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Showing posts from March, 2010

Mortgage rates might be going up soon!

Here is an email that I received from one of our preferred lenders, http://www.loansonhomes.com/ - Cummings Financial - The Federal Reserve mortgage backed securities program ended today. The Fed has invested approximately 1.3 trillion dollars in the mortgage backed securities market to help stabilize the housing and mortgage markets by providing funds to purchase mortgages that Wall Street has been unwilling to purchase due to the housing crisis. As a result of the Feds investment in mortgage backed securities mortgage rates have been held at near record low levels. This has kept the housing market alive during a very difficult period. Unfortunately, the 1.3 trillion dollar investment was fully funded this week. The Fed does not appear to have any intention of extending this program. In reality, it appears the opposite will occur. There have been comments from the Federal Reserve that the Fed will sell the mortgage bonds they purchased back to the financial markets. What d...
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Where i would like to be right now...I'm getting spring fever!

  one of the best times ever - what a glorious place and it's whale season now....
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Now that we are talking Albuquerque real estate sales....

Albuquerque Real Estate Short Sale Rule Change
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Buying homes 'as is' - Foreclosures and Fixers

In today's market we are seeing alot of Foreclosures, As-Is 'fixers' and our customers may think this is a great way to purchase a home . In some cases, it can be. However there are things to be aware of when venturing into this territory. Most buyers today are buying homes with mortgage loans which have stricter guidelines than ever before. When purchasing a foreclosure or fixer upper, the bank/owner will often request that the buyer pay for all of their own due diligence inspections, and that no repairs will be made on the property if discoveries are made due to these inspections. There are problems with this part of the process which often do not come to light until the buyer is well into the purchasing process. Lisa Cummings, of Cummings Financial advises this: "There are many homes on the market that seem like great deals due to foreclosure or other adverse situations the seller may be facing. Many times when a property owner faces "tough" times, mainte...
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