Perfect Time To Buy a Home

I have talked with several realtors here in the Columbia, Missouri area to keep an eye on the local housing market. After these conversations I am left with the feeling that this market has got to be the best one for buyers in a really long time. Currently we have over 3800 houses listed for sale over many different price ranges. Think of all those choices for the buyer!

Whenever the marketplace has a large supply compared with demand, deals should start happening as the power shifts to the buyer. This hasn't happened to a large extent here in Columbia, but I believe that it is just a matter of time until the buyers realize the power that they have to negotiate. Usually, the market will swing quickly back to an equilibrium allowing both seller and buyer to be on equal footing. So, now is definitely the time to make that move up if you are able.

Great markets don't last forever for either side of the transaction. Happy house hunting!


Your comments are always welcome

Brought to you by Professional Mortgage Group, Inc. in Columbia, Missouri.

Featured Listing - 1800 N. Charleston Circle

It's time again to feature another listing from one of our realtor partners. Our last listing was a success and is now under contract! Check out this new listing from House of Brokers and Sharon Chitwood!

1800 N. Charleston Circle Columbia, MO 65202

Call Sharon Today for your Private Showing!

HOUSE OF BROKERS, INC.

SHARON CHITWOOD

503 PacerAshland, MO 65010

schitwood@houseofbrokers.com

573-808-6523

http://www.houseofbrokers.com/

Fouling a Mortgage Deal

Nothing steams the people involved in a mortgage transaction more than when something avoidable happens to ruin the deal. Notice I said avoidable, as sometimes things do happen in a mortgage transaction that make the whole deal just not work.

I recently had a client that signed a contract to buy a home and 4 weeks from closing decided that the job that they had wasn't worth it. Unfortunately, this person had worked there a long time and was relying on this income to qualify for the loan. Needless to say the realtor on this case was not happy.

What made this case worse was the fact that this client had been warned about quitting a job prior to close. Now the sellers do not have a ligitimate buyer, the realtor does not have a sale, we don't have a loan to do, and the buyer will not get the home.

The lesson you should take from this is that what affects you financially WILL affect your ability to purchase a home. If you are thinking about leaving a job, it would be better for everyone that would be involved if you decide that question before you sign a contract on a home.

Your comments are always welcome!

Brought to you by Professional Mortgage Group, Inc. in Columbia, Missouri.

Mortgage Rates Are Up!!

I wanted just to give everyone a quick bulletin that mortgage rates are going up quickly. They have been slowly drifting up over the last month, but the rate of increase has really sped up this week.

As we look at these mortgage rates in the mid to high 6's, it may be useful to keep in mind that these are still good rates. We have just been through a period of low interest rates (so low that the last time we saw mortgage rates that low was the 1960's), and any increases are bound to feel like a burden. But, these are good rates and a good mortgage professional should be able to explain this to their clients.

This may be the wake up call that reluctant buyers/borrowers need to get them looking...before rates go up even more.

As always, your comments are welcome!

Brought to you by Professional Mortgage Group, Inc. in Columbia, Missouri.

Featured Listing - 5501 Satinwood Ct, Columbia, MO

We at Professional Mortgage Group, Inc. use this Blog for various uses. Most of the time we provide educational material for our readers. We also keep you up to date with any happenings with Professional Mortgage Group. Starting today we will occasionally feature a listing from one of our strategic partners! This weeks listing is:

5501 Satinwood Ct

Columbia, MO 65203

$375,000

Price: $375,000.00

Address: 5501 SATINWOOD CT
COLUMBIA, MO 65203
County: Boone
Area: Southwest
Subdivision: THORNBROOK
Bedrooms: 5
Bathrooms: 3 Full / 0 Partial
Type: Traditional,
Square Feet: 3550
Lot Size: 52.58 x 234.14
Garage Type: Attached
Garage Capacity: 2 cars
Year Built : 2006
Swimming Pool : Yes
Deck : Yes
MLS Number : 303736

Unique home situated on a quiet cul-de-sac in Thornbrook Subdivision. Beautiful kitchen with custom cherry cabinets, gourmet appliances including 67 inch double refrigerator/freezer, butcher block island and pantry. Large covered deck with a view of the HUGE .9 acre lot. Interior features 1100 s.f. of gorgeous pecan hardwood flooring, walk-in closets, finished basement and tons of storage space.

Sellers are able to buy-down your interest rate in so you can get more BANG for your BUCK! Call Tim today to find out how cheap it can be to get into this great home!

Features Summary:
Roof Type: Architectural Shingle,
Exterior: Concrete Board, Stone Veneer,
Fuel Type: City Electric, Natural Gas,
Heating: Forced Air, Natural Gas,
Cooling: Central Electric,
Water: Water-City,

School Summary Information:
School District: Columbia
Elementary School: Mill Creek
Middle School: Gentry
Jr. High School: Jefferson
Senior High School: Rock Bridge

Agency & Agent Information:

Tim Kuchta

3D Realty

1609 Chapel Hill Rd. Suite G

Columbia, MO 65203

Tel. 573-449-3330

Fax 573-446-5409

Website: http://www.3drealtyonline.com/Click Here To E-mail Tim

Rent - The Right Way to Pay

Time and time again I am faced with the challenges of placing an extremely difficult loan. More often than not what makes these loans difficult depends on numerous factors, however a verifiable rent history has become more important as lending guidelines change and evolve with the ever volatile housing market.

Rent is typically paid one of four ways either by personal check, money order, cash and auto debit from sort of banking account. These funds are usually dispersed one of two ways either to a private individual (landlord) or a management company. The bottom line here is that the rent gets paid in a timely fashion to the right individual, however in terms of qualifying for a mortgage loan certain aspects of verifying this are extremely important.

First, the best way to pay is by personal check to a management company. Why? Well, if the rent were paid by check it is very easy to verify timely payment be requesting cancelled copies of the written check from your banking institution. If an individual pays by cash there is absolutely no paper trail to accurately verify your rental history and if you pay to a private individual things even get more complicated. Why? Because more and more lenders are rejecting private party VOR's (Verification of Rent) because they are too easily fabricated or falsified.

Simply put paying by personal check is always the best way this way you have an accurate record of payment (canceled check) and we can also validate the payment by requesting copies of the endorsed check.

Your comments are welcomed!

Brought to you by Professional Mortgage Group, Inc.
Your Columbia, Missouri Mortgage Broker

Ashley Furniture Shopping Spree!!!

Starting Monday 06/04/2007 you will receive a $1000.00 gift certificate to Ashley Furniture after closing your loan with Professional Mortgage Group. Details below.

1. The gift certificate is for $1,000.00.

2. The gift certificate is exclusively for Ashley Furniture Store located at 5710 Bull Run Drive, Columbia Missouri 65201.

3. Refinances and Purchases are eligible for this offer.

4. This offer is only valid with the closing and funding of your loan.

5. Should you choose to withdraw your application after the completion of appraisal, you will be responsible for reimbursing PMG for the expense incurred on your behalf.

6. Any and all furniture questions should be directed towards your Ashley Furniture sales person.

7. Any and all mortgage questions should be directed towards your mortgage professional with PMG.

8. No exceptions will be made concerning the pre-ordering of furniture prior to the closing and funding of your loan.

9. PMG can withdraw this offer at anytime without prior notice either written or verbal. However, any loans in progress with "signed disclosures" will be honored per this agreement.

10. "Market rates" will apply to your financing application with PMG.

11. Normal PMG fees will apply to your loan as disclosed on your Good Faith Estimate (GFE)

12. This program applies to any and all loan programs available to Professional Mortgage Group within the scope and guidelines set forth both by the The Missouri Division of Finance and the Housing and Urban Development Law.

13. This program is for 1st mortgages only, no exceptions!

Brought to by Professional Mortgage Group, Inc.

Columbia, Missouri