Can’t get a Mortgage? Try a Bigger Lender

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Article Source: https://caleastnewhomes.wordpress.com

Demand for mortgages rose during the second quarter, but a strong divergence between larger and smaller lenders in underwriting credit standards is appearing, according to Fannie Mae’s Mortgage Lender Sentiment Survey, which tracks current lending activities and market expectations among senior mortgage executives.

Mortgage executives say it’s difficult for consumers to get a mortgage today, but some lenders are tightening their standards more than others. The Fannie Mae survey found that smaller and mid-size lenders are more likely than larger lenders to say their credit standards tightened over the prior three months. These lenders also report that they’re more likely to tighten them even more during the next three months. On the other hand, larger lenders were more likely to report that they have eased their credit standards over the prior three months and that they expect to ease standards more during the next three months.

The most common reason cited for tightening credit standards among all the lenders surveyed was the “changing regulatory requirements,” according to the survey. “Lenders have been trying to find ways to manage their operational costs and meet new regulatory rules,” says Doug Duncan, senior vice president and chief economist at Fannie Mae. “They appear to feel cost constrained and, thus, may be applying more conservative standards in their lending practices.” Still, overall, lenders reported positive expectations for mortgage demand throughout the remainder of the year, although they expect growth to remain modest. “These results are broadly in line with other major indicators released recently, including the pickup in home sales in May, and also support our expectations of a steady but unspectacular rebound for housing during the second half of this year,” says Duncan.

Home Improvement: Make Your Home More Valuable With These Easy Tips

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Many home-improvement jobs can be done without the help of a professional. Many self-help books are available that you can use to learn exactly what techniques and equipment you need for any job. If you follow the directions, you should be able to get the job done right the first time.

Many tenants who are renting an apartment or home are in a pickle when landlords don't allow tenants to paint the walls in a different color or take off the wallpaper that doesn't suit their tastes. A great way to get around this is by purchasing flat bed sheets (the unfitted kind) and tacking them in a pleasing design on the wall. This will not harm the underlying wallpaper or paint and can add a touch of personality that won't displease the landlord.

Protect yourself when you change the blades in your utility knife. While changing the blade, wrap tape around the old blade before tossing it in the trash. By doing this, the sharp edges of the blade will be covered. When taking out the trash, or packing down the trash, the sharp edges will not be able to hurt anyone with the tape wrapped around them.

In order to save money on air conditioning costs during the summer, try installing ceiling fans. Ceiling fans recirculate air within a room, cooling it down without the need for turning on a central air system. They are relatively easy to install and can be installed in place of your lighting fixture.

Doing the home improvements yourself can give you a lot of pride and joy. The money that you can save from doing the improvements on your own could be used somewhere else or to do more improvements in the future. Following the directions in the books will make the work quick, easy and rewarding.

Advice That You Can Use When Buying A Home

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In today's market, everyone is trying to save money and find a good deal, especially in real estate. If you're one of these people who are searching for a new home, this article has a number of useful tips for buyers that can help you find the perfect home at a great price.

One of the biggest mistakes people make when buying home when buying a home, is falling in love with the decor that was there during the showing or open house. You are buying a home for it's structure, layout and design, not the furnishings. Try to remove these images from your mind and look past them when touring a home.

Find a motivated seller when you are looking for a new home. Look for homes that have been on the market for a long period of time or have reduced the asking price of the home. These sellers may be more willing to negotiate the price of the home in order to make a quick sale.

An important aspect to consider when buying a house is the number of bedrooms. Each neighborhood was built in a family model in sight so it is easier and usually cheaper to find a 3-4 bedroom house in an area where most of the houses have 3-4 bedrooms. If the neighborhood usually has smaller houses, you will pay much more for the extra bedroom.

If you're hiring an appraiser when purchasing your next investment property, make sure he or she is state certified and has five years minimum experience. This allows you to know that the appraiser is qualified, reputable, and will provide you with the most accurate information. Having accurate information can be extremely valuable when making your buying decisions.

Buying a new house is a huge investment which should be considered carefully with your realtor and agents. If you follow these tips, you will be able to find good deals on the market that won't break the bank. Hopefully, this article will help you find that perfect home.

Communicating with clients: What Real Estate Pros Must Know

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Real estate agents need to understand the differences in how men and women communicate. While men like to handle one idea at a time, women often launch into a stream of multiple ideas all at once, reports Inman News.

To ensure more effective communications, agents should ask probing questions and aim for male clients to talk about 80 percent of the time. They should be direct and avoid rambling, interrupting, or finishing a man’s sentence, as well as provide additional data until they are ready to consider the next topic. When it comes to time, agents should keep in mind that men tend to allot a specific amount of time to each task, whereas women focus more on completing tasks, no matter how much time it takes.

This means agents should start showings on time and end early, as well as tell clients a particular task will take longer than they anticipate, which ensures the agent always appears efficient and organized. Men are more direct in their communication, whereas women tend to be indirect; so it is important to always tell a man exactly what should be done instead of to imply it. Culturally, people from the United States, Australia, Canada, the Middle East, and Southern Europe prefer getting right to the point, while those from China, Japan, and India prefer that messages are implied. However, even if direct communication is preferred, agents should keep in mind that American Millennials are unnerved by direct eye contact; and staring is considered rude in the United Kingdom. Agents should watch how clients communicate with them and with others, then adjust their communication style to match.

More appetite for condo units, poll indicates

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Condo investors worried about the future pool of buyers may take heart from a new poll suggesting that Ontarians are willing to take the plunge…and soon.

While most home-buyers would prefer to get their hands on a detached home, rising prices and limited supply are pushing their dreams out of reach.

However, that is good news for some investors as a majority of potential buyers say they would turn to the condo market for their future residential needs.

According to a recent survey on behalf of the Ontario Real Estate Association and The Ontario Home Ownership Index, almost 30 per cent of Ontarian buyers say they would consider condos. This push is naturally being led by potential buyers in the GTA region.

Almost 60 per cent of the 1,080 surveyed who are likely to purchase a home in the next two years say they would look for a detached house.

And despite all of the doom and gloom in the market, a majority of the survey respondents believe conditions are currently favourable to buy property, while most believe the overall state of the province’s economy is good.

However, not everyone is as positive. One in five believe the province’s real estate market is weaker compared to one year ago.

Interestingly, more Ontarians rank long-term investment value as they motivation for buying, followed by affordability/availability with 26 per cent driven by the desire to own their own home.

Realtor’s Top Tech Tools for 2014

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Real estate professionals are pouring more money into mobile technologies to make their businesses more efficient and expand their reach to clients, according to the 2013-14 Realtor Technology Survey conducted by NAR’s Center for Realtor Technology.

The survey, based on more than 1,200 responses, found that brokers spent a median of $1,410 on technology for their real estate business last year, up from $1,122 in 2012. Agents spent a median of $848, up slightly from $822 in 2012.

Tools that allow for conducting business quickly and conveniently from any location were rated the highest by Realtors. In the survey, they cited the most valuable technologies for their business:

• Real estate software for forms and contracts (particularly Authentisign, DocuSign, ZipForms, DotLoop, and FormSimplicity);
• Mobile apps (such as Dropbox, e-Key apps, Evernote, Google Maps, Open Home Pro, Paragon, and Supra);
• Electronic tablets (iPad cited as most valuable tablet);
• Property databases (such as local MLSs, Realist public records database, realtor.com®, Trulia, and Zillow);
• CRM solutions (Top Producer® and e-Edge);
• Social media (Facebook and LinkedIn)

Smartphones and tablets — iPads, Androids, Surfaces, or Kindles — are the tools that are most likely to be on Realtors’ shopping lists this year, with 29 percent of those surveyed saying they plan to purchase one this year. Realtors say they spend a median of 44 percent of their time corresponding or doing work for their clients on a mobile device.

The most popular smartphone among Realtors continues to be the iPhone. Fifty-two percent of Realtors say they own an iPhone for their business, while 36 percent use Androids and 3 percent use Blackberry devices.

Besides technology devices, real estate professionals are increasingly using social media to generate leads and stay in contact with clients. Ninety-one percent of REALTORS® say they use social media: 70 percent say they use it to build relationships and network, while 64 percent say they use it for marketing and generating leads. Facebook is the most regularly used social network among real estate professionals (at 77 percent), followed by LinkedIn (75 percent).

“Technology has transformed the way Realtors do business, but in real estate, being high-tech can never come at the expense of being highly accessible,” says Mark Lesswing, NAR senior vice president and chief technology officer. “Advances in smartphones and social media have made it easier for Realtors to stay in touch with their customers, but maintaining a strong, personal relationship with clients is still at the heart of the business.”

The full results of the 2013-2014 Realtor Technology Survey can be downloaded at crt.blogs.realtor.org.