15 49.0138 8.38624 1 0 4000 1 https://www.centercityrealestate.com/philadelphia-real-estate-blog 300 true 0
theme-sticky-logo-alt
Category / Mortgage

Listing prices up in Philadelphia and 85 of the top 100 markets

The real estate market in the country is looking stronger and showing promising signs of price recovery! Out of the top 100 largest metropolitan areas, 86 of them are seeing that the asking price for their home sale is up as much as 5.9% from a year ago. According to the graphs below from Truila.com,...CONTINUE READING
Mortgage Application

Questions Mortgage Lenders Ask

These days lenders seem to be asking questions that some people may find a little too personal.  Lenders must document everything about an applicant’s finances so they can prove to underwriters that the borrowers will repay the loan. Here are some of the questions you should expect to receive from a lender: Job History. Most lenders will...CONTINUE READING
Mortgage Application

How to Obtain a Mortgage Loan

This article in Forbes titled, The Perfect Loan File, has great advice for homebuyers seeking mortgage approval. It really summarizes the dilemma that people are dealing with at the moment with the mortgage industry. For many, obtaining a mortgage loan is a grueling process requiring rigorous documentation requirements. According to this article, the trick is...CONTINUE READING
Mortgage Rates PA

Mortgage Rates Hit New Record Lows

Mortgage rates have hit new record lows according to Freddie Mac. The newest rate for a 30-year fixed-rate loan has dropped to 3.62% from 3.66% last week. In the past 11 weeks the rate has matched or hit a new low 10 times. Buyers who want to minimize their monthly payments by opting for a...CONTINUE READING
First Time Home Buyers

Advice For First Time Home Buyers

First Time Home Buyer Tips Take advantage of the record low mortgage rates. Has housing market reached bottom? Probably 2 months ago… Inventory is up. Townhouse investments are good, tend to be the cheapest homes in most markets. Homes with children, better to grow into a bigger home. Get in the market before it runs...CONTINUE READING
2012 Home Sales

Numbers That Drive Real Estate – A Keller Williams Review of 2011

Home Sales Housing activity has increased 1.7% in 2011.  Latest home sales pattern offers signs of finding bottom.  Home sales by state decreased in every state in the third quarter of 2010 but they have fortunately increased in every state in the third quarter o 2011. Home Prices Home Prices are currently at the lowest...CONTINUE READING
Real Estate Tips Barbara

Real Estate Tips – End of the Bubble?

Increasing prices for 3 months in a row… has never happened before. Many people think bottom has passed us. Don’t want to own 2 houses, don’t buy second before getting rid of 1st. People are actually making money by trading up because you get a discount on the house your buying as well. Short Sale-...CONTINUE READING
Billboard Homes - Mortgage

Houses Turned Billboards for Mortgage Help

This family in an LA suburb is getting their $2,000 monthly mortgage paid by a marketing company called Brainiacs From Mars because they basically let the company turn their home into a billboard.  The company specializes in building headline grabbing marketing campaigns and is targeting families that need the help.  Interested in applying? Here is...CONTINUE READING
Category:Mortgage

Mortgage Rates at Record Lows… Again!

Average rates on the 30 year fixed mortgage dropped to the lowest records since they have been kept. 30 year rates are 3.87% and 15 year rates are 3.14% Check out more on this at MSNBC.com: Mortgage Rates Tumble to Record Lows This is brought to you by Philadelphia Real Estate Blog To view every Philadelphia Real...CONTINUE READING
The Murano

FHA Mortgages and Condo Buildings

If you are searching for a Condo right now, make sure you read this article; Condo buyers frustrated in hunt for FHA mortgages.  These days the federal housing administration is being just as strict in the judgement of the building’s financial history as the borrower’s.  The number of rejected buildings is adding up.  This can...CONTINUE READING
Existing Home Prices

Coping in the Current Real Estate Market

95% of metro areas expecting to see increase in home prices this year Not going back to bubble prices Buyers- act quickly before rates go up.  Avg under 4%, historic lows! Rates will only stay at this level and higher.  Have good credit score 760+. Focus on smaller homes – think about resale value. Sellers-...CONTINUE READING
Loan Denied

How To Reduce the Risk of Rejection – Real Estate Tips

According to a recent  survey by the National Association of Realtors, 15 percent of buyers are rejected for mortgages after they’ve already submitted a purchase contract on a particular home.  Here are a few important tips to keep in mind in order to reduce the risk of rejection when buying a home. Pre-approval- Pre-approvals from...CONTINUE READING
Real Estate in 2012

Real Estate in 2012

Foreclosures: 1.5 million homes in the foreclosure process 3.5 million homes with delinquent mortgages 10 million properties underwater Median Home Prices: Northeast – down 5.5% –  $224,400 Midwest – down 4.7% – $132,800 South – down 1.6% – $145,700 West – down 1.6% – $207,500 720 Credit rating required for home loans today.  Mortgage rates...CONTINUE READING
Vetting Your Lender

Vetting Your Lender – Real Estate Tips

Banks vary on what they charge, make sure you ask questions! Mortgage brokers are the best route, they specialize in it, bank loans are complicated, specialist to explain details. Ask the mortgage broker if they have dealt with people with bad credit. Good Faith Estimate should be asked for. Shouldn’t be paying more than 1...CONTINUE READING
Foreclosure Review Hotline

Home Foreclosure Review

4 million homeowners who may have been improperly foreclosed on, could be eligible to have their cases reviewed. There is a federal banking regulator’s enforcement action going into effect today. The bank must offer reviews for 2009 and 2010.  If you believe that you suffered financial injury as a result of errors, misrepresentations, or other...CONTINUE READING
Obama's New Housing Plan

President Obama’s New Housing Plan

President Obama announced a plan for expanding the mortgage refinancing program.  It will specifically target homeowners with underwater mortgages, loans made by Fannie Mae and Freddie Mac, loans made before May 31, 2009, owners who are current on payments for the past 6 months, and owners who have no more than 1 late payment in...CONTINUE READING