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Housing Affordability Reaches Record High According to the National Association of Realtors via the Daily Real Estate News/Tuesday, May 15, 2012, home affordability is at an all time high: "Housing affordability conditions for all buyers reached a milestone in the first quarter, according to the National Association of REALTORS®. NAR’s composite quarterly Housing Affordability Index rose to a record high of 205.9 in first quarter, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power. This is the first time the quarterly index broke the 200 mark;...Continue Reading!
Buyer beware. There's a tempting mortgage rate being dangled in front of your eyes, and it just might come from an e-lender (gasp!) or an out-of-town lender. Here's why we will always advise you to opt for the local guy/gal: Appraisals. Local lenders know who to call upon for accurate appraisals. Banking laws have changed a bit, so an individual appraiser can't be assigned to your "case". However, local banks can arrange for a pool of hand-picked, talented, accurate and regional appraisers to handle all of their business. Although one of the "pool" will be randomly assigned to your loan, no...Continue Reading!