AZ mortgages : AZ mortgage rates and home loans

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A Great Vacation Rental in Flagstaff, AZ

July 7th, 2008 3:52 PM

http://www.vrbo.com/162717

Posted by Aaron Walker on July 7th, 2008 3:52 PMPost a Comment (0)

First-time home buyers get a tax credit

July 25th, 2008 2:35 PM

First-time home buyers get a tax credit of up to $7,500 for buying a main home after April 8, 2008 and before July 1, 2009. To be eligible, purchasers must not have owned a principal residence in the U.S. in the previous three years. The credit phases out between $150,000 and $170,000 of AGI for married couples and $75,000 to $95,000 for single filers. It is refundable to the extent it exceeds the buyer’s regular tax liability, but does not offset the AMT. Home buyers in 2009 can elect to take the credit on their 2008 income tax returns.

But the credit is recaptured ratably over 15 years, without any interest, starting two years after the year the credit is claimed. Thus a first-time home buyer who claims a $7,500 tax credit for a purchase in 2008 must pay an extra $500 of income tax in 2010 and in later years. If the homeowner sells the residence before the credit is fully repaid, the seller is taxed that year on the lesser of the gain from the sale (if sold to an unrelated party) or the unrecaptured balance of the credit.

Posted by Aaron Walker on July 25th, 2008 2:35 PMPost a Comment (0)

Real Estate Market Sales Data Arizona

July 21st, 2008 12:29 PM

http://aaron.mortgagexsites.com/xsites/Mortgage/aaron/content/uploadedfiles/200807_REMarketA.pdf

Posted by Aaron Walker on July 21st, 2008 12:29 PMPost a Comment (0)

Mortgage Rates Ended .375% Worse Last Week

July 21st, 2008 8:18 AM

Posted by Aaron Walker on July 21st, 2008 8:18 AMPost a Comment (0)

New Customer

July 16th, 2008 9:52 AM

I received a referral from a local Realtor yesterday. This gentleman had been working with another lender for 2 months and had come to me after the other lender informed him that he would no longer qualify because of a change to lending guidelines. This did not surprise me, as guidelines change dailey, but I was willing to help him figure out what he needed to do. After reviewing his information I discovered that the lender he had been working with since May had committed lender malpractice through their lack of advice. They failed to inform the client the proper way to clean up a credit error on their credit report that now costs him 25 points on his FICO score, enough to increase his interest rate by .375%. Also, the previous “lender” failed to advise him of the requirement regarding seasoning of funds and gift fund guidelines, information that nearly costs him the house he worked hard to find and negotiate for.

We will be able to help him but the last lender jeopardized his credit, cost him money, and ultimately left him more confused and disheartened than when he started the process. This was a very well known national lender, unfortunately, the loan officer he worked with was ill equipped to advise him.

Do not be fooled into thinking lenders and loans are a commodity. Choose wisely.

Posted by Aaron Walker on July 16th, 2008 9:52 AMPost a Comment (0)

Lock or Float your Mortgage Interest Rate

July 14th, 2008 3:52 PM

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now...

Posted by Aaron Walker on July 14th, 2008 3:52 PMPost a Comment (0)

Mortgage Backed Securities Pressure Rates Higher

July 13th, 2008 6:35 PM

Posted by Aaron Walker on July 13th, 2008 6:35 PMPost a Comment (0)

Small Massacre in Mortgage Rates Today

July 11th, 2008 4:10 PM

Mortgage backed securities reversed on early gains to lose over 50 bps to worsen interest rates by about .25% today.

Posted by Aaron Walker on July 11th, 2008 4:10 PMPost a Comment (0)

Lower Unemployment

July 10th, 2008 10:45 AM

The Labor Department reported this morning that new claims for unemployment benefits fell sharply last week. They said that 346,000 new claims were filed last week. This was well below the 395,000 that was expected and a drop of 58,000 claims from the previous week. That is good news for the economy, meaning its negative news for bonds and mortgage rates. Fortunately though, this data only tracks a week's worth of claims and is not usually considered to be of high importance to the markets.

Posted by Aaron Walker on July 10th, 2008 10:45 AMPost a Comment (0)

Mortgage Interest Rates Cooling Off

July 9th, 2008 10:19 AM

Mortgage Interest Rates have had a huge run-up from the middle of May to the middle of June. Finally, we have had a cooling off, with interest rates trending down since June 17th. Mortgage backed securities have bumped against ceilings of resistance and may be stalled causing the down trend to stop. This critical point may be the start of another run-up in interest rates.

Posted by Aaron Walker on July 9th, 2008 10:19 AMPost a Comment (0)

Gas Price Finder

July 8th, 2008 8:57 AM

http://aaa.opisnet.com/index.aspx

Posted by Aaron Walker on July 8th, 2008 8:57 AMPost a Comment (0)

June 2008 Sales Increase 5.7% over June 2007

July 1st, 2008 7:47 AM

June 2008 sales of 5700 homes marks the first year over year monthly increase since September 2005, when sales volume of 9213 homes were coming off the peak of 10,252 homes sold in June 2005.

Sales for June 2008 represent an increase of 5.7% over the 5393 homes sold in June 2007. This, along with the fifth consecutive month in a row of increasing sales sends a strong signal of a market returning to balance.

Posted by Aaron Walker on July 1st, 2008 7:47 AMPost a Comment (0)

Five Sequential Months of Decreasing Home Inventory & Increasing Home Sales for Phoenix Metro Area

July 1st, 2008 7:27 AM

Posted by Aaron Walker on July 1st, 2008 7:27 AMPost a Comment (0)