According to the Mortgage Bankers Association, mortgage loan application volume declined by 5% for the week ending January 20, 2012. The results include an adjustment for the Martin Luther King, Jr. Holiday. Interest rates on some fixed-rate loans rebounded slightly from all-time lows. The average interest rate for a 30-year fixed-rate mortgage increased by five basis points to 4.11%. The average interest rate for a 30-year FHA loan increased six basis points to 3.97%.

While interest rates seem to be rebounding, they are still very low. Now could be a great time for you to purchase a home. Contact us to discuss your options today.

A relationship between you and your real estate agent is like any other. Sometimes it takes a little TLC on both ends. It’s important to remember that your real estate agent is working on your behalf. They may be making a commission off your transaction, but they want to do a good job for you. Not only do they have time invested in finding you a home, they also hope you’ll hire them in the future and refer those you know to them. Real estate agents should always keep your best interests and your personal goals in mind, but remember that the relationship is a two-way street.

Here are 5 things you can do to maintain a good relationship with your real estate agent:

1. Remember that your real estate agent may have information you don’t. When you go online to look for a home, there are times that home may not be available anymore. Real estate agents have access to Multiple Listing Service (MLS) data that you don’t. It’s great to look online, but don’t bombard your agent. There is a lot of information about homes that you will not have access to. Hire an agent you trust and relinquish some control to let them help you find homes that best suit your preferences and needs.
2. Don’t accuse your agent of sabotage. Granted, there are some people who may take advantage of you in a business situation, so it’s very natural to be suspicious of someone who is making a commission off your transaction. However, most agents live by a Realtor’s Code of Ethicsand strive to maintain professionalism. They don’t have the ability to forsee all problems with the transaction such as the things a home inspector might find. If you don’t trust your agent for any reason, find a new one.
3. Don’t demand to only see homes after hours and on weekends. Most real estate agents work the same hours you do. There may be special circumstances that cause you to only be able to view a home at a certain time, and that’s okay every once in a while. Your agent has a choice, too. Banks, attorneys, brokers are all closed on the weekends. Make sure you openly communicate with your agent about the best times for you to view properties. While a good agent is generally flexible, you may also have to rearrange your schedule a bit.
4. Don’t automatically think you can get a much better deal than the agent can. It’s highly likely that your real estate agent has a better handle on the market than you do, despite the research you’ve done. Your agent lives with the market every day – some of them have years of experience – so trust them to know their stuff. If you continually make low ball offers that have no chance of being accepted on multiple properties, be assured that your relationship with your agent may be strained.
5. Don’t work with more than one real estate agent. Sure, shop around and find an agent you like and trust. However, don’t get to a point with an agent where you’ve consulted with them, toured numerous homes and afterward say, “We’ll give you a call. We have an appointment next week with our other agent.” If you don’t like your agent, fire them and find a new one, but don’t work with more than one agent in the same market. Keep in mind that if you only give 50% of your loyalty, you’ll only receive 50% back.

The average rate on a 30-year fixed mortgage loan stayed near the record low for the sixth consecutive week.

Freddie Mac reported on Thursday, December 8, that the rate on the 30-year home loan dropped to 3.99 percent from 4 percent the previous week.

The average rate on a 15-year mortgage dropped down to 3.27 percent from 3.3 percent.

Mortgage rates have been below 5 percent for all but two weeks this year.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country Monday through Wednesday each week.

• Less competition. The wintertime sees fewer buyers on the market, so for you, that means less competition. People are less likely to move in the winter because of weather, the holidays, etc., so many people put off looking for a home until the spring. Many families may not want to move their children in the middle of the school year, keeping them from house hunting. Less competition for you means a better chance of getting a great home at a lower price.

• Sellers need to go. When people are selling their home in the winter, it can often mean they have to get out quickly because of a job transfer or other pressing matter. Because many sellers may need to get out fast, they are more likely to bend on negotiations with the buyer.

• Smoother process. Because lenders have a lot less paperwork in the wintertime, transactions generally go through more quickly and with a lot less hassle.

• Lower taxes. Property taxes are usually determined by how much you paid for your home. Therefore, if you snag a great deal on a home during the winter, your property taxes will also be lower. Also, it may be a good idea to purchase a home before December 31. Homebuyers may be able to deduct mortgage interest, property taxes, and some of the costs associated with a new home purchase from their income taxes.

• Lower interest rates. Mortgage rates don’t generally follow a seasonal trend; however, right now, mortgage rates are still near record lows. Most likely, interest rates will remain low throughout the holiday season.

Keep in mind that warmer areas in the country such as Florida and ski/winter resort destinations like Colorado don’t follow this trend.

Whatever the case may be, there are many people out there with little to no credit history. So, can you buy a home with little to no credit history?

The short answer is that it really depends on your lender as well as some other factors about your personal finance history.

There may be other ways of establishing credit besides your credit score. The three basic things most lenders look at are your income, your credit, and your assets. Each lender has their own personal criteria, but those are the basics. If you can’t offer your credit history, you will have to provide proof of your financial responsibility in terms of your income and assets.

To get a mortgage loan without a credit history, you will need to have a substantial, stable income with a steady job.

You’ll also want to have as much saved up for a down payment as possible. A “no-money-down” loan is a thing of the past – especially if you have little to no credit history. A sizeable down payment will decrease the risk of loss to the lender.

You may also be able to use sources of “alternate credit” on your mortgage application. This could include your rent history, a letter from a former landlord, or payment history of monthly bills like utilities, cell phones, or insurance.

An FHA loan may also be an option. These loans are designed to assist first-time homebuyers as well as those with little to no credit history or little money for a down payment. While you can get good terms on an FHA loan, you may be subject to limitations on the price of the home you buy.

If you have little to no credit history and are looking to purchase a new home, contact us to discuss your options.

1. Create a “Gratitude Journal” in which each family member writes down what they are thankful for. Try to encourage everyone to write at least 10 or more things. Make copies for everyone for Christmas.
2. Make a “blessings box.” It’s similar to the Gratitude Journal, but have everyone write specific blessings they are thankful for on little slips of paper anonymously. The items can be humorous or serious. After Thanksgiving dinner, randomly pull slips out of the box and read them out loud.
3. Volunteer with a local Meals on Wheels program. Bring a hot dinner to those who may not be able to join their family or friends this year. They’ll appreciate the food and, more importantly, the time you share with them at their homes.
4. Have everyone make a toast of thanks. Once everyone is seated for Thanksgiving dinner, go around the table and have each person say why they are thankful, and then raise your glass and toast to it. Even kids love to clink glasses.
5. Report a job well done. Have you received consistently good service from someone throughout the year? It could be your hair stylist, a waiter, a patient store employee who seemed eager to answer all your questions, a customer service representative? Every Thanksgiving, make a list of those people. Write a simple “Thank You” note that outlines the attentive care you received from that person. Send the note to their supervisor and also a copy to them.
6. Send a letter or care package to a military service member abroad. You can use AnySoldier to send care packages. They also provide a list of items you could include in your package.
7. All over the country this Thanksgiving, different companies and nonprofit organizations are hosting 5k and 10k races to benefit local charities and other causes. Most of these races are Run/Walks that encourage full family participation and the upside? You can work off some of that big dinner before you even sit down at the table. Runs are planned for on and around Thanksgiving, and some require advance registration, so be sure to check out the specific rules for your area.
8. Volunteer at a homeless shelter. All the donated food that is raised during Thanksgiving time needs hands to help cook it. Volunteer this Thanksgiving at a homeless shelter to prepare and dish up a meal for those who don’t have a home to go to this holiday. The National Coalition for the Homeless has a directory to help you find homeless shelters in your area.
9. Express your gratitude face to face. Find ways to tell your dinner guests as well as all those you come in contact with on Thanksgiving how much they mean to you. There is nothing more sincere than a verbal expression of thanks.
10. Give an anonymous donation of whatever you can afford to a charity of your choice. Share what you have with others who have little.

The new Home Affordable Refinance Program (HARP) that will allow many
underwater homeowners to refinance their homes is being modified. HARP was first
introduced in 2009; however, not many homeowners utilized its benefits. The new
HARP program will allow more underwater homeowners to qualify and take advantage
of the program.

What are the qualifications?

• Borrowers must be current on the mortgage at the time of the refinance, with
  no late payments in the past six months and no more than one late payment in the
  past 12 months;

• Fannie Mae or Freddie Mac must back your loan;

• You must be currently employed and have a steady income;

• The mortgage must have been transferred to Fannie Mae or Freddie Mac no
  later than May 31, 2009; and

• The mortgage must be on a one-to four unit dwelling that serves as your
  primary residence.

You are not eligible for HARP if your mortgage is FHA, USDA, or a jumbo
mortgage.

It’s important to remember that HARP will not delay or stop foreclosure on
your home. HARP is meant to give homeowners who are currently employed, current
on their mortgages, and have lost home equity a chance to refinance at the
current low mortgage rates.

Borrowers will be able to take advantage of HARP even if they owe more than
what their house is worth. The previous version of HARP only allowed borrowers
to refinance up to 125 percent of the home’s appraised value. Millions of
borrowers couldn’t benefit from HARP when it was first introduced because of
that cap.

HARP has been extended through Dec. 31, 2013. Fannie Mae and Freddie Mac will
send instructions to lenders by November 15, 2011. Some lenders may start
offering refinances under the improved HARP by December 1, but the timing may
vary, according to the FHFA.

If you’re an underwater homeowner, this new version of HARP could finally
allow you to refinance your mortgage at an all-time low interest rate you’ve
heard about but couldn’t qualify for.

Everyone knows a low credit score can hurt your chances of qualifying for a
mortgage, but here are 5 more things that can affect your mortgage
application:

• New debt. One of the last things you want to do before
  applying for a mortgage or refinancing is to take on any new debt soon before
  submitting your application. Buying a car, putting large purchases on a credit
  card, or applying for student loans will drive up your debt-to-income ratio
  substantially. Typically, you want your total debt payments to be no more than
  43 percent of your monthly income, with your mortgage at no more than 31
  percent. Also, be cautious about incurring any other debt obligations as well,
  such as cosigning a loan.

• Divorce. If you are currently involved in divorce
  proceedings or just recently filed for divorce, it may make the mortgage process
  a little more complicated. It definitely won’t automatically disqualify you from
  getting a loan, but you may want to wait until a divorce process is final before
  submitting your mortgage application. Also, never omit the fact you are in a
  divorce proceeding if you are. This is information that is easily obtained by
  your lender. Neglecting to include it will most likely get you turned down for
  the loan.

• Unnecessary inquiries on your credit report. If you plan on
  applying for a mortgage loan or refinancing, you want to be cautious about
  allowing multiple lenders or brokers pull your credit report. Unnecessary
  inquiries can drop your credit score, which could result in a higher interest
  rate.

• Recently changing your job. Employment stability is an
  important factor lenders consider when assessing the risk of your mortgage loan.
  Recently changing your job may complicate the mortgage process. Lenders want to
  see evidence of a stable employment history before approving your mortgage
  application. Typically, lenders like to see you in your current job for at least
  two years. Recently changing your job doesn’t mean that your application will be
  immediately denied, but it could, at the least, prolong the process.

• Being involved in a lawsuit. If you are currently a party
  in a lawsuit, lenders may be reluctant to approve your mortgage application. If
  you’re being sued, there’s a chance you may get stuck with a large settlement
  that may make it difficult to meet your monthly mortgage payments. If you’re
  suing someone and lose, you could end up with some large attorney fees. Keep in
  mind that being a potential beneficiary of a class-action lawsuit isn’t the
  same. To be involved in a suit, you either have to have filed a suit against
  someone in court, been served as a defendant, or have hired an attorney to
  represent you.

Best places for the rich and single

Seeking a sugar daddy (or sugar-mama)? Follow the money to these towns and cities, where affluent young professionals are abundant.

Affluent Manhattan professionals make their nests in the million-dollar townhouses that line New Jersey’s “Gold Coast.” Flirt with your neighbors in the organic produce aisle of the local Whole Foods or Trader Joe’s. Or tone your muscles and expand your social circle at one of the borough’s fitness centers. Hold hands as you gaze at the breathtaking Manhattan skyline. Or take a five-minute ferry ride across the Hudson River for all the nightlife New York City has to offer.

See complete data and interactive map for Edgewater