Altamonte Springs, FL Real Estate News

By Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner, Chris Brown 407.367.2974
(Chris Brown | Certified Mortgage Planners)
  Tomorrow morning, at 8:30 AM ET, the Bureau of Labor Statistics releases its Non-Farm Payrolls report for May. If you're floating a mortgage rate right now -- or are in the process of shopping for a loan -- consider locking your rate sooner rather than later. The Non-Farm Payrolls report can be a major market mover, causing large fluctuations in both conforming and FHA mortgage rates in Lake Mary. It's because of the report's insight into the U.S. economy. More commonly called "the jobs report", Non-Farm Payrolls is.....   Read the COMPLETE BLOG POST HERE: Making A Rate-Lock Plan Before Friday's Jobs Report
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By Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner, Chris Brown 407.367.2974
(Chris Brown | Certified Mortgage Planners)
  Another quarter, another sign that mortgage lending may be easing nationwide. The Federal Reserve's quarterly survey of senior loan officers revealed that an overwhelming majority of U.S. banks have stopped tightening mortgage requirements for "prime borrowers". A prime borrower is one with a well-documented credit history, high credit scores, and a...   Read the COMPLETE BLOG POST HERE: Mortgage Guidelines Start To Loosen At The Country's Biggest Banks
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By Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner, Chris Brown 407.367.2974
(Chris Brown | Certified Mortgage Planners)
While most mortgage web sites offer a glossary containing hundreds of real estate and lending related terms, we wanted to highlight the top terms that most borrowers will hear several times throughout the approval and home buying process. Understanding the "Shop Talk" between the various industry professionals that you've assembled on your team will hopefully give you greater confidence when discussing important topics that may impact your transaction. Mortgage Related Terms: Amortization Schedule: A schedule of payments showing the amount applied to the principal and interest through the payoff. Annual Percentage Rate (APR): The effective rate of interest that includes loan related fees.  The APR helps determine the total cost of borrowing a loan and is used to... Read the COMPLETE BLO...
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By Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner, Chris Brown 407.367.2974
(Chris Brown | Certified Mortgage Planners)
  Home affordability moved higher last quarter, buoyed by stable mortgage rates and falling home prices in Florida and nationwide. The National Association of Home Builders reports that Q1 2011 Home Opportunity Index reached an all-time high for the second straight quarter last quarter. Nearly 3 of 4 homes sold between January-March 2011 were affordable to households earning the national median income of $64,400. It's the 9th straight quarter in...   Read the COMPLETE BLOG POST HERE: Home Affordability Still Soaring; New Records Reached
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By Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner, Chris Brown 407.367.2974
(Chris Brown | Certified Mortgage Planners)
  Home values dropped for the sixth straight month in March 2011, according to the Federal Home Finance Agency's Home Price Index. The Home Price Index is a government-sponsored home value tracker. The HPI report is the latest in a string of "falling home values" stories -- a trend that's troubling home sellers across Lake Mary and nationwide. However, although the Home Price Index says home values are falling, that doesn't necessarily mean that they are. Like most statistics in the housing sector, the Home Price Index is...   Read the COMPLETE BLOG POST HERE: Home Price Index Shows Values Down 19 Percent From Peak
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By Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner, Chris Brown 407.367.2974
(Chris Brown | Certified Mortgage Planners)
Sales of newly-built homes surprised Wall Street, jumping 7 percent to an seasonally-adjusted, annualized 323,000 units last month. In addition, the supply of new homes dropped to 6.5 months — a 2-month decrease from October 2010 and the best reading in a year. The report runs counter to recent reports from the National Association of Homebuilders and the National Association of REALTORS® which suggest a looming housing slowdown. April's New Home Sales report runs counter to that theory; it shows ongoing, steady, staggered improvement in terms of....   Read the COMPLETE BLOG POST HERE: New Home Sales Increase For The Second Straight Month  
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By Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner, Chris Brown 407.367.2974
(Chris Brown | Certified Mortgage Planners)
  Mortgage rates across the state are near year-to-date lows, but locking them in this week may be difficult. As Memorial Day nears, and Wall Streeters get a head-start on the long weekends, trade volume in the mortgage bond markets will dip. When bond volume drops, mortgage rates get jumpy. It's a relationship based more on scarcity than...   Read the COMPLETE BLOG POST HERE: Memorial Day Messes With Mortgage Rates
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By Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner, Chris Brown 407.367.2974
(Chris Brown | Certified Mortgage Planners)
    If you've spent time making your garden look great this spring, you'll want to spend time helping it stay that way through the summer. This brief video will teach you how to keep your yard pest- and weed-free using eco-friendly products and nature, itself -- all without the use of dangerous chemicals. Some of the....   Read the COMPLETE BLOG POST HERE: All-Natural Pest And Weed Control For Your Garden
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By Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner, Chris Brown 407.367.2974
(Chris Brown | Certified Mortgage Planners)
Even though many lenders are still quoting quick 10 minute pre-qualifications over the phone or online, a true mortgage approval that holds any weight is one that has been issued by an underwriter who has had an opportunity to review all of the necessary documents. With a constant stream of new lending guidelines, volatile mortgage rates and tightening regulation from Washington, very few real estate agents will show new homes to a First-Time Home Buyer without at least a pre-qualification letter. A Pre-Approval Letter will help you in three ways: It lets you know how much mortgage you can qualify for It gives you an estimate of what your total housing payment would be Submitting a strong "Pre-Approval" letter with a purchase offer will give the seller more confidence about your ability...
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By Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner, Chris Brown 407.367.2974
(Chris Brown | Certified Mortgage Planners)
The housing market recovery stalled last month. At least temporarily. According to the National Association of REALTORS®, Existing Home Sales slipped 1 percent in April from the month prior, falling to 5.05 million units on a seasonally-adjusted, annualized basis. The reading is exactly in-line with report's 6-month average which also reads 5.05 million units. The data may appear "average", but there's another angle to consider.  In April, as compared to....   Read the COMPLETE BLOG POST HERE: Distressed Homes Now Selling At A 20 Percent Discount
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By Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner, Chris Brown 407.367.2974
(Chris Brown | Certified Mortgage Planners)
  The Federal Reserve released its April 2011 Federal Open Market Committee meeting minutes Wednesday. In the hours since, mortgage markets have worsened; rates in Florida are higher by 1/8 percent this morning, at least. The "Fed Minutes" is published 8 times annually, three week after each scheduled FOMC meeting. The minutes are the Federal Reserve's official recap of....   Read the COMPLETE BLOG POST HERE: Fed Minutes Put The Heat On Mortgage Rates To Rise
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By Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner, Chris Brown 407.367.2974
(Chris Brown | Certified Mortgage Planners)
  Single-family housing starts dropped by 21,000 units in April on a seasonally-adjusted annual basis. The Housing Starts report measures the number of homes on which new construction "broke ground". It's tracked by the U.S. Department of Commerce which releases new data monthly. Single-family housing starts fell 5 percent as compared to March 2011, and 30 percent as compared to April one year ago.  The figures were worse than what Wall Street expected. For just the second time in.....   Read the COMPLETE BLOG POST HERE: Building Permits Fade Faster Than Expected
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By Alex F, Central Florida, Realtor
(Charles Rutenberg Realty)
Recently Sold Homes in Altamonte Springs April 2011   Altamonte Springs, Florida consists of zip codes 32714 and 32701 located in Seminole County. The results of this report are separated by the two area codes and by property style. The statistics do not include properties sold "For Sale Buy Owner" nor custom built new homes. These are only past month results, in order to get a better understanding of the market it is suggested to use a compilation of several months results.   Zip Code: 32714 Single Family Homes Sold 16 Townhome/Condos Sold 32 Average List Price $141,068 Average List Price $47,048 Average Sales Price $131,575 Average Sales Price $45,307 Average Days on Market 99 Average Days on Market 83 Lowest Priced home Sold $29,000 Highest Priced home Sold $320,000 $29,000, 3 Bedroo...
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By Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner, Chris Brown 407.367.2974
(Chris Brown | Certified Mortgage Planners)
  Home builder confidence can't shake its range, according to the National Association of Home Builders. The group's monthly Housing Market Index put May's builder confidence reading at a level of 16. The Housing Market Index is scored on a scale of 1-100. A reading above 50 suggests favorable conditions for the new home housing market, as reported by home builders. A reading below 50 suggests unfavorable conditions. May marks the sixth time in...   Read the COMPLETE BLOG POST HERE: Home Builders Seeing More Sales Today; Fewer Sales Tomorrow
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By Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner, Chris Brown 407.367.2974
(Chris Brown | Certified Mortgage Planners)
  With large swaths of the country bracing for an historic Mississippi River flood, it's important to remember that floods aren't just regional. Flood waters can strike any city, in any state, at any time. According to FloodSmart.gov, floods are the #1 most common disaster in the United States. $709 million in flood insurance claims were paid to households, businesses, and renters in 2010 -- more than one-third of which went to people outside of "high-risk areas". Should a flood hit your home or...   Read the COMPLETE BLOG POST HERE: My Home Is Flooded. What Do I Do?
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By Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner, Chris Brown 407.367.2974
(Chris Brown | Certified Mortgage Planners)
When applying for a mortgage, a borrower's "Occupancy Type" is a major factor in the amount of down payment required, loan program available and mortgage interest rate. Whether you are purchasing, doing a rate/term refinance or taking equity out of your property through a cash out refinance, occupancy type is always considered by the underwriter. Three Types of Occupancy: Owner Occupied / Primary Residence - According to HUD, a principal residence is a... Read the COMPLETE BLOG POST HERE: What's The Difference Between A Single Family, Second Home and Investment Property?
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By Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner, Chris Brown 407.367.2974
(Chris Brown | Certified Mortgage Planners)
  Another day, another piece of evidence that the U.S. economy is expanding. Thursday, the Census Bureau released the April Retail Sales report. Excluding cars and auto parts, retail receipts rose for the 10th straight month and, at $321 billion, reached an all-time high. Retail sales account for roughly half of consumer spending, and roughly one-third of the economy overall. For home buyers and rate shoppers in....   Read the COMPLETE BLOG POST HERE: Rising Retail Sales Threaten Low Mortgage Rates
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By Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner, Chris Brown 407.367.2974
(Chris Brown | Certified Mortgage Planners)
  Foreclosure activity continues to drop nationwide. Based on data from foreclosure-tracking firm RealtyTrac, foreclosure filings nationwide fell below 220,000 in April 2011, a 9 percent decrease from March. A "foreclosure filing" is defined as...   Read the COMPLETE BLOG POST HERE: Foreclosure Filings Fall To 40-Month Low
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By Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner, Chris Brown 407.367.2974
(Chris Brown | Certified Mortgage Planners)
  When a mortgage applicants chooses an adjustable-rate mortgage over a fixed-rate one, he accepts a risk that -- at some point in the future -- the mortgage's interest rate will rise. Lately, though, that hasn't been the outcome. Since mid-2010, conforming mortgages have adjusted below their initial "teaser" rate consistently, giving homeowners in Florida and nationwide reason to...   Read the COMPLETE BLOG POST HERE: Conforming ARMs From 2004-2006 Are Adjusting To 3 Percent
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By Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner, Chris Brown 407.367.2974
(Chris Brown | Certified Mortgage Planners)
With housing prices down across the country, there are a lot of homeowners in Orlando barely breaking even on their respective home sales. Some are even losing money. You may find yourself in that position, too; wanting to sell, but worried about bringing cash to your own closing. It creates an interesting dilemma. You want your...   Read the COMPLETE BLOG POST HERE: What To Fix Before You List  
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