Technology to make your client’s mortgage loan experience trouble-free.
- Stay informed as automatic loan updates as the mortgage moves through the process.
- Realtor resources available 24/7
Technology to make your client’s mortgage loan experience trouble-free.
We make applying for your mortgage loan easy. Below is a short form application if you want to give us the basics or a long form application to provide us more detail. Both go directly to your loan officer. If you don’t have one, just choose no preference and we will assign a professional to your file.
Come join Primary Residential Inc.’s, TeamPrimary as we participate in ASCONN‘s 5th Annual Puzzlethon for Autism on Saturday, March 5th, 2011 from 12:00 noon – 4:00pm at Coventry High School in Coventry, CT!
Puzzlethon is an annual fundraiser to help support and raise money for autism by doing puzzles. All proceeds go directly toward helping those with autism. The puzzle was chosen because not only has it been the symbol of autism support, but many people with autism enjoy doing puzzles, and doing puzzles with others offers people living with autism an opportunity for social interaction.
When we think about increasing the value of our home, we think major repairs or updates. However, you can add value to your home without breaking your budget.
Here are some inexpensive ideas to help increase your home value:
1. Outside Appearance
Keep up with routine yard work, mow, weed whack along the sidewalks and house. Trim hedges and remove weeds.
2. Indoor Clutter
Organize and get rid of clutter. A tidy house will seem larger and more appealing to potential buyers.
3. Refinish Kitchen Cabinets
Since cabinets make up most of the kitchen, outdated and worn cabinets can ruin the whole kitchen’s appearance. Refinishing cabinets are relatively cheap and easy to do. Learn how to refinish cabinets at ehow.com
4. Wash Walls, Windows & Siding
It’s less expensive to just wash walls or siding than to repaint or replace siding. Pressure-wash siding and wipe down interior walls. Clean your windows of any dirt and water stains.
5. Fixing Interior Walls
Patch up any holes, even the smallest ones. Then apply a coat of primer for a smoother finish. After the primer dries, lightly sand it down, wipe the walls with a damp cloth and apply fresh paint. This will help restore the walls and make them like new.
6. Replace Window Coverings
Over time blinds and curtains become wore out and faded. Replacing the old with the new will make a better impression.
Shampoo or steam clean your carpets. Sand down and refinish hardwood flooring. Learn how to refinish hardwood floors at ehow.com
8. Install New Switches & Outlets
Replace old switches with new ones. Just be sure to turn the power off in the room or entire house before doing anything. Not only will the new outlets look nice, but it will give off the impression that the electrical wiring in the house is newer than it really is.
9. Brighten Up Your Home
Try replacing your regular light bulbs with fluorescent light bulbs to make the rooms brighter. Using fluorescent light bulbs save energy and money.
10. Trim & Molding
Simple trim around ceilings, doors and windows are easy and one of the most typical upgrades found in new homes.
With all this snow piling up on roof tops, including recent rain, sleet and freezing temperatures, many home and business owners could be challenged with possible water damage or even a roof collapse. As I was researching how to clear snow off a roof, I came across an article on ehow.com with helpful information on ways you can accomplish this.
If you live in an area known for snow-filled winters, chances are you’ve had to clear snow off your roof. Here are some guidelines to help you shovel snow off the roof safely and quickly while protecting your roof’s surface.
Read more: How to Shovel Snow Off a Roof | eHow.com
1. Lower Payments
To reduce your monthly payment you can refinance to secure a lower interest rate or extend the term of the loan. If you choose to extend the term of the loan you may be faced with paying more in interest during the life of the loan.
2. Pay Down Mortgage Quickly
You may choose the option to shorten the length of your mortgage by reducing the term of the loan. Although your monthly payments will go up, you will save more in interest payments.
3. Changing Loan Program
Converting an Adjustable Rate Mortgage (ARM) into a Fixed Rate Mortgage (FRM). With Adjustable Rate Mortgage you are always uncertain and never know what to pay month to month with interest rates always fluctuating. Switching to a Fixed Rate Mortgage means your monthly payments will remain the same.
4. Debt Consolidation
If you have enough equity in your home, you can refinance and borrow more than the current loan balance. With the additional money, you can pay off high interest debts such as credit card balances or installment loans. Keep in mind the total cost of debt by adding it into a 30 year mortgage payment.
Congratulations on your new home! Now that you’ve moved in there is still a lot more to do besides unpack. Here is a helpful checklist to consider when settling into your new home.
7 mortgage trends to expect in 2011
While expected to continue their climb, interest rates are still near historic lows
Financial experts suggest that borrowers should apply for a new mortgage loan, or refinance their home loan when the time is right for their individual needs, rather than attempt to time the market. While risk takers may be enthusiastic about waiting until the last minute to lock in a low mortgage interest rate, most homeowners and homebuyers prefer to observe general mortgage market trends and focus more intently on their own finances.
Predicting a specific mortgage rate for a particular time is pretty nearly impossible, but real estate market observers have identified a few trends that they anticipate will impact the mortgage market in 2011:
1. Mortgage rates will slowly rise throughout the year
The Mortgage Bankers Association (MBA) anticipates that rates will rise slightly in 2011, hovering around 5 percent and increasing to about 6 percent in 2012. Holden Lewis of Bankrate wrote this past fall that economists had predicted a rise in mortgage rates by the third quarter of 2010. At the end of 2010, mortgage rates began to climb out of the 4 percent range and slightly above 5 percent. While any increase in mortgage rates is unwelcome to homeowners who want to refinance or to buyers, a 5 percent mortgage rate is still historically in the low range of interest rates.
2. Overall demand for mortgages will decrease
The MBA predicts that total mortgage originations for 2011 will decline to less than $1 trillion, driven by subdued economic growth and a lack of consumer confidence.
3. Mortgage refinancing applications will drop
Mortgage refinancing has represented a large portion of all mortgage applications in any given week this year, with the refinancing applications accounting for about 80 percent of all mortgages written this year. The MBA predicts that refinancing activity will drop below 40 percent of mortgages in 2011 and decline further to 26 percent of mortgages in 2012. Not only will rising mortgage rates reduce the demand for refinancing, but the pool of qualified homeowners will shrink. Homeowners who could qualify are likely to have done so in 2010, and others have difficulty obtaining a loan approval because of reduced equity or credit or income challenges.
4. Mortgage applications for a home purchase will become a greater part of the market
The MBA predicts that stabilizing home prices and modest increases in home sales will increase the number of applications for a mortgage for a home purchase.
5. Jumbo loan mortgages will be more attractive
In 2009 and earlier in 2010, mortgage rates for jumbo loans (loans over $417,000 in most housing markets and above $729,750 in high-cost housing markets) were far higher than mortgage rates for conforming loans. The higher rates prevented homeowners from refinancing and kept some purchasers out of the market for more expensive homes. In the Q4 of 2010, mortgage rates on jumbo loans decreased, which will likely spur refinancing applications and purchase applications for the high-end housing market.
6. All-cash purchases will become a larger part of the market
Lawrence Yun, chief economist of the National Association of Realtors, says that all-cash purchases represented about a quarter of all existing home purchases in the last four months of 2010. He anticipates all-cash purchases to continue to represent a significant portion of the market in 2011.
7. The mortgage loan process will remain slow and complex
Holden Lewis at Bankrate says even if the number of loan applications drops, lenders anticipate that the time between application and closing will continue to take as much as 60 days. In fact, many lenders recommend a loan lock of 60, 75 or even 90 days to ensure that the loan process will be complete within the lock period. One issue is simply the new level of documentation and verification that is required for a loan approval. Another issue that slows refinancing applications is the existence of a second mortgage or a home equity line of credit, which must be re-subordinated to the first loan when refinancing. Getting a lender to agree to keep the home equity loan in the second position can be time-consuming.
The bottom line
While these general mortgage trends may impact the real estate market overall, each homeowner or buyer considering applying for a mortgage should meet with a lender to determine the cost and availability of a loan that meets his or her needs.
According to an article posted by TheReddingPilot, homeowners are urged to test their homes for radon gas. Having radon gas present in your home is a major concern for health risks.
The Connecticut Department of Public Health (DPH) is urging people to test their homes for radon gas, the leading cause of lung cancer in non-smokers in the United States. Federal health officials estimate that radon is responsible for more than 21,000 lung cancer deaths per year. Only smoking causes more lung cancer deaths.
Radon, a naturally occurring radioactive gas formed from the natural decay of uranium, is found in rock, soil and water. While radon in outdoor air poses a relatively low threat to human health, radon can enter homes from the surrounding soil, and become a health hazard inside buildings.
“Radon is present at elevated levels in about one out of every five homes in Connecticut,” said DPH Commissioner Dr. J. Robert Galvin. “However, because you can’t see or smell radon, people often are unaware there might be a silent killer in their homes.”
Radon gas can be found in any home or building, including schools and offices. Scientists have long been concerned about the health risk of radon, but never before has there been such overwhelming evidence that exposure to elevated levels of radon increases a person’s risk of developing lung cancer.
DPH and the United States Environmental Protection Agency recommend that homes with radon levels at 4.0 pCi/L or higher should be fixed. However, radon exposure at any level poses some health risk; therefore, homeowners may want to consider reducing radon levels that are greater than 2.0 pCi/L.
Breathing radon over prolonged periods can present a significant health risk. If you smoke and your home has radon, your risk of lung cancer can be higher. Because radon does not have an odor or cause symptoms, you may not know you are exposed. As such, all Connecticut homes should be tested for radon and action should be taken to reduce high levels.
To read the rest of this article click here.
Although being pre-qualified and pre-approved are both important factors to consider when taking the first step into homeownership, they are two separate terms!
Getting pre-qualified is typically the first step in the mortgage process. This is when the borrower provides a lender with their overall financial status, including debt, income and any assets. After calculating this information, a lender can give the borrower an estimate of the mortgage amount for which they qualify. This does not mean you’ve been approved for a loan, it simply indicates how much you can afford when purchasing a home.
Pre-approval goes a step further than pre-qualification. Generally, this process requires a mortgage application to be completed. The borrower will need to provide the lender with necessary documentation to perform a credit check and to verify their income. From this, the lender can determine the specific loan amount for which the borrower is approved. When being pre-approved you will receive a pre-approval letter from the lender stating how much you can spend when purchasing a home. Having been pre-approved usually helps when dealing with sellers and negotiating. This shows the sellers that you are able to afford their home and you are not wasting their time.
Your opinion is greatly appreciated, we thank you for visiting this website of Primary Residential Mortgage, Inc. Team Primary. If you have specific questions, comments, concerns or complaints we invite you to contact us by email shown here: [email protected]. Emails received during business hours, should receive a response within 48 hours, excluding weekends or holidays.
Primary Residential Mortgage Inc. NMLS 3094. PRMI is an Equal Housing Lender. Branch NMLS 193964. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Connecticut Department of Banking #8750.