Nashville Condos & Lofts » Nashville News

2010 Mortgage Rate Predictions

Grant Hammond — Tue, 05 Jan 2010 15:41:25 +0000

Nashville mortgage rates ended 2009 above 5 percent, with Freddie Mac reporting 30-year fixed rates at an average 5.14 percent, still very affordable by historical standards. Although higher long-term borrowing costs late in the year could signal further increases for 2010, new data from Wells Fargo, JPMorgan Chase, and the Mortgage Bankers Association indicates more borrowers are refinancing into 15-year loans in hopes of paying off home debt faster. According to the Mortgage Bankers Association, 15-year fixed loans accounted for nearly 20 percent of refinance applications in October 2009 – up from 9.1 percent in October 2008 and 7.5 percent in October 2007. The jumbo mortgage market in Nashville will probably see some programs re-introduced, but underwritten more conservatively with larger down payment requirements. No income verification programs may return at premium rates, but from sources other than conventional...

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Nashville Ranks High in 2009 Economic Studies

Grant Hammond — Mon, 28 Dec 2009 21:38:45 +0000

There is little debate that Nashville and Tennessee consistently rank atop many economic ranking lists and studies. The last 2 months of 2009 provide no exception with Nashville again being named to several prestigious “best in the United States” lists:

December 2009 – MarketWatch Nashville Ranked as One of the Best Cities for Business Nashville ranked 15th as one of the best U.S. metro for business in the MarketWatch’s 3rd annual survey. Notable cities ranked ahead of Nashville: Des Moines (1), Boston (5), Denver (7), Dallas (9), Houston (11) Notable cities ranked behind Nashville: Austin (17), Pittsburgh (23), Memphis (30), Atlanta (35), Chattanooga (38) December 2009 – Forbes Magazine Nashville One of America’s Fastest Recovering Cities Nashville ranked 19th as one of America’s Fastest Recovering Cities based on diversified industries and relatively stable housing that give residents a measure of economic security. Notable cities ranked ahead of Nashville: Raleigh (1)...

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BofA has a super-cool new First Time Buyer Loan Guide

Stephanie Crawford — Wed, 23 Dec 2009 01:34:37 +0000

Bank of America has recently instituted on their website one of the best first-time buyer tools I’ve ever seen. Their new interactive Home Loan Guide takes perspective buyers on a tour through the entire loan process from start to finish in an entertaining and informative way. It also allows the online user to fidget with qualifying numbers in order to find their personal, approvable, sweet-spot.

What makes this tool truly wonderful is that it doesn’t require you to register or sign-up for anything. You don’t have to be a Bank of America customer; and best of all, you won’t receive any annoying sales calls if you view the presentation. Isn’t the internet a beautiful place?

I plan to implement this tool into my new buyer checklist as required viewing immediately.

First-Time Buyer Tax Credit Can Now Be Used As Down Payment Shaun Donovan, secretary of the U.S. Department of Housing…
FHA Outlook 2010. Looser Condo Guidelines, But Higher Costs And Higher Down-Payments May Be Coming. HUD’s Federal Housing Administration (FHA) has temporarily lowered their “pre-sold”…
Buyers can purchase AND renovate in ONE loan FHA Program Offers Purchase, Renovation Aid “The Federal Housing…

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Home Renovating Doesn’t Pay Off Like It Used To

Stephanie Crawford — Sun, 20 Dec 2009 06:37:13 +0000

Thinking of renovating your home? Upgrades are bringing less and less according to the following article by CNNmoney: By Les Christie, staff writerDecember 19, 2009: 8:57 AM ET NEW YORK (CNNMoney.com) — Home remodelers are getting less bang for their bucks. For the fourth straight year, renovation jobs have added less to resale values relative to their costs, according to an annual Remodeling Cost vs. Value Report released this week by the National Association of Realtors. The average remodeling job cost $50,908 in 2009 and added $32,497 to the value of the home, a ratio of 63.8%. That was down from a cost-to-value ratio of 67.3% in 2008, when the average was $49,866 and the added value was $33,568. One common renovation, a mid-priced bath remodel, for example, runs an average of $16,142 and adds only $11,454 to the resale value of a house — recouping just 71% of its cost. In 2008, the same job cost less — $15,899 — and typically added $11,857 to the home’s value, recouping 74.6%. Related posts:

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