08Dec 2020 by Olson | Tolan Team Blog
Mortgage Denial Data Reveals How to Boost Your Approval Odds

Mortgage Denial Data Reveals How to Boost Your Approval Odds

Helpful Advice, HOME BUYER HANDBOOK
Getting approved for a mortgage is never easy. Even with great credit and a big down payment, the process can be cumbersome. In 2020, the process has become even more difficult. Lenders have tightened standards in response to the economic uncertainty during the coronavirus pandemic. Borrowers, hoping to buy a home while interest rates are super low, are finding it more difficult to get approved. Mortgage applications may be denied for several reasons — a down payment that’s too small or a credit history that’s too short or damaged, for example. And while more borrowers may face denials in 2020, those reasons are the same year after year. Examining 460,000 denied mortgage applications from 2019 paints a picture of the hurdles borrowers face and suggests how they can best prepare…
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01Nov 2020 by Olson | Tolan Team Blog
The New Normal: A Strong Housing Market Expected to Continue into 2021

The New Normal: A Strong Housing Market Expected to Continue into 2021

Helpful Advice, HOME BUYER HANDBOOK
by olson team | Nov 1, 2020 “2020 will be known for a lot of things, and a record-breaking year for real estate will certainly be one of its more unexpected legacies,” prominent economist Daryl Fairweather said.1 And he’s right: most of us would have expected the housing market to suffer from circumstances like a once-in-a-hundred-years pandemic and historic inventory shortages. But, rather than a slowdown, we are continuing to experience a surprisingly robust real estate market across the country. And experts estimate that these conditions are likely to last well into the new year. Fannie Mae Senior VP and Chief Economist Doug Duncan predicts that existing home sales will ultimately “be up a percent or more in 2021.” He believes home prices will continue to rise due to limited inventory, but…
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01Oct 2020 by Olson | Tolan Team Blog
5 Secrets Buyers and Sellers Must Know About Virtual Home Tours

5 Secrets Buyers and Sellers Must Know About Virtual Home Tours

BUYING AND SELLING REAL ESTATE, Helpful Advice, HOME BUYER HANDBOOK
by olson team | Oct 1, 2020 For years now, virtual home tours have helped real estate buyers far and wide find the perfect home. From long-distance military personnel being relocated, to investors expanding their portfolio, to homeowners looking for a vacation getaway, this technology makes finding a house that’s a bit out of driving distance much easier. And for real estate agents, virtual tours have been a useful way to help buyers with their home search and to assist sellers in creatively marketing their listings. Because of the pandemic, virtual home showing options recently experienced a huge spike in popularity. One survey found that nearly 33% of recent home tour requests were for virtual tours, as compared to just 2% pre-pandemic.1 And it’s easy to see why. Buyers want to quickly find…
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04Jun 2020 by Olson | Tolan Team Blog
Is Now a Good Time to Buy or Sell Real Estate?

Is Now a Good Time to Buy or Sell Real Estate?

BUYING AND SELLING REAL ESTATE, Helpful Advice, HOME BUYER HANDBOOK
Traditionally, spring is one of the busiest times of the year for real estate. However, the coronavirus outbreak—and subsequent stay-at-home orders—led many buyers and sellers to put their moving plans on hold. In April, new listings fell nearly 45%, and sales volume fell 15% compared to last year.1 Fortunately, as restrictions have eased, we’ve seen an uptick in market activity. And economists at Realtor.com expect a rebound in July, August, and September, as fears about the pandemic subside, and buyers return to the market with pent-up demand from a lost spring season.2 But given safety concerns and the current economic climate, is it prudent to jump back into the real estate market? Before you decide, it’s important to consider where the housing market is headed, how it could impact your…
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30May 2020 by Olson | Tolan Team Blog
6 Things Your Mortgage Lender Wants you to Know About Getting a Home Loan During Covid-19

6 Things Your Mortgage Lender Wants you to Know About Getting a Home Loan During Covid-19

BUYING AND SELLING REAL ESTATE, Helpful Advice, HOME BUYER HANDBOOK
By Lauren Sieben | May 28, 2020 Getting a mortgage, paying your mortgage, refinancing your mortgage: These are all major undertakings, but during a pandemic, all of it becomes more complicated. Sometimes a lot more complicated. But make no mistake, home buyers are still taking out and paying down mortgages during the current global health crisis. There have, in fact, been some silver linings amid the economic uncertainty—hello, record-low interest rates—but also plenty of changes to keep up with. Mortgage lending looks much different now than at the start of the year. Whether you’re applying for a new mortgage, struggling to pay your current mortgage, or curious about refinancing, here’s what mortgage lenders from around the country want you to know. 1. Rates have dropped, but getting a mortgage has gotten more complicated First, the…
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07Apr 2020 by Olson | Tolan Team Blog
THE DIFFERENCE BETWEEN MORTGAGE DEFERMENT AND FORBEARANCE

THE DIFFERENCE BETWEEN MORTGAGE DEFERMENT AND FORBEARANCE

HOME BUYER HANDBOOK, SOTHEBY'S NEWS
More homeowners are in search of mortgage relief due to the COVID-19 pandemic, and options like mortgage deferment and mortgage forbearance are becoming readily available to those in need. But “we are seeing the terms being used interchangeably,” Sara Singhas, director of loan administration for the Mortgage Bankers Association, told realtor. com®. Mortgage deferment and mortgage forbearance allow borrowers to temporarily stop making their monthly payments, but they differ in what happens afterwards. At the end of a forbearance period, the amount of payments missed are due in a lump sum, Singhas explains. However, lenders may choose to work with borrowers to structure a payment plan. On the other hand, deferment is allowing borrowers to repay the money over time or add it to the end of their loan period. “Technically,…
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31Dec 2019 by Olson | Tolan Team Blog
THE 411 ON THE 1031: EVERYTHING TO KNOW ABOUT THE 1031 EXCHANGE

THE 411 ON THE 1031: EVERYTHING TO KNOW ABOUT THE 1031 EXCHANGE

BUYING AND SELLING REAL ESTATE, HOME BUYER HANDBOOK, SOTHEBY'S NEWS
by steamboatsir / Dec 31,2019 We get it: tax documents are probably the last thing you want to think about as you head into the new year but trust us: you don’t want to learn about this one the hard way. Even if you’re just thinking about buying or selling an investment property this year, knowing about the 1031 Exchange can save—or cost—thousands of dollars. We caught up with Kacey Neer, Lead 1031 Exchange Coordinator from Land Title Exchange Cooperation, to learn more about this important (and often misunderstood) federal program. What is a 1031 Exchange? It’s a program designed by the IRS to help real estate investors defer capital gain taxes. If a real estate investor is selling an investment or business property and wants to use the proceeds…
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03Sep 2019 by Olson | Tolan Team Blog
ON BORROWED TIME: LENDING 101

ON BORROWED TIME: LENDING 101

BUYING AND SELLING REAL ESTATE, HOME BUYER HANDBOOK, SOTHEBY'S NEWS
by steamboatsir Sep, 3 2019 Like real estate, the mortgage market is in constant change and constant flux, influenced by myriad of factors. The good news in the current financial world is that long-term interest rates are still at all-time lows. If you’re thinking about purchasing a home, now is an ideal time, at least from a borrowing standpoint. “Interest rates are definitely very low which is great, so the volume of refinances and purchases has really picked up,” says Kathryn Pedersen, the Area Sales Manager for Fidelity Mortgage in Steamboat Springs. “When rates are low, it makes everything more affordable. Monthly payments are lower, so it’s easier to buy.” “And for homeowners looking to lower their monthly payments or take cash out for home improvement, it’s also a great…
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29Dec 2017 by Olson | Tolan Team Blog
STOP SCAMMERS FROM STEALING YOUR DOWN PAYMENT

STOP SCAMMERS FROM STEALING YOUR DOWN PAYMENT

HOME BUYER HANDBOOK
A hot new scam targets home buyers: down payment wire fraud. Hackers send bogus emails, telling buyers where to wire the down payment money. The stolen money disappears. The home buyer ends up with an empty bank account and a broken heart. Hundreds of millions of dollars have been stolen this way. But you can avoid that fate by making one phone call. It’s that simple. How the mortgage scam happens Stacy Hennessey, a real estate agent in Falls Church, Virginia, was targeted with this scam, but she didn’t fall for it. If you follow her example, you won’t get defrauded, either. Hennessey was buying a house in Maryland. About a week before the scheduled closing, she received an email that appeared to be from her real estate agent. The email told…
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15Dec 2017 by Olson | Tolan Team Blog
I’M EMBARRASSED BY MY CREDIT, I’M NOT SURE I CAN BUY A HOME.

I’M EMBARRASSED BY MY CREDIT, I’M NOT SURE I CAN BUY A HOME.

HOME BUYER HANDBOOK
Finances are personal. They often reflect life choices and decisions we may not be proud of such as divorce, debt, college loans, or even hospitalization. A surprising number of people continue to pay their landlord’s mortgage simply because they never took the first step towards home ownership out of embarrassment over their credit history, many would be surprised to learn that they have been throwing money down the drain needlessly. While your financial particulars are very personal, they are usually not unique to you. Lenders have seen so many variations of your situation that it is highly unlikely that you will shock them. A true professional will treat you with respect and give you an accurate picture of what you can realistically afford. Your business is valuable, regardless of the…
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