Until the next big announcement
comes it looks like we will be treading on the higher end of our rate
outlook.

Chris Blount AES Lending

Courtesy of Jeff Dicks Real Estate

As lending standards have tightened and household incomes have shrunk, many Americans have been increasingly turning to the rental market for at least a temporary fix. Landlords are recognizing the increasing demand with higher rents.

The New York Times reported last week that the average Manhattan rent in September was US$3,331, up 6% from $3,131 a year ago and an 11% increase from 2009 when it as $3,013. The vacancy rate in Manhattan is close to 1%.

“Across New York, rents have not only rebounded from the depths of two years ago, but are also surpassing the record high of 2007 during the real estate boom,” said the New York Times report.

For some perspective, the latest average rent for a two bedroom unit in Canada was $839 in April, according to the Canada Mortgage and Housing Corporation, up 2.2% from a year earlier.

The New York Times used data from CitiHabitats, which also revealed some larger trends in the rental market. In the last quarter, just 5% of leases reviewed included concessions such as free rent or payment of broker fees, compared to 23% of leases a year earlier.

New York is not the only city to see such increases, however. Chicago saw rent hikes of 7% in 2010, and this year rents are expected to rise a similar amount, according to a forecast by Appraisal Research Counselors. Rental rates rose in every one of the 82 U.S. markets tracked by Reis Inc. this year, other than Las Vegas, while the national vacancy rate sunk below 2006 levels for the first time to reach 5.6%.

-Source Canadian Real Estate Magazine- Editorial Team

The Wake Forest Planning Board/Town of Wake Forest commissioners will hold a joint public hearing at 7:30 P.M., September 6, 2011, at the Wake Forest Town Hall to consider the request of Mr. James Gerhart on behelf of Sheetz, Inc. for a Special Use Permit to allow a convenience store with gasoline sales located at the intersection of Rogers Road and South Franklin Street.

All interested homeowners are welcome to attend the hearing. Additionally, this is your opportunity to address the Planning Board and Board of Commissioners regarding this matter should you so desire. Following the hearing, the Planning Board shall make a recommendation to the Board of Commissioners. The Board of Commissioners at their regularly scheduled meeting on September 20, at 7:00 P.M., will consider the petition and recommendation of the Planning Board and, may at its discretion choose to modify it.

Heritage Wake Forest Homeowners Association

Heritage Wake Forest Homes

Courtesy of  Jeff Dicks Real Estate

Not too many golf communities grab your attention in the Triangle area as standout’s. Of course the residents of any Raleigh Golf community may argue their neighborhoods merits, and who are we to challenge them.

I have touted Heritage Wake Forest on many occasions as well as the former TPC Wakefield Plantation. The Wakefield property was recently changed ownership and many are looking forward to what the McConnell Group can accomplish as they add to their list of fine country clubs.

North Raleigh, and Wake Forest continue to grow and with it the many amenities for all. If your looking for more detailed information on Heritage Wake Forest or Wakefield Plantation don’t hesitate to contact The Jeff Dicks Real Estate Group

WAKEFIELD — The loss of three letters in Wakefield Plantation golf club’s name may be the biggest immediate change as a result of the impending purchase by a Raleigh-based golf company.
This week TPC (Tournament Players Club) Wakefield Plantation will become The Country Club at Wakefield Plantation pending the sale of the north Raleigh golf club from a Florida-based company to golf club developer McConnell Golf, LLC.
The deal’s nearly done

TPC Wakefield Plantation, a PGA Tour registered tournament players club, owned by PGA Tour Golf Course Properties of Ponte Vedra Beach, Fla., has been on McConnell Golf’s radar for a number of years, according to media reports.
Since 2003, McConnell Golf has been busy purchasing and revamping golf clubs across the Carolinas, including the Raleigh Country Club, Treyburn Country Club in Durham, The Reserve and Musgrove Mill, both in South Carolina. In the past eight years, the company has purchased seven golf courses.
Now, McConnell Golf has its eye on Wakefield Plantation and, while both PGA Tour Golf Course Properties and McConnell Golf officials declined to comment on the sale, a letter was sent out to Wakefield Plantation vendors informing them of the change in ownership effective today (Thursday).
Records confirm that a new limited liability company, The Country Club at Wakefield Plantation, was established earlier this month with McConnell Golf’s Chief Operating Officer Christian Anastasiadis listed as the new company’s person of contact.

By Leslie Rudd Wake Weekly Staff Writer

Recently, I returned from our hopefully, annual trip to Northern Michigan. We were at my wife’s parents 50th Wedding Anniversary. Quite the feat by today’s standards. Our family trip consisted of a 12 hour days drive to West Bloomfield and a quickie 4 hour tilt up to Torch Lake. I have had the opportunity to visit Torch Lake on a few occasions and to be frank, it’s one of the top fresh water lakes on the planet. Pristine sands and aqua marine colored water makes you beleive your in the Bahamas.

Not to be lost amongst our journey was my 5pm visit to the news to catch up on the daily rantings and more specifically the inability of our congressional leaders to come to a deal on the raising of the debt ceiling. I’ll admit to being a moderate however, I have never seen such a power struggle between parties.

I risk the wrath of stout Democrats & Republicans alike. My opinion of this whole mess is were caught in an election cycle, and the simple lack of moral responsibility amongst our leaders. Each side is posturing for position as the Primaries loom in early 2012.

This simply is ridiculous. I beg for for any congressional leader or senate member to put his seat on the line and tell us the truth & nothing but. Should we sacrifice the Mortgage Interest Tax Deduction, trim Social Security benefits to maintain long-term solvency, raise income taxes, all without creating class warfare?

I ‘m certainly not a politician nor would I like to be, however I wish the members of the senate & congress realize they are the few and they represent over 300 million Americans and at least put on the table and play it straight.

Ahhhh…..next year’s family holiday Torch Lake and no television.

North Carolina recently updated regulations pertaining to firms and individuals performing renovations, repair and painting for compensation, who disturb lead-based paint paint in housing and in child-occupied facilities built before 1978, to be trained and certified. To prevent childhood lead poisoning, they must follow specific lead-safe work practices when disturbing painted or coated surfaces containing lead.

Those individulas who perform renovations for compensation must also provide the pamphlet “The Lead Safe Certified Guide to Renovate Right” to owners, occupants, parents and guardians before beginning renovation work. The regulations apply to renovations in housing such as apartments, homes or in child-occupied facilities such as daycare centers, kindergarten and pre-school classrooms built before 1978

For more information on working with lead-based paint, finding a certified contractor performing renovation,repair and painting activities, contact the North Carolina Division of Public Health, Health Hazards Control Unit, Lead Based Paint Hazard Management Program @ 919-707-5950 or visit

Many folks are going about the home finding process backwards. They go through the entire process of searching, evaluating, and writing an offer on their home, WITHOUT being financially prepared.

Doing a few things up front, BEFORE you go searching, will save you a lot of money, time and hassles. What are those things?

First, find a MOTIVATED lender. One who represents many different products, and can offer you many options for making your loan most affordable.

Here’s an important tip: Ask your REALTOR to refer one or two lenders to you. Why? Because your agent has influence over lenders because they send lots of clients. It’s not just YOU alone talking to them.

After all, your REALTOR and lender both want to see the transaction close. There’s power in numbers and influence. Use it to your advantage.

Now, what you want to do is GET PRE-QUALIFIED with a lender. Better yet, try to get PRE-APPROVED.

Why?

Because the first question any home seller will ask when an offer is presented is “Is your buyer approved for a mortgage?”

And rightfully so! The seller doesn’t want the deal to fall through because you couldn’t get financing. When they accept your offer, their home comes OFF the active market. If you fall through, it costs them time and money.

If your looking for a new or re-sale home in the Triangle area of North Carolina. Please contact (more…)

Like it or not, there are a couple of guidelines bankers, and mortgage lenders use to determine how much loan you can afford.

One guideline is the Payment to Income Ratio. This guideline compares your income- or your total household income-to the amount of mortgage your considering.

To calculate the “payment” part of the formula, the lender will take the mortgage payment (principal & interest) and add it to Propeety Taxes and Insurance. Hence the term “PITI” (principal, interest, taxes and insurance).

Usually lenders will loan up to 28% of your total household income.

But before your home free, there’s something else you need to know..

It’s called the Debt to Income Ratio. Debt refers to ALL, the major monthly payments other than your mortgage (PITI). To arrive at this amount, the lender will consider…

Your car payment
Your credit card debt & payments.
Any IRS liens or payments due.
Any other payments and debts you have (boat, second home, etc)

Then they’ll compare your total debt to your ability to make current payments with your new home loan added into the equation.

Now here’s the “catch”. Each mortgage company sets diffferent limits on your Debt to Income Ratio, which it is critically important to find the right lender!

Don’t follow the “canned” financial advice like you see on TV. Most of the advice is “rule of thumb”, and designed for the lowest credit rating and the highest rates.

Think about this….

If you spend two or three days to find a loan that saves you $40,000 to $150,000 or more overs it’s term, your time is WELL WORTH SPENT! Doing a little homework on your own will literally save you thousands over the term of your loan.

If your in the market for a new or re-sale home in the Triangle area of North Carolina call us today at Jeff Dicks Real Estate – 919-793-4730

We look forward to putting our award-winning team to work for you

Search Raleigh, Wake Forest, Cary Homes

MCLEAN, Va., May 5, 2011 /PRNewswire/ — Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS^®), which shows mortgage rates drifting lower with the 30-year fixed-rate mortgage matching the yearly low of 4.71 percent, and the 15-year fixed hitting a new yearly low of 3.89 percent.

News Facts

• 30-year fixed-rate mortgage (FRM) averaged 4.71 percent with an average 0.7 point for the week ending May 5, 2011, down from last week when it averaged 4.78 percent. Last year at this time, the 30-year FRM averaged 5.00 percent.

• 15-year FRM this week averaged 3.89 percent with an average 0.7 point, down from last week when it averaged 3.97 percent. A year ago at this time, the 15-year FRM averaged 4.36 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.47 percent this week, with an average 0.6 point, down from last week when it averaged 3.51 percent. A year ago, the 5-year ARM averaged 3.97 percent.

• 1-year Treasury-indexed ARM averaged 3.14 percent this week with an average 0.5 point, down from last week when it averaged 3.15 percent. At this time last year, the 1-year ARM averaged 4.07 percent.

Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage. Visit the following links for Regional and National Mortgage Rate Details and Definitions.

Quotes

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

• “Weaker economic data reports reduced Treasury bond yields and allowed mortgage rates to drift lower for the third consecutive week. For instance, real economic growth in the first quarter fell short of the market consensus forecast and represented the slowest pace since the second quarter of 2010. In addition, both the manufacturing and service sectors exhibited growth at a slower rate in April.

• “Data reports on the housing market, on the other hand, were a little more uplifting. The National Association of Realtors^® reported pending home sales rose in March for the second month in a row to the highest index reading since November 2010. Also, the Federal Reserve reported credit standards among commercial banks for prime mortgages were unchanged on net in the second quarter of the year, following two quarters of tightening.”

Get the latest information from Freddie Mac’s Office of the Chief Economist onTwitter: @FreddieMac

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

SOURCE Freddie Mac

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