Real Estate Information Archive

Blog

Displaying blog entries 1-5 of 5

Assumptions are an Alternative

by Morris Pyle Team

Assumptions are an Alternative

FHA VA Assumption.png

In the late 80’s, both FHA and VA began requiring buyers to qualify to assume their mortgages. The main reason there haven’t been many assumptions in the past 25 years is that interest rates have been steadily going down and if a person has to qualify, they might as well do it on a new loan and get a lower interest rate.

Based on projections by Fannie Mae, Freddie Mac, the MBA and NAR, rates for the second half of 2017 and 2018 are expected to be higher. When interest rates on new mortgages are higher than the rates of assumable FHA and VA mortgages in the recent past, it becomes more advantageous to assume the existing mortgages.

FHA and VA loans originated with lower than current interest rates have great advantages for buyers and sellers.

  1. Interest rate won't change for the qualified buyer
  2. Lower interest rate means lower payments
  3. Lower closing costs than originating a new mortgage
  4. Easier to qualify for an assumption than a new loan
  5. Lower interest rate loans amortize faster than higher ones
  6. Equity grows faster because loan is further along the amortization schedule
  7. Assumable mortgage could make the home more marketable

An Assumption Comparison can help determine the savings and financial benefits of an assumable mortgage with a lower rate.

Homes are already selling two weeks faster than a year ago but timing could make them faster still.

 

We would love to help you Buy or Sell your Home.

The Morris Pyle Team will give you the Service only a top Realtor can give you!

The Morris Pyle Team has some of the best and longest experience in Selling and Buying homes in the Fargo / Moorhead market that you can find.

We also believe in using the tools that are available today to help our customers find the home they want and get their current home sold as fast as possible for the best Price!

CALL or  SEE us TODAY

http://87778.mobi/REALFARGO  to download our Mobile App

Where to put it all

by Morris Pyle Team

As you’re probably aware, one of the key steps to preparing your home for sale is to get rid of as much clutter as possible. You want to make every room look spacious and comfortable.

But what do you do with the pictures, boxes, clothing, tools, furniture and other stuff you need to take out of your home?

For items that you don’t want anymore, you have two options: dispose or donate. You can dispose of items at your local waste depot or recycling center, (but be sure to call ahead to confirm which items they will accept.) Donations can be made to organizations like Goodwill and The Salvation Army. These organizations are interested in good furniture, clothing, appliances (that work), bikes and other toys (that don’t need repair), and tools.

For items you want to keep, consider renting space at a local self-storage facility. Most offer a variety of storage options from lockers to garages, and typically charge by the month. As for security, most self-storage facilities have fencing, gates that require a passcode, cameras and other security features. You can also lock your own unit.

One of the drawbacks of self-storage is that you have to move your stuff twice – first to the storage unit, and then to your new home. An alternative that’s becoming increasingly popular is a Mobile Storage Unit. The unit is placed in your driveway for a few days while you load it with the items you want stored. Then it’s picked up by the mobile storage company and taken to their warehouse. When you move, the company simply drops the unit off at your new home for unloading.

Mortgage Rate Statistics for the Last 21 Years!

by Morris Pyle Team

DON'T DELAY!  IN THE LAST 21 YEARS, HOME PRICES IN THE GREATER  FARGO AREA,  WENT  UP EVERY  YEAR EXCEPT 2!

TAKE ADVANTAGE OF THE VERY LOW MORTGAGE RATES!


The Average Sales Price Indicated only includes Existing single-family residential property reported as  of the third working day of January which is the cutoff date to enter closings included in the year end report. Beginning with Column 3, statistics include ALL PROPERTY TYPES submitted to RMLS.


2015 Statistics were  run on January  6,  2016

 

 

Displaying blog entries 1-5 of 5

Contact Information

Photo of Morris Pyle Team Real Estate
Morris Pyle Team
RE/MAX Legacy Realty
4342 15th Ave. S., Suite 105
Fargo ND 58103
701-238-1652
701-281-0449