Archives for 2008

Attached is the latest Foreclosures / Distressed Properties list for St Tammany Parish. The Sheriff's sale for these properties is scheduled Wednesday, August 27th, 2008 at 10:00 am on the first floor of the Justice Center. This list is an Adobe PDF (Portable Document Format), and will require each user to view the document using the Free Adobe Reader. This program is available at http://www.adobe.com/products/acrobat/readstep2.html

If you have any questions regarding understanding this list or the availability of any of these properties, please do not hesitate to call or email and I will work with you to resolve any questions.

This list is provided as a free service.

Please consider Scoggin Properties / GMAC when selling or purchasing a property in our local market.

Thank You

Marc Pellettiere

marcp@scogginproperties.com

St Tammany Parish Foreclosure Sale, Scheduled 8/20/2008

August 14, 2008 by admin Leave a Comment

Download st_tammany_parish_foreclosure_sale_august_20_2008.pdf

Attached is the latest Foreclosures / Distressed Properties list for St Tammany Parish. The Sheriff's sale for these properties is scheduled Wednesday, August 20th, 2008 at 10:00 am on the first floor of the Justice Center. This list is an Adobe PDF (Portable Document Format), and will require each user to view the document using the Free Adobe Reader. This program is available at http://www.adobe.com/products/acrobat/readstep2.html

If you have any questions regarding understanding this list or the availability of any of these properties, please do not hesitate to call or email and I will work with you to resolve any questions.

This list is provided as a free service.

Please consider Scoggin Properties / GMAC when selling or purchasing a property in our local market.

Thank You

Marc Pelettiere

marcp@scogginproperties.com

15-Year Fixed Rate Loans

August 11, 2008 by admin Leave a Comment

A 15-Year Fixed Rate loan works well for borrowers who are nearing retirement and want to be debt-free when they get there. Because payments in a 15-year scenario are amortized over half the length of a 30-Year Fixed Rate loan, the monthly payments will be significantly higher in comparison. This is an important factor to consider before committing to a 15-year loan. However, the interest rate on a 15-Year Fixed Rate loan will be lower for the same reason – financing for 15 years costs much less than financing for 30 years.

If a borrower is 50 years old and would like to be debt-free when retiring at age 65, then a 15-Year Fixed Rate loan will allow the borrower to meet that goal as far as their mortgage is concerned. However, if there is any question as to whether the borrower will be able to commit to the higher monthly payment, the alternative is to take a 30-Year Fixed Rate mortgage and make pre-payments with some consistency. If the borrower has the discipline to make those extra payments whenever possible, he or she can still attempt to meet the same goal.

I prefer to educate my borrowers so they can compare the benefits of each program and have the opportunity to review loan options with their financial advisors.

The Information in this Post is Provided by:
Integra Lending Group, LLC
Phone: 985 206 0960
Fax: 985 206 0965
Email: ls@integralg.com
For a Free Pre-Approval, Visit: Integra Lending Group
Proudly Serving St Tammany Parish Louisiana

What are Points, and When should you pay them?

August 11, 2008 by admin Leave a Comment

Points are up-front fees paid to obtain a better interest rate on a loan. One point equals one percent of the loan amount. A lower interest rate may result in a lower monthly payment, but it is important to consider how long you intend to be in the loan, and to compare current rates to historical market trends.

If you take out a $300,000 mortgage and decide to pay one point, this translates into an up-front closing cost of $3,000. Paying a point up front saves $100 a month but it will take 30 months to recuperate the cost of that point. If you decide to refinance or sell the home before the 30-month mark, your money is lost. In this case, you would benefit financially by remaining in the home longer than the 30 months.

Rates run in cycles. When rates are at historical lows, it is sensible to pay points if you plan to live in the home for an extended period of time. It is unlikely that rates will go down; hence, there will be no need to refinance.

When rates are up, there is a strong likelihood that they will come down. This is no time to pay points. The chances of refinancing in the future are extremely high, and you will likely not be in the loan long enough to recuperate the cost of the points.

Rate Lock Duration

August 11, 2008 by admin Leave a Comment

Lock durations can vary for mortgage financing, but most lenders lock in the interest rate for 60 days from the date the loan application is submitted. As long as the loan is closed within that lock-in period, the lender honors the agreed upon interest rate.

Some consumers are misled by advertising that quotes unrealistically low rates based on 15- or 30-day lock durations. This is called 'short-pricing.' The lender basically knows the borrower doesn't have time to meet their conditions and have all the necessary paperwork in order within that brief time period. As a result, the lender is not obligated to honor the low rate that was listed in their advertising.

For simple refinance transactions, a 45-day lock-in period is more realistic. For purchase transactions, which are typically much more complex, you're much safer going with a 60-day lock, even though the interest rate might be a little higher than the rate you see quoted on billboards and the Internet.

Borrowers should make sure they have a written rate lock agreement, and allow themselves a reasonable amount of time to close their loan. I prefer to lock in all my clients as soon as their application is filed, rather than gamble with predicting short-term interest rate movement. My team and I focus more on assisting clients with long-term goals and management of their mortgage debt to secure a strong financial future.

Do you have to register for a St Tammany Parish Foreclosure Sale?

August 10, 2008 by admin Leave a Comment

The answer is no. You do not have to register for a St Tammany Parish foreclosure sale. If you bid, be prepared to place 10% of the final sales price as security on the property. This 10% must be available immediately after the sale and must be secure or certified funds, IE cash, certified check, or money order. You will then have 30 days to close on the other 90%. It is IMPERATIVE to close within 30 days or the 10% placed as security on the property will be forfeit. What will happen is the bank will now have holding costs, like insurance, and maintenance, that it has now incurred for another possible 2 – 3 months and they will deduct this money from your 10%. Therefor if you are lucky you may get some money back, but I wouldn't plan on it.

Each property is different. There is no norm. Know what you are going to bid in advance through due diligent research, to include title and appraisal. Do not depend on hearsay. Do your own research.

Please email or post with any questions.

Thank You

Marc Pellettiere

marcp@scogginproperties.com