October 21st, 2013

Interest Rates hit 4 month lows on Friday /  Fannie Mae changes coming November 16th. 

After a US debt deal in principal was announced on Wednesday – Interest rates greatly improved after slowly moving higher in the proceeding 2 weeks.   The uncertainty regarding the government closure and the debt ceiling caused markets to stagnate.  The markets rejoiced with great gains across the board when a deal was in place.


When the dust settled, interest rates hit 4 months lows and 30 year fixed rates dipped down to 4%-4.125%. 

On Tuesday, the payroll report for September will be released late due to the government shutdown.  This usually has a big effect on rate pricing.  The FED meets October 29th and will release a statement on the 30th

Since the government closure, it is now believed that the FED will hold off on tapering its bond purchasing program until possibly 2014.  The reason is that the economy will still be in flux due to the long term budgetary issues Congress must decide on during the next 4 months.

I see rates staying stable but not improving greatly from their current levels.  Still, you never know what the FED will do.  Many thought the FED would taper the bond program in September.  If you are risk averse, I would lock before October 30th because when the FED tapers , interest rates will go up quickly. 


On the weekend of November 16th, Fannie Mae will update it’s automated underwriting system.  Below are the 2 biggest changes:

1.)    Interest Only Loans will no longer be offered by Fannie Mae.

2.)    Fannie Mae will now have a maximum loan to value of 95%.  Currently it’s 97%.

You can begin a loan before November 16th, and still go off the old guidelines.

If you want an interest only loan – now is the time to get started. 

The 97% Fannie Mae purchase loan was starting to take the place of FHA loans with higher credit score borrowers.  The down payment was less than FHA, and the monthly mortgage insurance was substantially less.  Now Fannie Mae will require 5% down, or 95% max LTV/CLTV on a refinance that is not HARP eligible.

Make it a great week!!           


30 Year Fixed at 4.25% with 0 points


30 year fixed:     4.125% – .87 points,     4.25% – 0 points,     4.5% – $0 costs

20 year fixed:   4% – .78 points,     4.125% – 0 points,     4.25%  – $0 costs

15 year fixed:   3.25% – .85 points,     3.375% – 0 points,     3.5% – $0 costs

10 year fixed:   3% – .79 points,     3.375% – 0 points,     3.5% – $0 costs

5/1 ARM:   2.75% – .74 points,     3% – 0 points,     3.25% – $0 costs

7/1 ARM:    3.125% – .99 points,     3.5% – 0 points,     3.625% – $0 costs

30 year fixed FHA:     3.75% – 0 points,      3.875% – $0 costs

15 year fixed FHA:    3.25% – .43 points,     3.5% – 0 points,     3.625% – $0 costs

30 year fixed VA:     3.75% – .11 points,    3.875% – 0 points,     4% – $0 costs

Today's Interest Rates - October 21st, 2013

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Arizona Home Loans, California Home Loans, Colorado Home Loans.  Arizona refinance, California refinance, Colorado refinance.  Scottsdale, Arizona Mortgage Banker in McCormick Ranch.  Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline refinance mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinance, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.




May 2nd, 2012

Statistics continue to show that home values are starting to recover across Phoenix and Maricopa County.

Low inventory and high demand are pushing up values.  Many buyers are finding the need to put in offers quickly, as a home can have multiple offers the first day on the market.  This is also creating higher value offers, as a buyer would like to distinguish their offer from the others.  Offers over listing price are not uncommon.   

It may be a more difficult process finding a home in this market, but rates are great, and values trending up will only help our market in the future.

In comparing March of 2012 versus March of 2011, the value per square foot in Maricopa County went up 15%!!

We are also seeing less and less bank owned sales, which are typically for lower prices as the bank would like to get the property off their books. 

Lender owned sales are down 53% from March of 2011 to March of 2012.

Short Sales are up 51%.

Even though short sales are up, the total amount of distressed property sales are down 42%.  And the total amount of non distressed sales are up 32%.

This combination of low inventory, high demand, and less distressed property sales are pushing values back up in Maricopa County.

Home Values Rising Across Maricopa County.



March 2nd, 2012

When the housing bubble first burst in Arizona, most banks were taking back delinquent properties versus working with home owner’s to sell their property at a loss. 

Recent statistics show that banks are more and more likely to accept a short sale or sell the home at an investor auction versus taking back a delinquent home.  This is encouraging for homeowners exploring a short sale, as data suggests that there is a higher likelihood of a short sale going through.   

There are many benefits to a short sale – the most important one being that most short sales include a clause where the homeowner is no longer responsible to repay the bank.  When a home is foreclosed upon and taken back, the bank can come after you for a numbers years if they should choose to do so.


In 2011, There were 62,156 distressed title transfers

34,634 were short sales or investor sales   /   27,522 were properties taken back.

In 2010, There were 67,208 distressed title transfers

28,490 were short sales or investor sales   /   38,718 were properties taken back by the bank.

In 2009, There were 60,682 distressed title transfers

20,065 were short sales or investor sales   /   40,797 were properties taken back by the bank.

As more and more banks are willing to accept short sales, delinquent homeowners should attempt to work on a short sale versus giving the property back.  In most cases, a homeowner will get a check for closing a short sale and they do not have to worry about the bank coming after them in the future for losses incurred.

*data obtained from Fletcher Wilcox at Grand Canyon Title Agency.


When will I qualify for a mortgage after a short sale or foreclosure?

Many clients who have gone through a short sale or foreclosure after 2007 are now asking me the question, “When will I qualify for a mortgage?” Housing is once again affordable and people want to take advantage of rock bottom deals. Prices in Phoenix, Arizona are hovering around the bottom. You can see from this chart that there haven’t been any drastic plunges or spikes over the past 9-12 months as shown in previous years. Now is the time to buy a house and become a homeowner once again. Now is the time to relocate, invest in a winter home, buy a retirement home, and invest in rental properties and fix-n-flips.

Another reason people are asking if they qualify to purchase a home again is because the FHA loan limits are said to be dropping significantly October 1, 2011. That means the buying power in the 3.5% down payment price range is much lower. In Maricopa County Arizona, the loan limit is currently $346,250. As of October 1st, it will be $271,050. That’s a decrease of $75,200 in buying power!

Others questioning, “When will I qualify for a mortgage?” are homeowners who elected to do a strategic default because the equity is so upside down. These homeowners are hundreds of thousands upside down in a property and are well aware that the value will never rebound in their lifetime to what they originally paid, so they cut their losses short. They are now looking to invest in properties. Interest rates are low, prices are at bottom and there are several opportunities to fix up a foreclosed house and flip it – or buy and hold it to take advantage of the booming rental market.

Finally, the answer to the question: When will I qualify for a mortgage after a short sale or foreclosure?

The Waiting Period to Qualify for a Home Mortgage after a Short Sale, Foreclosure or Bankruptcy

Call Kelli Grant to set up your custom web portal of MLS listings that match the property criteria, location and price range you’re interested in researching. You’ll receive notification emails up to once a day when there are price changes or new listings to see. 

Kelli Grant specializes in short sales, pre-foreclosure options such as the HAFA program, and strategic default options in the cities of Phoenix, Scottsdale, Cave Creek, Anthem, Glendale, and Peoria. Kelli Grant is the neighborhood specialist for Sonoran Foothills and Tramonto. If you need to speak to a reputable, reliable real estate attorney or CPA about the legal and tax consequences of a short sale or strategic default, contact Kelli Grant.

Kelli Grant, Personal Realtor® “Moving People Through Inspiration and Good Deeds

Call or Text 602-799-5420



When will I qualify for a mortgage after a short sale or foreclosure?

A Short Sale in Scottsdale, Arizona Solves Problems For Buyers And Sellers Alike

A Short Sale in Scottsdale, Arizona Solves Problems For Buyers And Sellers Alike

When it comes to short sales, likely you have heard things both good and bad about the process. In general, it is a good way to help a homeowner get out from under mortgage payments that you can no longer afford, without having a major negative impact on their credit score. If you live in the Scottsdale area or are looking to buy a home in the area, learn more about this process and the benefits offered to both buyer and seller.

In today’s economic climate, many homeowners are finding that they owe more on their home than what it is worth. Due to loss of income, unemployment, bankruptcy, divorce or other extenuating circumstances they can no longer pay their mortgage. If this describes you current financial situation, you are likely facing foreclosure, which is something you would rather avoid if at all possible. As Certified Distress Property Experts in Scottsdale, Arizona, we can help you negotiate the short sale process with your lender, so that you can sell your home for less than you owe to a willing buyer.

Scottsdale, Arizona is a very desirable city where home prices may be considered out of reach, but Short Sales and Bank owned properties have lowered prices and this could be a great time to get into the Scottsdale housing market. The short sale process allows buyers to purchase their dream home for considerably less money, which is ideal for today’s home buyer. We specialize in Scottsdale real estate and know the values of the homes in this area, and can easily find a property that fits within the price range of the buyer’s requirements.

If you are a homeowner trying to get out from under your mortgage, you may wonder why a lender would take an amount less than what you owe on your home. Lenders would generally rather have some money on the property, as they are not in the business of owning or managing property. While foreclosure may drop your credit score by as much as 250 points, the short sale process generally drops it by only 100 points. You can also purchase another home of your own quicker, while foreclosure usually results in a wait of 5 to 7 years or longer.

Buyers looking for a home in the Scottsdale area will find that short sales allow them to purchase a beautiful home for a price they can afford. For example, a home may be worth $500,000.00 or more, but the lender may be willing to settle for $375,000. 00. This saves you a substantial amount of money, and you get a lot more home for your money.
Either way, the process is an involved one that most people do not want to enter without the advantage of a Scottsdale real estate professional on their team. As Certified Distressed Property Experts, we can negotiate and handle the bulk of the work, making the process both easier and less time consuming. If you are looking to buy or sell in Scottsdale, Arizona contact a reputable Certified Distressed Property Expert like us to make the entire process quick and seamless.

Stephen Proski

RE/MAX Achievers

Scottsdale, Arizona


A Short Sale in Scottsdale, Arizona Solves Problems For Buyers And Sellers Alike