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Always Get a Quote from your Bank and at Least 1 Mortgage Broker!

Getting a mortgage is complicated and very few homeowners who have bought several homes even understand the break down in the costs. Here is a simple formal when buying a home and getting a mortgage!

If you buy a home!

Purchase price                      $200,000

Mortgage after 20% down      $160,000

Escrows                                 $ 6,000    Taxes and Insurance and pre-paid interest only

Finally the rest are closing costs, $ ?????

It always makes senses to ask for a closing cost credit from the bank to cover some or all of your closing costs.

Once you understand the above information you can shop for a mortgage to see who will give you the best deal..

Please feel free to contact me to evaluate your current mortgage quote. 

Craig Kuper /Broker Shorecrest Mortgage, Wisconsin 262-241-4300

Posted in:Home Purchase and tagged: #bestmortgage
Posted by Craig Kuper NMLS #237660 on February 7th, 2015 10:15 AMLeave a Comment

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August 23rd, 2013 1:44 PM

Mortgage rates spike to 2-year high

Mortgage rates spiked this week, adding strain to the budgets of homebuyers who are already battling rising home prices in a competitive market.

30 year fixed rate mortgage – 3 month trend
30 year fixed rate mortgage – 3 month trend

The benchmark 30-year fixed-rate mortgage rose to 4.74 percent from 4.57 percent last week, according to the national survey of large lenders. The mortgages in this week's survey had an average total of 0.28 discount and origination points. One year ago, that rate stood at 3.91 percent. Four weeks ago, it was 4.54 percent.

This is the highest level for the 30-year fixed in more than two years. It was 4.74 percent on July 27, 2011. The last time it was higher was three weeks before that, at 4.79 percent.

The benchmark 15-year fixed-rate mortgage rose to 3.75 percent this week, compared to 3.61 percent last week, and the benchmark 5/1 adjustable-rate mortgage rose to 3.69 percent from 3.61 percent. The benchmark 30-year fixed-rate jumbo rose to 4.88 percent from 4.73 percent.

Weekly national mortgage survey

Results of's Aug. 21, 2013, weekly national survey of large lenders and the effect on monthly payments for a $165,000 loan:
30-year fixed15-year fixed5-year ARM
This week's rate:4.74%3.75%3.69%
Change from last week:+0.17+0.14+0.08
Monthly payment:$859.72$1,199.92$758.53
Change from last week:+$16.81+$11.43+$7.44

As mortgage rates rise, more homebuyers have gotten off the sidelines hoping to beat potentially higher rates, says Bob Moulton, president of Americana Mortgage Group in Manhasset, N.Y.

"We are seeing more first-time homebuyers looking to buy while they can afford it," Moulton says. "They are concerned rates are going higher and prices are going up."

The sales of previously owned homes increased 6.5 percent to a seasonally adjusted annual rate of 5.39 million in July from 5.06 million in June, according to the National Association of Realtors. That's 17.2 percent above the pace seen a year ago. Nationwide, the median home price rose 13.7 percent to $213,500 compared to last year.

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Posted in:General
Posted by Craig Kuper NMLS #237660 on August 23rd, 2013 1:44 PMLeave a Comment

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March 22nd, 2012 12:08 PM

Mortgage rates hover near 60-year lows

Fixed mortgage rates fell slightly for the week ending March 1, keeping interest rates near their 60-year lows, Freddie Mac said Thursday. Freddie's Private Mortgage Market Survey shows the 30-year, fixed-rate mortgage averaging 3.90% for the week, which is down from 3.95% the previous week and 4.87% a year ago. In addition, the 15-year FRM hit 3.17%, down from 3.19% a week earlier and 4.15% a year ago.

Meanwhile, the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.83% this week, up from 2.80% the week before and 3.72% a year ago. The one-year Treasury-indexed ARM hit 2.72%, down from 2.73% a week earlier and 3.23% last year.

"Fixed mortgage rates bottomed out in January and February of this year which is helping spur the housing market," Frank Nothaft, vice president and chief economist with Freddie Mac. He added, "For instance, pending existing home sales rose in January to its strongest pace since April 2010 and sales figures for December saw upward revisions. In addition, the Federal Reserve noted in its February 29th regional economic review (or Beige Book) that residential real estate activity increased modestly in most of its Districts over the course of January and early February, with several reports of increased home sales."

Posted in:General
Posted by Craig Kuper NMLS #237660 on March 22nd, 2012 12:08 PMLeave a Comment

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March 2nd, 2012 4:33 PM

Many people in the market today are first-time home buyers who would not have been able to buy when home prices were higher. Enticed both by lower prices and bank promotions, these eager hopefuls are have taken the signs of deals as the best chance to make their first real estate move .

While all home buyers need help with the short sale process, it’s especially challenging to address the needs and concerns of a first-time home buyer who has decided a short sale is the home for them. Here’s how to get answers to first-time home buyers’ top three questions about short sales.

1. How long does it take for a bank to approve a short sale?

This is the million-dollar question. While it takes an average of three to six months, the timeline – and the process – vary quite a bit from one bank to another.

Short sale approval timelines depend on the bank (some just take longer than others). While each bank has different short sale guidelines, the short sale has to make sense to the bank. The more sense the short sale offer makes to the bank, the faster the approval process.

Here are some things that slow down the process by several weeks or more – these usually involve more people or more factors:

  • Multiple liens on the property
  • A third party negotiating the short sale on behalf of a seller. Some states allow third parties to do this, for a fee; some states, like Virginia, limit this to real estate licensees, attorneys, and employees of attorneys.
  • Private Mortgage Insurance (PMI) on the property
  • Additional investors

Action: To make an accurate prediction about the short sale timeline for a particular property, research the bank’s general timelines, the property’s liens, and whether there is PMI before writing the offer.

2. Will the bank make repairs to the property?

The short answer is, probably not.

Here’s why:

  • The bank does not have possession of the property and has no authority to make repairs on behalf of the seller.
  • Many short-sale sellers do not have the financial means to make repairs.
  • Many banks require the short sale to be sold strictly “as-is” and do not allow the seller to pay for any repairs.

Why wouldn’t a bank allow the seller to make repairs? your buyer may ask. A short sale is a sticky situation for a bank, and that the bank wants to avoid potential liability. For example, if the bank allowed the seller to make repairs and the repairs proved to be faulty, the buyer might potentially hold the bank liable, since the seller doesn’t have money (which is how the short-sale situation came about in the first place).

Action: Find out how the bank and the seller feel about making possible repairs. A short-sale buyer needs to understand that the home will most likely be sold strictly “as-is” and all repairs will be at their expense.

3. How do other types of debt affect the short sale outcome?

Many short-sale sellers are more than just “house-poor.” Many have additional debts that place a cloud on title. These include tax liens – income and property, medical liens, mechanic’s liens, and child support judgments.

Depending on your state, some creditors can try to collect debt by going to civil court and getting a judgment lien placed on the property against the homeowner. These liens must be cleared before the short sale transaction can be closed.

  • Surprisingly, tax liens are probably the easiest to clear off the title. The IRS has several avenues to collect back taxes, and doesn’t want to become a real estate holding company. Removing a tax lien can take up to 120 days, so it is imperative that this process is started well in advance of the short sale.
  • Medical liens can usually be negotiated and a payment plan worked out. However, this is a time-consuming process and needs to be started as soon as possible.
  • Mechanic’s liens are a little harder to get removed. There is not much recourse for tradespeople and bad debts.
  • Child support judgments are also difficult to remove because they usually involve government agencies.

In short, additional debts can tie up the short sale process.

Action: Make sure to ask the listing agent if a preliminary title search has been performed on the property so you can advise your buyer about possible obstacles.

The more information you can offer your first-time home buyer, the more confident they can be about the transaction. The more confident they are about the transaction, the more likely they will see the transaction through to the closing table.

Posted in:General
Posted by Craig Kuper NMLS #237660 on March 2nd, 2012 4:33 PMLeave a Comment

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February 23rd, 2012 8:13 PM
Did u know that thousands of piers will not be grandfathered if they don’t register with the DNR by April 1, 2012? Are u aware of a loophole in the law that allows the DNR to require a permit for or order removal of existing piers if the DNR determines that the water has significant scientific value? If u are tired of hearing about new legislation, grandfathering or loopholes related to piers, please contact your Legislator & ask him/her to end the debate by passing Senate Bill 326/Assembly Bill 421, which grandfathers ALL existing piers and eliminates the pier registration requirement.

Posted in:General
Posted by Craig Kuper NMLS #237660 on February 23rd, 2012 8:13 PMLeave a Comment

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Homeowner's Checklist

Take a home inventory. Keep a copy in a safe place. Make an additional copy and keep it outside of the home.
  Maintain a watch on your credit rating. You can get a FREE copy of your Credit Report here. Getting a handle on mistakes and errors early can save a lot of time and aggravation later.

Be familiar with current housing prices in your neighborhood. Being up-to-date on this information gives valuable insight into the best (and worst) times to consider selling you home. can deliver information on up to 30 comparable homes in your area immediately online. Click here for more information.

Spend some time to make a household budget that everyone can live with. Review some helpful budget tips to help you save money.

Make a list of important house information for easy reference. Keep an additional copy at a different location.

A home equity loan or line of credit is a popular way of making use of the equity you have built up in your home. Compare available payments and interest rates to your current debt load and see if you could save money. In addition, the interest on a home equity loan may be tax deductible. You can get up to 4 home equity loan offers from competing lenders from Quicken Loans.
  Know your refinancing options. Keep tabs on the interest rate market to know when it is advantageous to refinance (this can save you literally thousands of dollars!) Quicken Loans also offers refinancing, and you can get up to 4 offers from lenders competing for your business. More information.

Know the current value of your home. You can get a free home valuation from HomeGain here.

If your are remodeling, know all of your options before you start.

Want to improve your financial picture? "Fast track" the equity in your house.
  Homeowners Insurance--make certain you have the best policy available at the best price.
  Safety and security--do a checkup of your house.

Taxes--keep track of your real estate tax situation.
  For tax purposes, keep a record of all improvements done to your house.
  Pests--have annual inspections for wood destroying insects.
  Maintenance--schedule house maintenance on a regular basis.
  Need repairs done? Keep a record of the names and numbers of your best sources. Print out a list to fill out and keep.
  Keep up to date on housing information. See our resources page.
  Keep yourself organized and you will spend less time working at owning a house and more time enjoying it.

Posted in:General
Posted by Craig Kuper NMLS #237660 on January 19th, 2011 8:02 PMView Comments (1)

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Rates Don’t Rise in a Straight Line. Here’s What to Say

With rates improving at the end of last week, many people who are on the fence may be confused into thinking rates are going to get better again. In reality, the rally we saw at the end of last week presents an opportunity for people to purchase or refinance before rates likely continue on their trend for the worse. To help explain the situation and get homebuyers off the fence, discuss the following talking points:

  • Bonds were able to rally last week to help rates improve from where they were earlier in the week.
  • That presented a great opportunity, but the overall direction of rates shows them on a worsening trend.
  • What last week actually demonstrates is that rates don’t just move in a straight line. Instead, there are dips here and there like we saw last week when rates show a modest, but temporary improvement.
  • Those short-livid improvements provide fleeting opportunities to lock in on some of the best rates ever seen, before the trend continues and rates worsen more.
  • At the end of the day, the ongoing and potential addition of further stimulus from the Fed, combined with the stimulus from the tax cuts, will make it tough for Bonds and home loan rates to return to the levels seen earlier this year.

Posted in:General
Posted by Craig Kuper NMLS #237660 on December 21st, 2010 12:03 PMLeave a Comment

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July 10th, 2010 8:21 AM

With very little economic news during the short holiday week, mortgage rates remained at the lowest levels in decades. While mortgage rates ended the week slightly lower, the level of volatility in mortgage markets and other financial markets was relatively high. Even without major news, sudden movements in rates were common during the week. The stock market displayed similar price swings, as the Dow recovered the roughly 400 points it lost the prior week. This volatility in financial markets reflects the high level of investor uncertainty about the pace of global economic growth.

The current low mortgage rates can be attributed to a couple of factors. One is that inflation is under control and is expected to remain low for quite a while. Another is that demand for mortgage-backed securities (MBS) is high. When packaged and sold as government guaranteed MBS, mortgages are viewed as safe investments, much like US Treasury securities, and safety has been important to investors in these uncertain times. With financial regulatory reform behind them, Congress is now beginning to consider the appropriate role for the government in the housing market. Central issues include government guarantees for mortgages and the future of Fannie Mae and Freddie Mac. The debate is expected to be long and difficult, with no easy answers.

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Posted by Craig Kuper NMLS #237660 on July 10th, 2010 8:21 AMLeave a Comment

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After dropping to the lowest level in decades last week, mortgage rates fell even further this week. Weak economic data from the US, Europe, and China caused investors to question the pace of the global economic recovery. Slower economic growth was positive for mortgage rates and negative for the stock market.

Friday's important Employment report reflected a slowly improving labor market. The economy lost -125K jobs in June, which was very close to expectations. The figures include a loss of -225K census workers who completed their temporary assignments. The private sector added 83K jobs. The Unemployment Rate fell to 9.5% from 9.7% in May, but this was due to 650K people leaving the labor force. The labor force consists of everyone in the US who either has a job or is looking for one, and the Unemployment Rate measures the percentage of the labor force without jobs.

There was mixed news in the housing sector this week. May Pending Home Sales declined 30% from April, as many buyers rushed to sign contracts ahead of the April 30 deadline to qualify for the home buyer tax credit. On a more positive note, the "close-by" deadline for the home buyer tax credit has been extended to September 30. Although the tax credit is not available for new contracts signed after April 30, extremely low mortgage rates and high home affordability levels make conditions very favorable for home purchases.

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Posted by Craig Kuper NMLS #237660 on July 4th, 2010 10:31 AMLeave a Comment

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June 26th, 2010 6:58 PM
Lowest Mortgage Rates in Decades

Mortgage rates dropped to the lowest level in decades this week, and home affordability is very favorable. Uncertainty about the extent of global economic growth and continued low inflation levels have helped mortgage rates reach these levels.

After months of debate, Congress reached agreement on the Financial Reform bill, and it is expected to pass next week. The bill includes many provisions which will affect mortgage lending and the home buying process, but the impact will not be fully known for some time as many of its changes are subject to regulatory discretion. Separately, the larger bill containing an extension to the home buyer tax credit "close-by" deadline failed to pass this week. Lawmakers will continue to debate the bill, but it appears unlikely that the "close-by" deadline will be changed before the current June 30 deadline is reached.

The performance difference in this week's two housing reports was stark, but it was mostly due to measurement methods. May Existing Home Sales fell 2% from April, and were up 19% from one year ago. May New Home Sales dropped 33% from April, which was about 13% lower than one year ago, and a record low level. There's an important difference between the two reports, though. Existing Home Sales measure transaction closings, while New Home Sales are based on contract signings. The April 30 contract signing deadline to receive the home buyer tax credit pulled many contract signings forward into April, and some of these deals closed in May. As a result, Existing Home Sales were still boosted by the tax credit in May, while New Home Sales were not.

Posted in:General
Posted by Craig Kuper NMLS #237660 on June 26th, 2010 6:58 PMLeave a Comment

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