Localism: Lawrence, KS

Lawrence Kansas Mortgages Guideline Updates

Thu, 13 Nov 2008 11:30:21 -0600

On Wednesday the 12^th ,2008, the Department of Housing and Urban Development (HUD) issued a press release announcing the finalization of its changes to the Real Estate Settlement Procedures Act (RESPA). HUD has released a Fact Sheet on the final Rule as well as a copy of the new GFE and HUD-1.

For the first time ever, HUD will require mortgage lenders and brokers to provide borrowers with an easy-to read standard Good Faith Estimate (GFE) that will clearly answer the key questions they have when applying for a mortgage including:

What is the term of the loan?

Is the interest rate fixed or can it change?

Is there a pre-payment penalty should the borrower choose to refinance at a later date?

Is there a balloon payment?

What are total closing costs?

I don't know what planet HUD thinks we live on, but all of the above is and always has been disclosed both at time of application and again at closing. Perhaps having all the information on one document will some how make this easier to understand, but what if having all these numbers blasted at one time overwhelms the buyer. I have found taking all this information and spreading it out during the process of the application seems to stick in there mind better

HUD estimates that by improving upfront disclosures on the GFE, and limiting the amount estimated charges can change, consumers will save nearly $700. in total cost. If the lender is in the practice of bait and switch, then I can see the average improvement. However most ethical lenders will have a GFE that is accurate in the first place, and for those who pulled a bate and switch, your days are numbered.

To help borrowers compare their Good Faith Estimate with their HUD-1 Settlement Statement, each designated line on the final HUD-1 will now include a reference to the relevant line from the GFE. Borrowers will now be able to easily compare their estimated and actual cost in the same manner many commenters have suggested.

Loan originators will be required to provide borrowers their Good Faith Estimate three days after the loan originator's receipt of all necessary information. To facilitate shopping, loan originators could not require verification of the GFE information (income and asset doc's) until after the applicant makes the decision to proceed.

HUD will allow lenders and settlement service providers to correct potential violations of RESPA's new disclosure and tolerance requirements. Lenders and settlement service providers will now have 30 days from the date of closing to correct errors or violations and repay consumers any overcharges.

Effective date to start this new plan is January 1, 2010.

Lawrence, Kansas, Real Estate, MLS Stats, Homes for Sale that SOLD October 2008 in the Area

Sat, 08 Nov 2008 11:40:54 -0600

Oct brought the sale of 58 homes; Sept 63,Aug 99, July 165, Jun 139, May 133, Apr 87, Mar 81

· Baldwin (1) avg. price $96,400

· Eudora (5) avg. price $179,430

· NW Lawrence (21) avg. price $192,300

· NE Lawrence (12) avg. price $144,508

· SW Lawrence (8) avg. price $213,350

· SE Lawrence (8) avg. price $163,875

· Rural Lawrence (3) avg. price $214,333

· $464,900 was the highest price and $47,000 was the lowest price

· Oct had Average 99 DOM (days on market) Sept 97, Aug 76, Jul 73, Jun 99, May 93, Apr 93, Mar 130, Feb 117, Jan 143, Dec 119, Nov 150, Oct 117 with Oct homes receiving 97.6% of avg. ask price vs Sept 97.4%, Aug 97.1%, Jul 97.9%, Jun 98.7%, May 98.2%, Apr 97.8%, Mar 98.12%, Feb 98%, Jan 96.94% showing seller's position is still very strong.

· 610 homes on MLS vs 1600 in June ‘07.

· Net of 30 homes lost off MLS in past month (fewer choices)

· $179,772 was Oct's average price for the county, Sept $207,910, Aug $191,891, Jul $192,031, Jun $195,043, May $204,047, April $186,809, Mar $185,139, Feb $210,814, Jan $209,730, Dec $194,078

· 7 had 5 or more bedrooms

· 15 had 4 bedrooms

· 32 had 3 bedrooms

· 7 had 2 bedrooms

· 2 had 1 bedroom

· 3 had 5 or more bathrooms

· 10 had 4 bathrooms

· 18 had 3 bathrooms

· 18 had 2 bathrooms

· 14 had 1 bathroom

For a FREE CMA, (no obligation comparison of your home's value) email: HomeValue@LetRobDoIt.com or 785-393-2274.

Thanks and "Don't keep me a secret--I'm never too busy for your referrals!"
Rob (FREE Home Warranty with every home you buy or sell through me!!)
Rob Lang, CRS, ABR, ePro, GRI, CFPS Realtor®
Sellers www.MLSPlease.com (Marketing homes to 4 MLS's, to over 100 websites, "Showcase" Realtor.com listing, and virtual tours)
Property Searches www.LetRobDoIt.com
Places for Rent or Lease www.KSLease.com
Blog www.ActiveRain.com/blogs/langrob
Realty Executives, Hedges Real Estate (three convenient locations)
(Serving Lawrence, Eudora, Baldwin, Topeka, Olathe, Tonganoxie, Leavenworth, Kansas City, McLouth, Wellsville, Ottawa, Berryton, Tecumseh, more)
300 Rockfence Place, Lawrence, KS 66049
1037 Vermont, Lawrence, KS 66044
3300 Clinton Parkway Ct., Lawrence, KS 66047
785-393-2274 (cell) 206-339-3199 (fax)
Rob@YouWantHouses.com

If you are looking for the following, you have come to the right place. Call for your no obligation free home value report. Lawrence,Eudora,Baldwin,rural homes,Lawrence Kansas,real estate,homes for sale,market,reports,mls,sold prices,homes that sold.

Homes for Sale Lawrence Kansas (KS) 3228 Creekwood Dr.

Thu, 06 Nov 2008 22:56:45 -0600

Please visit www.MoveToLawrence.com for this and more quality Lawrence Kansas homes for sale.

To get your home SOLD quickly, please visit www.MLSPlease.com for my "30 Days to SOLD" marketing plan.

Green house

Ceiling's tall

Cool attic space

Night time in the fall

I really wanna pace

Dining room's got lots of style

Master bedroom's large

Walk-in closet is worthwhile

Bigger than a barge

The fireplace is especially hot

This house is really great

At this price, it will soon be bought

On a quickly approaching date

Homes for Sale Lawrence Kansas (KS) 3228 Creekwood Dr.

3228 Creekwood Dr., Lawrence, KS

Great for first time buyer, near school, hospital, interstate, park, and new city development. Dining room, first floor laundry, vaulted ceiling, ceiling fan and the master bedroom has a walk-in closet. New garbage disposal in 2007, new wood flooring downstairs in 2006; outside repainted, new gutters, new entry doors, ceilings repainted, 2 new ceiling fans and new dishwasher in 2004; completely fenced the backyard, new kitchen countertops and new refrigerator in 2003; new oven and microwave in 2002. All the windows have been replaced, shelving has been added in the garage, and both bathrooms have been completely redone since 1998. The roof and water heater were new in 1998.

Details

Asking Price:

130,000

MLS:

117838

Bedrooms:

Bathrooms:

# of Floors:

Garage Size:

Year Built:

1978

Property Amenities

Contact Info

Rob Lang
CRS, GRI, ePro, ABR Realtor

Main 785-393-2274
Cell 785-393-2274
Dir 785-393-2274
Email | Website

Lawrence Kansas Mortgages rates update

Wed, 05 Nov 2008 11:57:08 -0600

Rates are on the move, in a good way, DOWN. Stocks are down, and investors are moving money back into bonds. Lets hope this gains traction and rates get so low buyes can't help them selfs, but to get back in the market.

Name:	Bob Buchanan
Company:	First Assured Mortgage

Email:	Contact First Assured Mortgage
Website URL:	http://WWW.Firstassuredmortgage

Office Phone:	(785) 856-5626 Ext.: 111
Cell Phone:	(785) 979-1073
Alt. Phone:	(866) 754-5311
Fax Number:	(785) 856-7283
Address:	4830 Bob Billings Parkway Suite 100A , Lawrence, KS, 66049
Description:	Full service lender Residential and Commercial

About Us:

With 7 years of experience working with Realtors, Investors, and most importantly BUYERS. The client always comes first. As a Broker, I can provide the best rates, and fair closing cost. My GFE's usually are spot on, and never are to be exceeded without written notice to the buyer usually weeks in advance of closing.

My follow up with my clients and co marketing plans are welcomed by all my referral partners.

My rates can change by the hour because I have direct real time bond market information all day long.

Because I offer a free float down services when the markets change, my clients can expect the lowest rates, even after a lock is established.

My staff is fully licenced and highly trained to support my demanding requirments to provide excellent customer experiences.

Areas of Expertise

First time home buyer classes held monthly my office. FHA, VA, USDA, Fannie Mae, Freddie Mac conforming, and Commercial lending with 30 yr fixed terms.

Member of KAMB. Completed education in Fair Credit and Credit Scoring. Fraud detection, Guaranteed Rural Housing Programs.

Served two years on the Lawrence Board of Realtors committee's: Education (2 yrs) and Community Relations (2 yrs)

Testimonials

" Just wanted to take a minute during this crazy busy time of the year to wish you two a Merry Christmas and Happy holidays. Thank you both so much for taking time out to teach me and explain so much stuff, being forthcomming, and honest, ans so very kind. You guys have made a difference in my life, THANK YOU! Reagan W. A Lawrence Homes for Sale buyer.

"We wanted to think you for doing such a wonderful job w/ our whole closing process. Thanks for answering ALL of our question. You made everything go very snooth" N&B a Lawrence Homes for Sale Buyer.

"Thanks again for saving us SOOOO much money" LD A Lawrence Homes for Sale Buyer

" Thanks for your due diligance and hosesty and integrity, it nees to be recoginized, We love our new home. KE A Lawrence Homes for Sale Buyer.

Lawrence Kansas Mortgages rates

Tue, 04 Nov 2008 10:19:03 -0600

Rates:

With little or no news to effect rates today, watch the stock market. If we get a big change in the stock market today, we can see a change in rates, moving the other direction. As of this posting, the stock market is up 290 points at 10:15 local time. If this trend continues, expect a small rate increase.

Name:	Bob Buchanan
Company:	First Assured Mortgage

Email:	Contact First Assured Mortgage
Website URL:	http://WWW.Firstassuredmortgage

Office Phone:	(785) 856-5626 Ext.: 111
Cell Phone:	(785) 979-1073
Alt. Phone:	(866) 754-5311
Fax Number:	(785) 856-7283
Address:	4830 Bob Billings Parkway Suite 100A , Lawrence, KS, 66049
Description:	Full service lender Residential and Commercial