Apr 5, 2013
Mortgage and Refi Process List
We recently were at a meeting with a mortgage representative and she gave us a list of what will typically be required for a loan submission. This pretty much covers new purchases and a refinance.
I added a few that are specific to those of us who are considered “self employed”.
Social Security Number
Copy of Drivers License
Current Paystub (Gov’t Loans require 1 months of paystubs)
Last 2 Years of W2’s
Last 2 Years of Complete Federal tax Returns
Pension or SS Income: 2 Months of Bank Statements auto deposits OR award letter and 1099’s for 2 years.
1 Months current Checking/Savings Statements
1 Months current Investment/Retirement Statement – include all pages for all Statements.
Current Tax Bill
Current Insurance Bill
Current Mortgage Statements
Employment Verification
If Self-Employed – Current business licenses and often a letter from your CPA saying how long you have been “self-employed”.
Upon Loan Submission the loan officer will need a credit card # to cover the appraisal.
Prior to Closing:
Insurance Binder or Declaration page of Insurance for Refi.
They will often verify employment just prior to closing.
For a PreApproval
They will need:
Full Name
Birthdate
Social Security Number
Current Home Address and how long you have lived there (they need a 2 year history).
If paying rent-how much monthly.
If you own another property they need all the info
2 year employment history- full name of the company, address, phone#, how long you have been there, your title and how long in a particular field.
Yearly gross salary or hourly wage
If retired or military they will need the gross amount of monthly or yearly income
Assets – name of checking/savings and the approximate balances
Feb 16, 2013
USDA Loans
USDA loans on Cape Cod are no longer going to be available to the towns of Barnstable, Bourne, Dennis, Falmouth, Harwich, Mashpee, Sandwich and Yarmouth. This change, according to the mortgage rep that gave us the information, is going to take place on February 28, so there is still time, but not much.
There are a lot of sites that state they are the “official” site, but this is the “real one”: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
USDA loans are great for those that qualify. The one issue I have seen come up is that the appraisal is a much more in depth process and becomes something of an inspection. Here is a document outlining some of the guidelines: http://www.rurdev.usda.gov/Publications/WI-RHS-Originator-Manual-Section-3-Property-Eligibility.pdf
Any repairs found, under the USDA guidelines, by the home inspector, pest inspector or appraiser will, typically have to be completed prior to closing. Because of this process, USDA loans are not ideal for homes that need quite a bit of work.
If you have questions concerning USDA loans give us a call. We can put you in touch with a mortgage representative who is knowledgeable about them.
Jan 29, 2013
Harwich Market Statistics
My associate Trevor loves to crunch numbers and is really good at it. One reason we picked our website provider is that within the system there are numerous options for exploring market statistics.
We find that “knowing the numbers” helps us to accurately advise our clients and that is one of the most important parts of representing our clients.
Take a look at what the “single family” Harwich Market (all villages) has done over the last month:
There are 134 Single Family properties for sale in Harwich
â¢Prices range from $170,000 to $12,950,000
⢠Average price is $768,528
⢠Median price is $489,000
Breakdown of those 134 Single Family properties for sale in Harwich – By Bedrooms
20 are Two Bedroom properties
Prices from $189,900 to $589,000
Average price is $340,940
Median price is $332,000
53 are Three Bedroom properties
Prices from $239,000 to $2,750,000
Average price is $614,791
Median price is $457,000
41 are Four Bedroom properties
Prices from $170,000 to $2,500,000
Average price is $689,734
Median price is $524,500
12 are Five Bedroom properties
Prices from $225,000 to $4,500,000
Average price is $1,347,158
Median price is $864,000
5 are Six Bedroom properties
Prices from $499,000 to $12,950,000
Average price is $3,504,600
Median price is $1,647,500
3 are Nine Bedroom properties
Prices from $379,000 to $679,000
Average price is $537,333
Median price is $616,500
Breakdown of those 134 Single Family properties for sale in Harwich – By Price Range
â¢There are 4 Single Family properties below $250,000
⢠There are 53 Single Family properties between $250,000 and $500,000
⢠There are 30 Single Family properties between $500,000 and $750,000
⢠There are 13 Single Family properties between $750,000 and $1,000,000
⢠There are 18 Single Family properties above $1,000,000
Breakdown of those 8 Single Family properties sold in Harwich – By Bedrooms
2 were Two Bedroom properties
Sold from $199,100 to $235,000
Average selling price was $217,050
Median selling price was $332,000
4 were Three Bedroom properties
Sold from $245,000 to $425,000
Average selling price was $312,000
Median selling price was $457,000
1 was a Four Bedroom property
Sold at $375,000
1 was a Five Bedroom property
Sold at $1,550,000
Hope you found useful information within this breakdown. If you have any questions feel free to give us a call at our Team ph# – 508-258-9010. We are always happy to discuss general market conditions or specific properties.
Sincerely,
William Raye – 508-432-7856
Trevor Libby – 774-212-5306
Bayside Realty Consultants
All statistics automatically generated using CCIAOR MLS data and although we endeavor to keep the information as reliable as possible please understand that mistakes do happen!
Oct 29, 2012
Sandy is taking a toll on Cape Cod. Just drove down to Chatham. Lots of the outer beach is being washed over. Lighthouse parking lot was packed. Saw a boat off Claflin Landing getting pummelled. A few trees down between Chatham and Harwich. Only going to get worse.
boat off Claflin Landing
Aug 29, 2011
Cape Cod certainly got away with one this time. Winds were clicked at around 65 mph in some locations, but the rain was minimal. Power outages were widespread, but having avoided a direct hit spared us a lot more damage than other areas. Here in Harwich I lost power from 11am Sunday until 10am or so on Monday.Â
I checked on all of our listings and everything seemed fine as well!
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