Western Montana Real Estate

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Your Western Montana Living Resource. It’s time to start living the Montana Way.

We are your Western Montana Real Estate specialists.  With office locations in Missoula, Hamilton, Polson, Kalispell, Meadow Lake, Libby, Deer Lodge and the Southgate Mall in Missoula.

Lambros ERA Real Estate
Phone: 406-532-9200
Toll Free: 888.735.sold
Fax: 406-532-9330
 
April 23, 2014 · by Gabrielle · Commercial Real Estate, Real Estate, Uncategorized

By Reva Nelson on RISMedia

As of January 1, 2014 the new Consumer Financial Protection Bureau (CFPB) rules and requirements for buying a home and refinancing a mortgage, also known as the “qualified mortgage” or “ability-to-repay” rules, are in effect. There may be a few challenges ahead for buyers who may not be prepared for the heightened level of financial scrutiny. The good news is that by having a firm handle on the changes, brokers and their agents can stay ahead of the game, guiding their buyers as they navigate the new requirements.

The new rules, designed to discourage the predatory and risky lending that led up to the recent financial and housing crisis, stem from the Dodd-Frank Act of 2010. Among other things, the sweeping legislation established an independent consumber bureau within the Federal Reserve to protect borrowers against abuses in mortgage and other types of lending. Predatory lending practices (in theory) are a thing of the past. The goal is that the new rigor in ensuring homebuyers can afford to repay their mortgages will stabilize the housing market for the long term.

What Brokers Need to Know

For brokers and agents, the new mortgage rules mean that buyers must jump through more hoops than in the past.  As such, the new ability-to-repay guidelines require more documentation for both borrower and lender.  And the new qualified mortgage (QM) guidelines, if adhered to, mean that both the lender and borrower are protected in the event of a loan default.

In a nutshell, for buyers, these guidelines mean:

  • No more interest-only, negative amortization, balloon payment loans, or prepayment penalties, since these are risky products.
  • Upfront points and fees must not exceed 3% of the total loan amount.
  • Debt-to-income ratio may not exceed 43%.
  • For brokers and agents, this means helping buyers understand that to qualify for a QM, they may have to stick within a specific price range unless they can put down a bigger down payment or find a co-signer.

Read the rest of this informative article here.

Missoula Office
3011 American Way | Missoula, MT 59808
406.532.9200 | 888.735.SOLD (7653)
Fax: 406.532.9330

Website: www.lambrosera.com

April 17, 2014 · by Gabrielle · Uncategorized

There are many reasons that hiring a real estate agent is a good idea. This great infographic will show you the top ten.

April 10, 2014 · by eraw5330 · Commercial Real Estate, Real Estate
April 9, 2014 · by Gabrielle · Uncategorized

Lambros ERA would like to congratulate Jack Wade, Bill McQuirk, Gary Bergum, and Core Gilmore Nelson on earning Top Producer for the month of March! Visit any of our offices in western Montana for the most professional and knowledgeable real estate agents in the business.

March 27, 2014 · by Gabrielle · Uncategorized

From the fax machine to Facebook, the real estate industry has changed significantly. As an industry innovator, ERA Real Estate has always been at the forefront of that change. Over the last five years, we have undergone a comprehensive brand revitalization. This journey has led to the introduction of our new ERA identity.

Today, we are proud to introduce a fresh new look for the brand, reflecting who we are today and where we are headed for the future.

With a modern, dynamic feel that conveys moving forward and upward, our new logo is the visual representation of an energized brand that is positioned for the next generation.

Our new logo retains the positive equities of our recognizable brand mark and is, we feel, a modern and contemporary expression of our brand.

March 17, 2014 · by Gabrielle · Uncategorized

From Realtor.com February 13, 2014

Mortgage rates for most U.S. home loans remained largely unchanged this week following news of rising unemployment claims.

The average for a 30-year fixed-rate mortgage rose to 4.28 percent, up slightly from 4.23 percent last week, according to the latest survey from mortgage buyer Freddie Mac. Although the increase was small, it marked the first time the 30-year fixed-rate mortgage has risen in 2014. The popular loan averaged 4.53 percent at the start of 2014 and was at 3.53 percent a year ago.

The 15-year fixed-rate average remained the same week-over-week at 3.33 percent. It averaged 3.55 percent at the beginning of this year, and was at 2.77 percent a year earlier.

Averages for hybrid adjustable-rate mortgages were mixed. At 3.08 percent a week ago, the five-year ARM is now trending at 3.05 percent. A year ago, it averaged 2.64 percent. The one-year ARM rose to 2.55 percent from 2.51 percent a week ago. It averaged 2.61 percent at this time last year.

“Mortgage rates were little changed amid a week of light economic reports,” Frank Nothaft, vice president and chief economist for Freddie Mac, said in a statement. “Of the few releases, the economy added 113,000 jobs [PDF] in January, which was below the market consensus forecast and followed a slight upward revision of 1,000 jobs in December. Meanwhile, the unemployment rate fell to 6.6 percent, which makes 13 consecutive months without an increase.”

Click here for the rest of the article.

Missoula Office
3011 American Way | Missoula, MT 59808
406.532.9200 | 888.735.SOLD (7653)
Fax: 406.532.9330

Website: www.lambroserarealestate.com

March 4, 2014 · by Gabrielle · Commercial Real Estate, Real Estate, Uncategorized

Lambros ERA would like to congratulate Goldie Dobak, Julie Gardner, Bessie Evans, and Kerry Munro Mann on earning Top Producer for the month of February! Visit any of our offices in western Montana for the most professional and knowledgeable real estate agents in the business.

Western Montana Real Estate offices located in Missoula, Missoula Southgate Mall, Hamilton, Kalispell, Libby, Polson and Deer Lodge © 2014 Lambros ERA