 Greetings!
NRI is proudly celebrating our 25th anniversary! The times are indeed changing and we have kept a firm hand on the wheel to provide extraordinary service in these extraordinary times.
Thank you for your continued trust and confidence in all of us at NRI. Whether you are a customer, a business partner, investor, or friend; we treasure you.
Sincerely,
Susan Bender |
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Mortgage Approval:
It Was Getting Easier Before It Just Got Harder...
Mortgage rates just recently hit a record
low making it a great time to buy
or refinance your home. However, mandated federal
changes  and stricter guidelines have made the process of getting a mortgage more difficult to understand and more difficult to obtain. The good news is that loan officers are now more experienced with the tough guidelines and are doing a better job of preparing consumers for the rigourous examination and the last minute requirements from the underwriters. The new rules are more certain, and the new rules have made it more difficult to obtain a mortgage than anytime in our history.
In the last several years, mortgages insured by the FHA have been among the easiest to qualify for. FHA backed loans require lower down payments and lower credit scores than most other mortgages; making them incredibly popular. Today, FHA home loans make up more than 30% of the mortgage market, up from 3% in 2006. But as of October 2010 they're harder to get - and more costly.
The Department of Housing and Urban Development, which oversees the FHA loan program, is raising the cost to borrowers and raising the required credit scores. And, in order to earn more money on fewer loans to less risky borrowers, the agency is increasing the mortgage insurance fee tacked on to FHA loans from .50% up to .90%. Over the life of a 30-year $300,000 mortgage, that could add an additional $24,000 in payments. Higher annual premiums result in larger monthly payments and some buyers won't be able to borrow as much.
With banks reluctant to lend without a guarantee, and private institutions mostly refusing to provide one, the federal government has been the guarantor of last resort for would-be home-owners. And now they're taking a step back. As of October 4th, borrowers with credit scores below 500 will no longer qualify for an FHA-backed loan, and those with scores under 580 must put at least 10% down -- up from the 3.5% down payment required previously. Indidvidual lending institutions have their own rules as well and many require credit scores over 620.
All this just means more challenges for homebuyers at a time when houses are significantly cheaper and rates are incredibly low.
For more information please contact us at (800)598-8887. |
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Worldwide ERC 2010 U.S. Transfer Volume & Cost Survey
Excerpt taken from the MOBILITY Magazine, September 2010
The 2010 Transfer Volume & Cost Survey certainly reveals steep declines in transfer activity between 2008 and 2009, and some significant increases in costs. These results are unsurprising as the economy struggles to recover from the worst recession since the Great Depression. The turbulence of the past few years has driven organizations to continually seek policy and program options that curtail their costs. In addition, challenging housing markets and negative home equity positions continue to fuel employee reluctance to relocate, which continues to be a problem for companies.
Click here to read the complete survey.
Contact NRI, for more information. We can help! 800-598-8887
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Susan Bender
NRI Relocation
847-465-5502
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| | Pass The Word! | NRI is confident that we can wow new customers with the same personal service we provide to you and your employees. We invite you to tell others about us so that they, too, can experience the difference.
They will find what other NRI clients have found -- that no other relocation company will give them the time, attention and VIP treatment that NRI does. Employee relocation is a people business and we put our people to the test daily to create a positive experience for our clients and their employees.
Please pass the word, and let NRI show them how it's done - when you trust a company that cares about your employees as much as you do.
We guarantee -- They will appreciate NRI's white glove service as much as you do!
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