Michael Dunn - Blog - Michael Dunn

Recent Blog Posts by Michael Dunn
New VA Funding Fees!! Just Released! Posted by Michael Dunn @ 12:00 AM on 09/28/2011		More
What is PMI?? PMI is private mortgage insurance and all loans that don’t have at least 20% down are required to carry PMI. PMI is insurance that a lender puts in place to reduce the risk of the loan going into foreclosure. There is a monthly premium that is paid just like your homeowners insurance. The good news is that PMI allows many borrowers to qualify for a loan when they don’t ... Posted by Michael Dunn @ 12:00 AM on 08/13/2011		More
Buy the rate down for 2 years Make your home ownership experience more comfortable with a 2-1 Buy Down from Legacy Mortgage. The loan is a FIXED 30 year loan with a reduced interest rate for the first 2 years. This program allows you a lower payment those first years leaving more cash each month for the little extras. How the loan works. The first year rate is 2% points below the market rate, the 2ndyear rate ... Posted by Michael Dunn @ 12:00 AM on 07/05/2011		More
$5,000 towards down payment & closing costs when buying a home in Rio Rancho Many times lately I have been asked if there are still 1st time home buyer programs still available and the answer is YES. Here is another one that is availabe to 1st time home buyers purchasing a home in Rio Rancho, NM. It is called the Community Development Block Grant (CDBG) and allows for up to $5,000 to be used towards a 1st time home buyers down payment and/or closing costs. Obviously, there ... Posted by Michael Dunn @ 12:00 AM on 05/02/2011		More
New Mexico Real Estate Contracts (Owner financing) are legal in New Mexico They myth that NM Real Estate contracts are illegal or the devil is just that, a myth. They are definitely not illegal and are used quite often in New Mexico. A New Mexico Real Estate contract is a legally enforceable agreement where the seller agrees to sell and the buyer agrees to buy real property in New Mexico on a deferred payment arrangement. Once the buyer performs all of the obligations per ... Posted by Michael Dunn @ 12:00 AM on 04/21/2011		More
Avoid Foreclosure Finding a new home. Don't let your clients believe that it will be better to let the foreclosure happen, because after they lose their home, they will still need to find a new place to live. All too often, the price they will need to pay in rent will be almost as high if not higher than their current mortgage payment. Remember: The owner of the property needs to make his mortgage payment, too, so he's ... Posted by Michael Dunn @ 12:28 PM on 11/16/2010		More
3 New Anti-Foreclosure Strategies Here are three programs that are considered promising replacements for the government’s Home Affordable Modification Program (HAMP), which has failed to stop foreclosures.· Fannie Mae and Freddie Mac would be encouraged to refinance loans for some 30 million borrowers with high-interest rate mortgages. The new mortgages would be folded into a new round of mortgage-backed ... Posted by Michael Dunn @ 12:29 PM on 11/04/2010		More
Mortgage Activity Falls Mortgage Activity Falls Applications for mortgages to purchase homes decreased 6.7 percent last week compared to the previous week on an adjusted basis, according to the Mortgage Bankers Association weekly index.The unadjusted Purchase Index decreased 6.6 percent from the previous week and was down 29.4 percent compared to the same week a year ago.This week’s report was not adjusted for the Columbus ... Posted by Michael Dunn @ 2:14 PM on 10/20/2010		More
Coldwell Banker Real Estate Released Home Listing Report MOST EXPENSIVE AND AFFORDABLE U.S. HOUSING MARKETS Newport Beach, Calif., Tops Most Expensive Housing Market List; Detroit is Most Affordable Market PARSIPPANY, N.J. (Sept. 22, 2010) – Coldwell Banker Real Estate LLC today released its Home Listing Report, a snapshot survey of U.S. four-bedroom, two-bathroom home listings, which found a $1.7 million difference between America’s most ... Posted by Michael Dunn @ 8:29 AM on 10/13/2010		More
Fannie & Freddie Offering Hard-to-beat Dealls!!! Beginning this week, Fannie Mae and Freddie Mac are trying to sell off 150,000 foreclosed homes by offering low down payments, no requirement for mortgage insurance, and up to $30,000 added to the mortgage for renovations. In addition, the real estate practitioner selling the property gets a $1,500 bonus.In some neighborhoods, these properties undercut the average listing by $100,000.Fannie and Freddie ... Posted by Michael Dunn @ 3:18 PM on 09/29/2010		More
30 Year Mortgage Rates Rise Average interest on 30-year fixed mortgages rose for the first time since June, lifting to 4.35 percent this week from 4.32 percent last week and 5.07 percent a year ago, reports Freddie Mac. Rates for 15-year fixed loans held at 3.83 percent, the record low set last week. Also, the five-year adjustable-rate mortgage averaged 3.56 percent, compared to 3.54 percent last week and 4.51 percent a year ... Posted by Michael Dunn @ 12:04 PM on 09/10/2010		More
Most Home Buyers Have No Regrets A study from Bankrate found that 90 percent of owners do not regret buying their home. The findings also revealed improved mortgage awareness, with only 8 percent of home owners in the dark about what type of loan they have -- down from 26 percent two years ago. The poll of 1,001 randomly selected home owners in August showed that 79 percent had fixed-rate financing, and this type of mortgage was used ... Posted by Michael Dunn @ 2:37 PM on 09/02/2010		More
5 Reasons Homeownership Trumps Renting 5 Reasons Homeownership Trumps Renting The seemingly endless run of bad housing news is discouraging some potential home buyers from considering a purchase. But the truth is that the advantages of homeownership have very little to do with investment gains. The best things about owning a home have a lot more to do with personal comfort and satisfaction.Here are five of them:1 Be your ... Posted by Michael Dunn @ 5:05 PM on 08/30/2010		More
Kitchens Remain among Most Popular Remodeling Projects 1]RISMEDIA, August 26, 2010—(MCT)—Kitchens have long been among the most popular remodeling projects. But with fewer clients requesting kitchen upgrades during this recession, one kitchen designer has turned the economic slowdown to her advantage. “If I couldn’t remodel as many client kitchens as usual, I decided to remodel my own showroom. That way, I’d be ready to show ... Posted by Michael Dunn @ 6:44 PM on 08/26/2010		More
Red-Ink Fears Prompt Mortgage Backer to Raise Fees The country's most popular federal mortgage-insurance program is set to raise fees to borrowers in a bid to avoid burning through its dwindling reserves as home prices come under renewed pressure.Opinion: Homeownership Isn't for EveryoneAccess thousands of business sources not available on the free web. Learn MoreThe move reflects new threats facing the Federal Housing Administration, a New Deal-era ... Posted by Michael Dunn @ 12:31 PM on 08/24/2010		More
Interesting Article- "Buy and Bail" Harvey Collier, a mortgage broker in Fort Lauderdale, Florida, says he gets as many as 10 calls a month from people planning to default on their loans. The twist: They first want financing to buy another home.Real estate professionals call it “buy and bail,” acquiring a new house before the buyer’s credit rating is ruined by walking away from the old one because it’s “underwater,” ... Posted by Michael Dunn @ 10:05 AM on 08/10/2010		More
Senate Approves Increase in FHA Fees The Senate on Wednesday gave the Federal Housing Administration the go-ahead to raise monthly fees that borrowers pay the agency. The annual fee is expected to raise from the current rate of 0.55 percent to 0.9 percent of the total loan. The bill gives the FHA the authority to raise the annual fee as high as 1.55 percent.Simultaneously, the agency plans to lower the loan initiation fee that was raised ... Posted by Michael Dunn @ 9:11 PM on 08/08/2010		More
5 Real Estate Scams you need to know about Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their ... Posted by Michael Dunn @ 10:39 AM on 07/22/2010		More
Single Buyer Choosing Suburbia Over Cities Some 52 percent of single home buyers in April chose suburban locations over urban and rural areas, according to a survey by Coldwell Banker of 1,000 single buyers.· More than 53 percent of single home owners reported that they purchased a home because it was more cost effective than renting in their area, while 68 percent of single home owners purchased a home that was less expensive than they ... Posted by Michael Dunn @ 3:17 PM on 06/22/2010		More
Interest rates are low!! 30- and 15-Year Rates Move Down Home-mortgage rates fell this week along with bond yields, according to Freddie Mac. The 30-year fixed-rate mortgage averaged 4.72 percent, down from 4.79 percent a week ago; while rates on 15-year fixed-rate mortgages fell to another record low of 4.17 percent from 4.2 percent. Also, the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.92 percent, ... Posted by Michael Dunn @ 3:23 PM on 06/11/2010		More
Did you miss the home buyer tax credit?? Missed the home buyer tax credit? Now there’s an even better Buyer Bonus! The Home Buyer Tax Credit has come and gone. Fortunately, the door is now open to something even better – the Coldwell Banker® Buyer Bonus Event! Purchase a par ticipating house between May 1st and July 31st, and the home’s seller will refund 3% of the accepted offer ... Posted by Michael Dunn @ 4:53 PM on 06/10/2010		More
Home buyer tax credit extended for members of the military and certain other federal employees! First-Time Homebuyer Credit: Members of the Military and Certain Other Federal Employees The Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law: Extends deadlines for purchasing and closing on a home. Authorizes the credit ... Posted by Michael Dunn @ 10:39 AM on 05/12/2010		More
Bank of America Shortsale Timeframes The Regional Office has been inundated with requests to escalate short sales. We need to make sure that all sales associates understand what the proper protocol is for this. Please review this information below so you will understand time frames and when it is appropriate to escalate to the Regional Team. The Short Sale Timeframe A typical short sale decision can take ... Posted by Michael Dunn @ 9:03 PM on 04/16/2010		More
30 Days and Counting on Home Buyer Tax Credit Less than 30 Days and Counting on Home Buyer Tax Credit Last November, the government expanded and extended the new Homebuyers Tax Credit. According to the program, first-time homebuyers are eligible for a tax credit of 10% of the purchase price of the home, with a maximum credit of $8,000. And some current homeowners looking to purchase a home can receive a credit up to $6,500. Although military ... Posted by Michael Dunn @ 8:12 AM on 04/07/2010		More
How to get the extended Home Buyer Tax Credit You’ve decided to purchase a home and take advantage of the Extended Home Buyer Tax Credit. Here's what you have to do to get your benefit:1.Close on your home purchase between November 7, 2009 and April 30, 2010, or have a binding written contract by April 30, 2010 and close by July 1, 2010.2. Decide whether to: •• apply the credit to your 2009 tax return, filed on or before April ... Posted by Michael Dunn @ 11:56 AM on 03/08/2010		More

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Coldwell Banker Legacy REALTORS® is a full service real estate company in New Mexico with eleven offices located in the Albuquerque Metro Area; Rio Rancho, the East Mountains, Los Lunas, Grants, and Cedar Crest. We represent buyers and sellers for New Mexico residential and investment properties such as single family homes, multi-family homes, owner occupied and investment properties, condominiums, townhouses, and 55 and over housing. Coldwell Banker Legacy services Albuquerque and the surrounding real estate markets: Northwest, Northeast, Southeast, and Southwest Albuquerque, North Valley, Corrales, Rio Rancho, Placitas, and East Mountains. We specialize in new construction, luxury, ranch and recreational real estate properties. ColdwellBankerLegacy.com is your source for New Mexico Real Estate Services. Contact one of our qualified experienced real estate agents today.

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