Although mortgage rates are still above the record lows, 30-year fixed mortgage rates are decreasing. These rates do vary state by state. Fifteen-year fixed mortgage rates fell as well this week, as did 5-1 adjustable rate mortgages. Georgia’s thirty-year mortgage rates were the lowest, at 5.32%. At this time last year the average rate for a thirty-year fixed was 6.37%. The average rate this week was 5.2% - not quite as low as the record low of 4.78% from early spring. Rates rose this past June due to the yields on long-term government debt climbing; investors became concerned that large amounts of extra government debt would trigger inflation. Experts speculate that mortgage rates fell this past week from market concern due to the weakening labor market. Keep in mind that the above rates do not include the add on fees called “points”. The average nationwide fee for a 30-year fixed rate mortgage and 15-year fixed rate mortgage averaged 0.7 of a point, while 5-1 adjustable rate mortgages averaged 0.6 of a point.

For more information on mortgage rates go to Zillow.

If you are finding yourself in a position where you are having trouble making your mortgage payments, you may be able to ask your borrower for a modification. A refinance is more advantageous but if you are ineligible due to inadequate income, a low FICO score, have little or no equity in your home or are behind in existing payments, a mortgage modification may help you. Here are some things to know as you begin the process:

1. Answer all of the questions on the servicer’s questionnaire. If they do not get answers to all of their questions, they may decide not to help you based on the inadequate information they have received from you. 
2. Answer all of these question as accurately as possible. Many of these questionnaires are not borrower-friendly, so if you need help answering a question ask for it. The servicer could reject you based on not receiving enough information.
3. Many servicers prefer you to fax all of your information to them, although some still accept it by mail.
4. When you do fax information, make sure it gets to the right person by labeling each page that you fax with your name and mortgage number in bold at the top of each page.
5. To avoid being overlooked for a “special program” such as “Fast Track Solution” and (MHA) program, be sure to include the reason why you believe you may be eligible in your hardship letter.
6. Due to the large number of folks in need of mortgage help, the number of people hired to do these transactions has greatly increased over a very short period of time. Hence, these servicer employees are very likely newly trained and are doing much of the work manually. It can’t hurt to stay on top of them by calling them to follow-up on your loan.

For more information go to MHA program  or for information on the ”Fast Track Solution” go to Wells Fargo.

In today’s market, sellers who have kept up with all of their home’s maintenance needs are finding themselves in a much more enviable position than a homeowner who has neglected theirs. The reason for this is the market change from a “seller’s market” of just a couple years ago to the current ”buyer’s market”. Buyers are no longer saying yes to the “as is” agreement when purchasing a home. It used to be that before listing their home, sellers would put most of their time and energy into things like pretty new paint, updated light fixtures, fresh new flooring and hip hardware. Unfortunately, for a seller in today’s market you still must manage these minor updates, as well as keep home maintenance up-to-date to sell quickly. For example, it is helpful for a seller to have their roof maintenance performed or any termite damage corrected before putting the home on the market. Buyers are looking more closely at the costs of these things before buying. If there is another home down the street with good home maintenance and not such great curb appeal, in today’s climate a buyer may choose the former - as it will be less cash out of pocket and less headaches for them down the line.

For more information about home maintenance tips see Home Tips.

If you are in the enviable position right now of looking to buy a home, enjoy the current market: the buyer’s market! Many folks that have to sell their homes right now are happy to start a dialogue with a potential buyer, so arm yourself with any and all information to get the best deal possible!

• Right now you have more time to look, so you will be better armed with the knowledge of which houses have been sitting on the market for a while. These homeowners might be more likely to negotiate.
• Consider looking at new construction. Builders sometimes offer incentives and sometimes have very attractive financing programs.
• In certain areas that have been hit a bit harder by the market downturn, you certainly do have the upper hand whilst negotiating - and can always ask for an upgrade or a major repair before finalizing the deal.
• Some buyers are asking for a written warranty on appliances and certain structural repairs. Down the road this could be a big money-saver for you.
• Motivated sellers are more likely to work with your timeline. Don’t be afraid to ask if the closing can be pushed out.
• Even some lenders are willing to negotiate. You might ask for free private mortgage insurance, a better interest rate or even lower closing costs.

For more information on the current real estate market go to Housing Predictor.

There really is some very good tried and true advice for a seller when they are staging their home for prospective buyers. The following are things that sellers have done mistakenly assuming that it will help them to sell their home, but all it did was cause them to miss their chance to make a great first impression. Never do the following to your home for a showing:

• Leave your pet in the house, assuming that prospective buyers are probably pet owners as well, and will enjoy meeting your beloved furry friend.
• Let shrubs get so big that it blocks out light and has the look of an abandoned house.
• Assume that a buyer will not mind having a list of unfinished jobs to do around the house, if they purchase the home, that is.
• Throw all of your personal items that are laying about into your closets to make the house look clutter-free. One of the first things a prospective buyer does when they step foot into an entryway is to open that closet door, to see how much space it has…
• Assume that a prospective buyer is interested in all of the details of your extremely long kitchen renovation - with a photo album detailing each step.
• Forget to put away your personal papers, such as bills or bank statements.
• Use sickeningly sweet scented candles. Most buyers consider it an alarm bell for deeper odor issues.

For more information on Home Staging Tips view this website.

If you are planning to become a first-time home buyer, the following information about what occurs during a closing will keep you in-the-know.

• When you are ready to make an offer on a home, it is good to make an offer that is less than the asking price., in order to give you to negotiate with the seller.
• When you make a formal offer, you normally deposit $1,000 or  1% of the sale price as “earnest money”. This lets the seller know that you are serious about your offer. 
• You will have contingencies, such as getting proof of proper financing and a good house inspection where the results are to your satisfaction.
•  You will hire a home inspector that will give the home a complete inspection, to catch any possible problems the home may have.
• When your offer is accepted by the seller, a legal and binding contract is drawn which states sell price, details of buyer’s or seller’s obligations, and date of possession.
• The required “settlement sheet” provides a list of all monies paid at closing, including commissions and escrow amounts.
• There will be a mandatory title search, and title insurance and an application for homeowners insurance is required.
• Various closing costs will be paid such as the appraisal fee, the credit report fee, your taxes and the document preparation fee, to name a few.
• Utility service and mortgage payment transfers will need to be arranged.

For more information on the closing process visit Survival Guide To A Real Estate Closing

Sometimes sellers lose sight of what is most important to a buyer. Making that good first impression is so important since you usually only get one chance during that first showing. Remember to focus on the following and you should have an offer in no time:

• Spruce up that entryway, or change it to appear more welcoming as a buyer enters through the front door, with an attractive bench or chair and a vase of fresh flowers.
• Houses can lose their appeal to a buyer if there are dirty dishes piled in the sink, piles of laundry or dust. It is hard work to keep your house sparkling at all times for a surprise showing, but very necessary.
• Kitchens sell a house. If yours looks old, a buyer might ask for up to $10,000 off of the asking price. Specifics to focus on are change the countertops, install new hardware and change to a neutral paint color. Even replacing just one appliance with a stainless steel version makes a difference!
• Never forget to remove any personal items such as family photos and collections. It makes it harder for a buyer to envision themselves in the space if all they see are dozens and dozens of hummels.
•  Light is good! Even if you prefer a darkened space, remember that a prospective buyer looks for as much light as possible. Remove drapes if you have to to let in light, or trim back large bushes or trees that are preventing light from entering a space.
• Empty those closets so that at least half of it is visible. Many sellers find that they have to put things into temporary storage elsewhere, but this effort pays off as a buyer needs to believe that they have a myriad of places to put all of their “stuff”.
• In this economy try your best to be brave and list your home at 15% to 20% off of its value. This strategy has a track record of creating many buyers with bids, that often end up over the ask price.

For more information about how to properly price your home for sale go to “How Sellers Can Maximize Profit”.