Home Loan Approval - It May Have Just Gotten Easier.

Home Loan Approval - It May Have Just Gotten Easier.

Some very qualified buyers have been consistently turned down for a mortgage loan in the past few years.  This seems to be a reaction to the "too easy" credit situation, which contributed to the housing market crash of 2008.



Without going overboard to cause similar chaos in the real estate market and the economy, as a whole, lender requirements are swinging back to a reasonable level - not too easy and not impossible to qualify.  The market is looking for just right.



Not all lenders are jumping in toward easing the lending standards, but many are beginning to see that more reasonable standards are necessary to a healthy housing market and for a strong economy.



So, if you have been waiting, you may want to consult with a real estate broker, who has good relationships with lenders, to see if you qualify to buy a home or an investment property.



Read related articles:

Mortgage Lenders Set to Relax Standards

Did Mortgages Just Get Easier to Obtain?

Mark Harbaugh, J.D. - Broker DRE #: 01245275 Office 619-246-2860 markonthemark@gmail.com HARBAUGH HOMES

Mark Harbaugh, J.D. has been a licensed REALTOR® in California since 1998.  He is a real estate Broker, holds a Bachelors Degree and a Law Degree.

Since 1998, Mark has been providing expert representation to buyers and sellers of homes, condos, multi-unit properties and multi-million dollar estates. 


His clients include friends - old and new - colleagues, professional football and basketball players, original founders of Fortune 500 companies and other high-profile personalities, who value their privacy and anonymity.  Mark has also consulted Nationally and Internationally with many interested in buying and selling real estate.

Home Buyers Have Been Waiting to Buy: Pent-Up Buying Demand Continues to Grow.

Home Buyers Have Been Waiting to Buy:  Pent-Up Buying Demand Continues to Grow.

Everybody wants what everybody wants.

If you have been reading my blog, you may have seen me write that Buyers of real estate can be compared to cows waiting to go out to the field to graze.

Generally, no cows will go out to pasture until all of the cows go.  Then, they all go together.

So, for whatever reason, they all wait.  Then, again, for whatever reason, they all go at the same time.

The same can be said for Home Buyers.

Like Cows, Home Buyers Wait to "Moo-ve"

Like cows, many would-be buyers wait for others to start buying before they are willing to jump into the real estate market.  Then, it is as if the floodgates are opened up and everyone follows.

Since prior to 2008, home buyers have not yet returned to what would qualify as normal or typical buying activity.  Instead, they have waited, and continue to wait, to buy a home.

We have seen investors flood in to buy real estate - and in a substantial percentage of cases, with all cash.  Now we seem to be waiting for the typical buyers to begin buying homes for themselves and their families.

Why aren't those who would like to buy, buying?

Like with cows, we cannot be absolutely certain why most have been waiting to buy and then why everybody decides to buy at the same time.  But, we can ask them, unlike with cows.

Buyers have been waiting, in part, for the following reasons:

1. Improvement of the economic climate;
2. Improvement of the unemployment rate;
3. Creation of better quality jobs and with higher incomes;
4. Formation of new households; and 
5. Relaxing the mortgage loan credit standards.

The economy has improved substantially, although not enough for some.  The unemployment rate is back to a healthy level, millions of jobs have been created, and I believe people are ready to get on with the formation of new households and buying a home.

But, what stands in the way for many buyers, is the availability of credit.    This, however, is also changing.  When this happens, the gates are likely to swing wide open and buyers will come out in greater numbers.

Lenders are already beginning to loosen mortgage lending requirements to a healthy level.  The objective is to strike the correct balance of implementing reasonable standards without making qualifying for a loan too easy, as this contributed to the problems of our last real estate market correction.

The question is, do you wait to buy when everyone else is ready to buy?  Or do you lead the market, thereby beating the competition for homes and the inevitable appreciation of home prices and the likely event that the mortgage interest rates begin to increase?

Read more articles:
Pent-Up Demand Brewing Among Buyers

Mark Harbaugh, J.D. - Broker DRE #: 01245275 Office 619-246-2860 markonthemark@gmail.com HARBAUGH HOMES

Mark Harbaugh, J.D. has been a licensed REALTOR® in California since 1998.  He is a real estate Broker, holds a Bachelors Degree and a Law Degree.

Since 1998, Mark has been providing expert representation to buyers and sellers of homes, condos, multi-unit properties and multi-million dollar estates. 


His clients include friends - old and new - colleagues, professional football and basketball players, original founders of Fortune 500 companies and other high-profile personalities, who value their privacy and anonymity.  Mark has also consulted Nationally and Internationally with many interested in buying and selling real estate.

Top 3 Reasons Why 36 Million People Moved From Their Home.

The Number One Reason Why 36 Million People Moved To A New Home, according to the U.S. Census Bureau, is housing-related, and not because of a job or family reasons.

To move or not to move, that is the question.  

The next question is why do people move from their current home to another home?

While there are as many reasons for moving as personality types or architectural styles of homes, the number one reason why approximately 36 million people moved from 2012 to 2013 is that those polled simply wanted a different home or other housing-related issue, and not due to family reasons (No. 2) or employment reasons (No. 3).

1. Housing:  48%;
2. Family:  30.3%; and 
3. Employment:  19.4%

That's right, people responded that their decision to move was mostly influenced by their desire or need for a different option for housing than the one they had currently enjoyed, or didn't enjoy.  


Therefore, over 17 million (representing 48% of the 36 million) who moved during the time polled, wanted a new or better home, a better neighborhood, or they wanted to own a home and stop renting.

Source:  U.S. Census Bureau

"We asked people to select the reason that contributed most to their decision to move.   Picking one reason can be difficult as moves are often motivated by many different, and oftentimes competing, factors," said the report's author, David Ihrke, a demographer in the Census Bureau's Journey to Work and Migration Statistics Branch.

Other reasons that cause people to move for employment-related reasons are when they are starting a new job or due to a job transfer.  Family-related reasons include establishing their own household or a getting married or divorced.

As a personal insight with my 15+ years in the real estate business, I feel that people are feeling more free to move, following years of feeling stuck in circumstances not of their choosing, due to the housing and economic situations in the U.S.  They felt stuck in their small home, with roommates or with their parents when they would have rather had a larger home or their own home.

It may sound cliche or like a punch-line to a lame joke, but:

•  Why are people moving?  ... because they can.

Read more:

No. 1 reason people move | 2014-06-05 | HousingWire

The Real Reason People Moved Last Year

------
------

Mark Harbaugh, J.D. has been a licensed REALTOR® in California since 1998.  He is a real estate Broker, holds a Bachelors Degree and a Law Degree.

Since 1998, Mark has been providing expert representation to buyers and sellers of homes, condos, multi-unit properties and multi-million dollar estates. 


His clients include friends - old and new - colleagues, professional football and basketball players, original founders of Fortune 500 companies and other high-profile personalities, who value their privacy and anonymity.  Mark has also consulted Nationally and Internationally with many interested in buying and selling real estate.

Mark can be reached at 619-246-2860.

Email: markonthemark@gmail.com

5 Important Things Buyers Should Know When Applying for a Mortgage.

5 Important Things Buyers Should Know When Applying for a Mortgage.

1.   Be prepared to document your finances. 

   With new loan standards, borrowers are required to full documentation of income, expenses and other items such as a windfall deposit or gift.

2.   Lock in a rate soon. 

   Rates are expected to rise as they are currently at historic lows.

3.   Shop around. 

   Consider interest rate, closing costs and level of service when shopping for a mortgage loan.

4.   Pay careful attention to credit. 

   720 is considered a good FICO score.  680 will also be sufficient to qualify for most loan programs.  Typically, the higher your score, the lower your interest rate and closing costs will be.

5.   Watch your spending. 

   When you are considering purchasing a home or investment property, it is not time to go out shopping for a new car, new furniture for that dream home or to charge an expensive vacation on your credit cards.  

5 Mortgage Tips for Home Buyers

------
------

Mark Harbaugh, J.D. has been a licensed REALTOR® in California since 1998.  He is a real estate Broker, holds a Bachelors Degree and a Law Degree.

Since 1998, Mark has been providing expert representation to buyers and sellers of homes, condos, multi-unit properties and multi-million dollar estates. 


His clients include friends - old and new - colleagues, professional football and basketball players, original founders of Fortune 500 companies and other high-profile personalities, who value their privacy and anonymity.  Mark has also consulted Nationally and Internationally with many interested in buying and selling real estate.

Mark can be reached at 619-246-2860.

Email: markonthemark@gmail.com

OTHER SOCIAL MEDIA CONNECTIONS:

Blog:
http://harbaughhomes.blogspot.com/

YouTube:
http://www.youtube.com/channel/UC7aiLC3WaujKr7akXOIkkaw

Community and Charitable Work:
http://prezi.com/nlhlhszj-seb/?utm_campaign=share&utm_medium=copy

Survey: Most Americans Say Getting a Mortgage is Easier

Finally, getting a mortgage loan is getting easier.

Read the entire article:
Survey: Most Americans Say Getting a Mortgage is Easier

------
------

Mark Harbaugh, J.D. has been a licensed REALTOR® in California since 1998.  He is a real estate Broker, holds a Bachelors Degree and a Law Degree.

Since 1998, Mark has been providing expert representation to buyers and sellers of homes, condos, multi-unit properties and multi-million dollar estates. 


His clients include friends - old and new - colleagues, professional football and basketball players, original founders of Fortune 500 companies and other high-profile personalities, who value their privacy and anonymity.  Mark has also consulted Nationally and Internationally with many interested in buying and selling real estate.

Mark can be reached at 619-246-2860.

Email: markonthemark@gmail.com

OTHER SOCIAL MEDIA CONNECTIONS:

Blog:
http://harbaughhomes.blogspot.com/

YouTube:
http://www.youtube.com/channel/UC7aiLC3WaujKr7akXOIkkaw

Community and Charitable Work:
http://prezi.com/nlhlhszj-seb/?utm_campaign=share&utm_medium=copy