Monday, July 26, 2010

The top four housing market trends to keep your eye on this summer

This article is compliments of Denise Wing of Academy National Mortgage

As we enter into the dog days of summer many would expect house sales and prices to pick up, but according to economists and mortgage professionals, this may not be the case in many major markets. Read on to learn a bit more about some of the up and coming mortgage application trends, rate trends and buying trends to ensure you're making financially wise decisions this summer.
Mortgage Rates Are Low, but Predicted to Rise
Though rates remain low, many economists expect mortgage rates to rise, especially now that the Federal government has pulled out of the mortgage game. If you are one of those homeowners who have been putting off a refinance, you may want to consider making the move and locking into a rate within the next few months.
Housing Prices Continue to Fall
Traditionally the summer is known as the home buying season, but according to Mortgage Bankers Association (MBA), sales are projected to be slow and few in many major housing markets. If you're in search of a property deal, now's the time to hunt.
Take advantage of the slow summer market.
New Twist in the Mortgage Application Process
If you're in the midst of applying for a mortgage, think twice before taking on new debt. Sure, it may be tempting to apply for your favorite store's credit offer and save 20% on your purchase, but this small savings can derail your mortgage application process. Mortgage professionals are now required to check your credit before closing, so applying for a new credit card or loan while your mortgage application is being processed may result in major approval delays.
Accurate Good Faith Estimates (GFE)
The feds are cracking down on those lenders who deliver inaccurate good faith estimates and secretly slip in surprise fees at closing. With an accurate GFE you can borrow with confidence. An accurate GFE will ensure you're fully aware of all fees upfront so that you're not stuck with any unexpected expenses when all is said and done.
With these mortgage and housing trends in effect, it is plain to see that now is prime time for buyers and homeowners to consider purchasing a new home or refinancing their current mortgage. Visit Academy National Mortgage Corporation online at http://academynational.net or call a mortgage specialist at 303-987-0622 to find a mortgage program that is right for you.

Keeping You Informed
Academy National Mortgage Corporation mortgage professionals are dedicated to keeping you informed of the latest market trends and mortgage options. Visit Academy National Mortgage Corporation online at http://academynational.net, or call us today at 303-987-0622, to obtain custom loan options designed to fit your needs and help you obtain your home goals.

Denise Wing
Academy National Mortgage Corporation

Phone: 303-987-0622

Website: http://academynational.net

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