All About Kentucky Real Estate

By Dora Griffin, NMLS 6380
(D A Griffin Financial.LLC)
REALTOR ADMIN FEE AT CLOSING A homebuyer has many real estate firms at his/her disposal to select the one that best suits them.  It is important to find an agent who represents the buyer as fully as possible. In selecting an agent to work with as a homebuyer, be sure and discuss the realtor admin fee.  Does your realtor charge an admin fee? What is the purpose of the admin fee? By asking this question up front you can be sure the topic is discussed BEFORE you get to closing.  As a mortgage broker I am required to get exact fees for my borrowers.  I do my utmost to save borrowers money.  In processing the loan there are several disclosures of funds to close.  When a borrower is anticipating a certain amount to close and then a realtor admin fee is added to the settlement sheet at closing...
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By Dora Griffin, NMLS 6380
(D A Griffin Financial.LLC)
APPRAISAL WAIVER CONSIDERATIONS What is an appraisal waiver? How can one get an appraisal waiver? What is the benefit of an appraisal waiver? Why would one not want an appraisal waiver?  What is an appraisal waiver?  An appraisal waiver is when the lender approves a home mortgage loan without requiring an appraisal.  How can one get an appraisal waiver?  Mortgage loans for the most part are run through automated underwriting. Through that process Fannie or Freddie may indicate the value as input is acceptable and an appraisal is not needed.  When automated underwriting accepts the value without an appraisal, the borrower can still request an appraisal if they want. Usually a home located in a rural area is less likely to receive an appraisal waiver simply because it does not have all th...
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By Dora Griffin, NMLS 6380
(D A Griffin Financial.LLC)
EQUITY LINE FOR DOWN PAYMENT In this tight inventory market the homebuyers who are most prepared to write a contract are the ones who will end up with the home.  Everyone in the homebuying market should get pre qualified for the purchase. On a financial level this ensures one has considered credit score, income, assets, and acceptable house payment. On another level, one can be more at ease with the process.What I see a lot in the current homebuying market is that sellers generally will gravitate toward the offer that is what they consider the "best". Usually that means no contingencies for the sale of another home, the higher down payment option and the higher net profit.  Using an equity line for down payment: Many homeowners are sitting on a lot of equity, which they want to use to b...
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By Monica Hess, Kentucky's Feng Shui Master
(Feng Shui This)
Do you ever get angry when things don't go your way?  It seems to be human nature, and real estate dealings can bring out the worst in folks.   Some of us have control issues and this can cause problems.The origins of Feng Shui are shrouded in mystery, but I wonder if control was the first reason Feng Shui was developed.When we start controlling others though, we have to be careful, lest it backfire.There is a story that illustrates this:Long ago there was a Feng Shui master who was traveling home from working in a far-away country.  He was tired and thirsty when he came upon a woman working in the field.  His appearance told her he had been traveling a long way, so she ran to get him a drink.  As she approached him with the cup she took note of how tired and thirsty he was, then stoppe...
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By Roland Woodworth, Blue Cord Realty
(Blue Cord Realty)
WELCOME HOME 2 bd, 1.5 ba, 960 Sq. Ft. | Available 6/16/23 1127 Pembroke Oak Grove Road is a townhome with two bedrooms, one full bathroom and one half bathroom with almost 1,000 square feet of living space and is just minutes from 1-24 and Fort Campbell. The living room has LVP flooring and off of the living room is the half bathroom with a pedestal sink. The eat-in kitchen comes equipped with a stove, oven and fridge. In the kitchen is the utility closet that houses the washer and dryer. Upstairs you'll find the two bedrooms and full bathroom. The full bathroom has a single sink vanity and a shower/tub combo. Each unit has a back patio. Pets are accepted with an approved pet screening, $350 pet fee per pet with an additional $25 monthly pet rent per pet. For additional information or ...
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By Roland Woodworth, Blue Cord Realty
(Blue Cord Realty)
Welcome Home to 206 Allensville Street         New listing - Open House Saturday June 3, 2023  - 1:00 pm to 3:00 pm This is a MUST SEE HOME - Completely Updated in 2019 with New Electric, Plumbing, Windows, Roof, Siding, HVAC, Water Heater, Stainless Steel Appliances, Detached Garage with electric. - To much to list .....  Stop by and see this home in person to   appreciate all it has to offer.    Be sure to check out the entertainment area   in the back with a pool. - There is the whole      summer to enjoy this pool with your friends    and family during your own back yard BBQ !  See more photos of the inside of 206 Allensville Street here   Online Tour of this beautiful home now    Blue Cord Realty & Property ManagementListed By Chris DavenportShown By Roland Woodworth 
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When it comes to selling a home, many homeowners explore various options to maximize their profit and streamline the process. One increasingly popular choice is selling to cash buyers or real estate investors who offer to buy houses directly. In this blog, we'll explore why cash buyers have become attractive to home sellers. We'll discuss the benefits they offer, the convenience they provide, and the advantages of working with professional home buyers. So, if you're considering selling your home, keep reading to discover why cash buyers may be the ideal solution for you.Speedy and Convenient TransactionsOne of the primary reasons why cash buyers are appealing to home sellers is the speed and convenience they offer. Unlike traditional real estate transactions that can involve lengthy pro...
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By Dora Griffin, NMLS 6380
(D A Griffin Financial.LLC)
NO PRIVATE MORTGAGE INSURANCE (PMI) LOANSI'm sitting here in my office listening to a radio ad play multiple times regarding "no private mortgage insurance loans".   Homebuyers have learned to hate PMI insurance.  When a lender is offering NO PMI insurance, it gets their attention. Typically when a lender is offering NO PMI insurance it is a good idea to do a comparison to a loan with PMI insurance.  The loan without PMI insurance can be offered as LPMI (lender paid private mortgage insurance). I can offer a homebuyer a mortgage loan with and without PMI insurance.  The loan without PMI insurance has a lower interest rate; the one without monthly PMI insurance has a higher rate.  Loans without monthly PMI are a thing. Usually it is because the lender is absorbing that into the interest ...
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By Dora Griffin, NMLS 6380
(D A Griffin Financial.LLC)
HUD ANNOUNCES REDUCED MONTHLY MORTGAGE INSURANCE HUD announces reduced monthly mortgage insurance for FHA loans. It's been expected for a while there would be a change in either the monthly or up front mortgage insurance on FHA loans and now it's here.Monthly mortgage insurance is going down by 30 bps.  For most homebuyers who utilize a FHA loan this means monthly mortgage insurance will go from 85 bps to 55bps of the loan amount.   An example calculating savings for a $200,000 loan amount the lower MI would be a savings of $600 the first year. FHA loans have different MI levels for different loan amounts based on down payment and term.  It is great to see the HUD feels they can help homebuyers with mortgage payments in this way. FHA is a great loan program for many homebuyers.  Typical...
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By Dora Griffin, NMLS 6380
(D A Griffin Financial.LLC)
Cash Out Refinances Are More ExpensiveIn 2022 Fannie/Freddie increased LLPAs (loan level price adjustments) for cash out refinances, making it more costly to pull cash out.Freddie Mac announced for 2023 a seasoning period of 12 months before cash can be pulled out of a property (note date to note date) to pay off a mortgage. When one agency makes an announcement the other follows, so consider this a Fannie/Freddie thing. Twelve months seasoning affects a cash out Fannie/Freddie loan, one can do a limited cash out (rate/term) after six months. While these changes make cash out more costly, FHFA (regulator of Fannie/Freddie) announced improvements for costs affecting first time buyers utilizing Home Ready or Home Possible type loans.  This change is most helpful for those in the lower inc...
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By Dora Griffin, NMLS 6380
(D A Griffin Financial.LLC)
Temporary Rate BuydownWhat is a temporary rate buydown and how does it work?  Sometimes we are in an unusual market and some tools are better than others for home buyers and sellers alike.  A temporary rate buydown is such a tool I encourage buyers to consider in today's market. Briefly a 2-1 buydown reduces the interest rate by 2 points the first year and 1 point the second year. The third year the rate goes to the note rate. A homebuyer can save a substantial amount of money on a mortgage the first year and in a market where it seems mortgage rates may go down in the future the homebuyer could have an opportunity to refinance the original mortgage to a permanent lower rate. How can one pay for a temporary rate buydown?Given the current environment a home seller can pay for the buydown...
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By Dora Griffin, NMLS 6380
(D A Griffin Financial.LLC)
Feds Funds Rate, Mortgage Rates and Inflation - Buckle UP!Waking up to pricing for long term mortgage rates this morning is like waking up with the worst hangover.  Yesterday we saw the Feds again raise their Fund Rate by .75%. They toyed with a full point increase, but settled on 3/4 point. The experts I subscribe to imagined an 80% chance long term mortgage pricing would be better today. It was quite the opposite. I feel like I've said it a million times. When the Feds raise their Funds Rate it does not mean long term mortgage rates go up the same. Sometimes we see long term rates improve on the announcement. So far today the reaction is not better pricing, it is worse pricing. The reaction is due to fear in the markets. Fear that the Feds don't have a grasp on inflation. Powell menti...
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By Dora Griffin, NMLS 6380
(D A Griffin Financial.LLC)
Interest Rate Buydowns  Interest rate buydowns for home loans are coming back into focus.  What are the benefits of an interest rate buydown and who is the best candidate?In general the best candidate for an interest rate buydown would be someone who is expecting to have a greater income in a couple of years. A buydown allows the home buyer to ease into a higher rate (payment) in year #2 and #3. Another candidate would be someone who perhaps sees the home as a short term investment if he/she moves or transfers often.  In light of rising home prices and interest rates, a buydown can help those with budget concerns initially.  Think about someone who is paying off student loans or an auto payment which would be paid off in 2 years. Each home loan situation is different so there are differ...
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By Dora Griffin, NMLS 6380
(D A Griffin Financial.LLC)
Federal Reserve Interest Rate and Long Term Mortgage Rates Yesterday the Federal Reserve increased their interest rate by .75% (3/4). Often this is confused with long term interest rates (fixed rate mortgages) going up by a similar amount.The Federal Reserve increases or decreases their key funds rate when they are trying to cool off or pump up the economy. There can be a few reasons for them to act, this  year the reason is inflation. They believe by increasing their funds rate to 4% by year end should reduce spending; reduced spending results in reduced demand, reduced demand results in lower prices. That's the game plan. Unfortunately using this tool, the Feds could easily push us into a recession. Lower demand could result in fewer jobs and less income.  When the key funds rate goes...
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By Monica Hess, Kentucky's Feng Shui Master
(Feng Shui This)
We've moved, and finally found the house we've always wanted.  Searching took 6 months, thousands of dollars in travel expenses, and more patience than can be imagined.  Even my dear husband was weary of me by the time I found this one.  We almost bought three others, but between inspections and second thoughts, it just didn't work out. Being a Feng Shui master tends to make one picky.Then I walked into this house and it seemed to say, "It's about time you got here."  I knew it was the right house for us from the moment I walked in.  Not that it's perfect, nope...far from it.  But as they say, "It has good bones.".  The bones are a bit slanted in places, but... Mostly it's just quirky.  The floor has a bit of a slant in the hallway and bath, but since it's over 60 years old, that's unde...
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By Robert J. Russell, IRES, ICREA, REBS, GMA, LAS, LUTCF
(Robert J Russell Companies)
Kentucky REALTORS come here to be the Best of the Best -Best of the Best in Kentucky
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By Dora Griffin, NMLS 6380
(D A Griffin Financial.LLC)
Pre approved for a loan?  You want to be sure to heed these three warnings. When you pay off some debt the line of credit is often closed which  may result in a drop in scores. Applying for new credit can drop your score, especially if you open the new line of credit. New credit can also reduce your buying power.  If you are not sure the best path from applying for a mortgage loan to the closing table, consult with your loan officer early and often! After you have applied for a loan, received a pre approval and found a home to purchase, the lender will submit the file to underwriting. Underwriters often have requests as a follow up to the approval, timely responses to these requests keeps you on target to meet your closing date!  Getting pre approved for a mortgage is a perfect first st...
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By Dora Griffin, NMLS 6380
(D A Griffin Financial.LLC)
SAME DAY HOME LOAN APPROVALS Same day home loan approvals do happen. I have them happen quite often, and yesterday it was less than thirty minutes after I submitted a file.   The key to a quick turn around in underwriting a home loan is the quality of the submission. The quality of the submission is dependent upon a seasoned loan originator who knows what documents are needed, assemble them in a clear order, document the file with an explanation of the contents.  Of utmost importance in the quality of the submission is the person seeking the home loan providing the loan originator with ALL the documents and EXACTLY the documents requested.  When I talk about one day loan approvals from underwriting that is very possible in today's environment depending upon the lender a borrower chooses...
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By Dora Griffin, NMLS 6380
(D A Griffin Financial.LLC)
                                        IS NOW A GOOD TIME TO REFINANCE? Is now a good time to refinance is an age old question we don't hear as much these days because rates have been at lows not imagined until now. However, it is a question a home owner should always ask themselves. Generally if one could save 1% on a thirty year note a refinance was something to seriously consider. This rule is somewhat different now with property values escalating as they have over the last few years the interest rate is only part of the equation. Of course saving as much on interest rate is important, other savings can be realized by eliminating or greatly reducing private mortgage insurance because the property values have gone up so much. Another reason to refinance is to change loan programs int...
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By Dora Griffin, NMLS 6380
(D A Griffin Financial.LLC)
Home Loan Shopping, Read the Fine Print Prior to Covid 19 I did in person home buying classes throughout the year. We cover a lot of info which I do by phone now, but one important point I always make is to always read the fine print when home loan shopping. Lenders are going to advertise their best interest rate, best terms, but not everyone qualifies for those terms. If you've listened to an advertisement for automobiles you likely have heard someone speed reading at the end. That is the fine print.  Here is an excerpt from a recent newspaper advertisement for an awesome home loan interest rate. (30 year conventional loan based on a loan amount of $150,000, 75% LTV. (specific pricing was quoted). Additional restrictions may apply. LTV and credit score may require additional fees. Rate...
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