Purchase Money Mortgage

Mortgage Rates Surf the Downside of the Swell, July 28, 2011

Mortgage rates may improve slightly today as traders keep making money pushing the mortgage-backed securities market in a different direction each day.  With no outcome of the political debacle unfolding in Washington easily discernible, traders just keep money in motion.  Money in motion earns the greatest returns.  Home purchasers and refinancers should focus on safety and lock-in current mortgage rates if possible.

Paul McCartney famously stated, “If slaughterhouses had glass walls, everyone would be a vegetarian.” Watching our American political process is much like having a clear view inside a meat packing plant. If you want to avert your eyes from the political process in Washington, you may find the view of the trading floors in New York and Chicago more interesting.  The financial markets offer a way to observe the effects of the political turmoil without having to watch the process directly.

From my perspective the markets are telling us that they are concerned with the political uncertainty, but not in a panic over possible financial fallout.  Yes, the stock market has headed meaningfully lower, but the downward move has been quite “orderly”.  The bond market, which is more directly connected to the debt crisis, has been even less affected.  The debt markets expect a resolution.

In the midst of the chaos over the debt ceiling increase debate some good economic news was released.  For the first time in 4 months the new claims for unemployment benefits fell below 400,000.  However, like some many economic reports lately the news wasn’t all good.  Continuing claims edged higher and last week’s first-time claims number was adjusted higher.  Nevertheless, good news on the job front really is good news.  If next week’s report can begin to demonstrate a positive trend, we may be witnessing an important turning point in our multi-year battle to escape the impacts of the housing and financial crisis it wrought.

We provide some of the lowest current mortgage rates and FHA Rates for new purchase as well as for refinancing . We offer fixed rate mortgages , adjustable rate mortgage , FHA Home Loans , FHA Refinance along with some of the best Jumbo Mortgage Rates in the country.

Offer to Purchase Real Estate | Best Sample Forms

Offer to Purchase Real Estate

To:  ____________, ______________, _____________, ________________

_________________, referred to herein as BUYER, offers to purchase the following described real estate from ____________, referred to herein as SELLER, upon the terms and conditions stated herein.

This offer shall expire unless accepted by 5:00 p.m. on ____ ________. SELLER shall signify acceptance by executing the attached form of acceptance.

The gross purchase price shall be $ ________ (___________ &___/100 dollars). The legal description of the property is:

____________________________________________

To be paid upon the following terms:

$ _____(______________ &___/100 Dollars), to be paid at closing.

The buyer shall assume and agree to pay the following existing mortgages upon the property. The unpaid principal balance of these mortgages shall be a credit towards the purchase price:

_____________________________________________________________

At least 5 business days before closing, SELLER shall provide to BUYER estoppel letters providing the balance, assumability and current good standing of the above stated mortgage(s).

The BUYER shall execute a new purchase money mortgage to SELLER, in the principal amount of $________, (___________________ &___/100 dollars) payable as follows:

Interest at the rate of: __ percent Payment schedule: _______

Said mortgage shall have the following priority:

_____________________________________________________________

This offer is conditioned upon BUYER obtaining loan approval at least __ days prior to closing of this transaction, of a mortgage loan as follows:

Principal amount: $______ (____________________ &___/100 Dollars)

Loan term: ____________

Maximum interest rate as APR under regulation Z: ____ percent

Maximum points to be paid by BUYER: ____

Maximum application fee: $____

BUYER shall make a mortgage loan application within 3 working days of the acceptance of this offer, and should the BUYER’s loan application be denied, the BUYER shall have the option, within 2 business days to rescind this transaction. If BUYER elects to rescind the transaction, BUYER shall receive any deposits made from SELLER.

The closing will be held within ____ days of the acceptance of this offer to the SELLER, but in no event in less than 20 days from the notice. The SELLER shall convey to the owner by warranty deed the property herein, and the title thereto shall be merchantable. Within 30 days of acceptance, the SELLER shall provide a binder for title insurance in the principal amount of the purchase price. The title shall be free and clear of any encumbrances other than those, if any, to be assumed by the BUYER at closing. Should any defects be in the title, the SELLER shall have 60 days to clear the same. If the SELLER is unable to do so, BUYER shall have the option of closing or rescinding this contract. Should BUYER rescind the contract, then the SELLER shall refund as liquidated damages, and not a penalty, the funds paid for the option to BUYER.

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A treatise on the law of judgments, including the doctrine of res judicata

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