Thinking about buying a home in 2015? You can start celebrating early!

Getting a mortgage is about to get easier. That's because Fannie Mae and Freddie Mac, the two government-backed residential finance giants that backstop a majority of all home loans, have put new lending guidelines in place that should make it easier for borrowers to secure loans. Moreover, with rents still rising, it is expected that many more will purchase their first home in 2015, especially if mortgage rates don't rise too quickly. The easing of credit standards are also expected to contribute positively to the market for first time buyers.

First time Home buyers - Look for new 3% down loan options from Lord Mortgage as soon as they become available.

Is your Realtor (Or YOU!!) Getting the Most of out of Open House?

Did you know nearly half of real-estate buyers go to Open Houses?  Open Houses can be a great source of information about the property, neighborhood and local markets. However, is your Realtor collecting as much data as possible during this window of opportunity to connect with the seller? 

• Look Past Window-Dressing. A full 94 percent of sellers do some "staging," such as repainting or bringing in new furniture, says Coldwell Banker. "You can be so wowed by staging that you overlook important things," says San Jose Realtor Carl San Miguel. To focus on what matters, lift rugs to look at floors, ask the agent to turn off music so you can listen for nearby noise, and beware of any smells masked by candles. Also request a disclosure sheet, which lists known structural issues.
• You Can Learn a Lot From the Crowd. Nearly half of buyers visit Open Houses, says the National Association of Realtors, so pay attention to your fellow shoppers' comments; they may have insight into how this home stacks up. Locals often pop in, too, so if someone sounds like a neighbor, ask about the area. To get a feel for demand, visit in the last hour and peek at the sign-in sheet. A full sheet could mean the home will sell quickly, says Paul Reid, a California-based agent.
• It's Your Chance to Test-Drive the Place. Visiting a home in person allows you to pick up on details you won't see in the listing, such as the strength of the water pressure and how much you could actually cram in the closets. What buyers often forget, though, is to explore the neighborhood as well, says Dallas agent Mary Beth Harrison. Get a sense of the area by checking out surrounding streets and driving home using a different route.
• The Agent May Be Scouting You. Listing agents will often tap a colleague to run an open house, so your host may be fishing for buyers to represent. If you're in the market for an agent, this can be a chance to meet pros and see what they're like on the job. Not interested? Say so upfront to fend off any confusion, says Harrison. Shoppers who already have a buyer's agent should write his contact information on the sign-in sheet so he can handle any follow-up calls or emails on their behalf.
• Gathering Info for the Seller. When a listing agent is hosting, pepper her with questions. Ask whether there have been any upgrades to the property, if she's gotten any offers, and when and why the sellers are moving. (You may get a vague reply on that last one). Keep mum on your budget, feelings about the home, and anything else that might give the seller a leg up in negotiations. "Don't assume the agent is there to help you out," says Chicago agent Fran Bailey.

What's the Latest Forecast for Rates?

• Fixed rates on home loans fell in the past week.
• Freddie Mac announced that for the week ending December 4, 30-year fixed rates fell to 3.89% from 3.97% the week before.
• The average for 15-year loans decreased to 3.10%.
• Adjustables were also lower, with the average for one-year adjustables decreasing to 2.41% and five-year adjustables falling to 2.94%.
• A year ago, 30-year fixed rates were at 4.46%, which is over 0.5% higher than today's levels.
• Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac -- "Fixed rates on home loans were down across the board in a week of underwhelming economic releases. New home sales missed consensus expectations by selling at an annual pace of 458,000 units in October and the National Association of Realtors reported that pending home sales dipped in October by 1.1 percent. The ADP's estimate for payroll growth in November was 208,000 jobs, below expectations of 225,000." 

Interested in Getting Today's Rates?  Check the most up to date info at Lord Mortgage.com 

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purpose

Why get a FREE refinance analysis?

Why get a FREE refinance analysis? You could be missing out on the opportunity to save thousand of dollars while the rates are at historical lows. 

There are common misconceptions regarding refinancing, including: 

• We will lose all the equity we have gained over the years
• I only have 20.5 years left on my mortgage, why refinance for 30 years when my payment is affordable
• I can’t afford to refinance
• My home has lost value and isn’t worth what I paid for it

 The perfect solution could be a 15 year refinance and here’s why:

Assume the mortgage you took out in 2005 has a balance of $275,000 and the interest rate is 5.5%. Your 30 year mortgage has a principal and interest payment of $1885 and a remaining term of 20.5 years. Do you realize you can refinance for 15 years and keep the same payment, save $131,740 in interest, and pay your home off 6 years early?  Best of all, most Borrowers do NOT need an Appraisal and any cost can be added to the loan. Why do it now? 15 year rates are still at their all-time low and UNDER 3%!

What will the Feds do?

Another Fed announcement is around the corner, which mean no one knows if rates will go up or down. Nonetheless, rates have been flat over the last 12 days.   Rates are lower year-over-year mainly because of higher rates in 2013. We haven't broken the lows set last May, but no predicting what will happen after the upcoming announcement. 

Ready to sell? Invest in high-quality photos

Did you know professional photos can help you sell your home 18 days sooner on average and for $7,000 more?  According to a Redfin study, photos taken with a DSLR camera sell more quickly and at a higher price.  *Stats based on homes in the $300,000-$400,000 price range

Rates fall again!

Mortgage rates are once again nearing the lowest levels for 2014.   If you have been waiting for lower rates to lock in, now might be the best time to act.