Delavan Real Estate & Mortgage Blog

There are many newspapers in Delavan, Wisconsin and throughout the country that report on what current Delavan real estate mortgage interest rates are.  The problem is they rarely hit the nail on the head.  Whis is this?

 The reporters use flawed data when reporting this information.  They use the Freddie Mac Primary Mortgage Market Survey.  What makes this data flawed?

I’m glad you asked.  This blog post explains clearly: Lake Geneva Real Estate Mortgage Rates.

Many people are aware that the recent downturn in real estate has made many vacation condominiums difficult to sell.  The Abbey Resort is a wonderful vacation spot on Lake Geneva and is no exception to his rule. 

I encourage you read the article written by Shirley Coulman about Lake Geneva Real Estate.

Travis Egan Asst Vice President Walworth State Bank 1221 South Shore Dr Delavan, Wisconsin, 53115 US	Work: 262-728-4203 Mobile: 262-745-5055 tegan@walworthbank.com www.TravisEgan.com
Lender, Lake Geneva Real Estate, Delavan Real Estate

I recently received a question that puzzled me.  I believe I’m a pretty good communicator and yet I hear this question.  Now this gentleman has been a client of mine for years and yet I failed to communicate this information to him.

To read the entire article, click on the link below:

Wisconsin FHA mortgages and the first time home buyer.

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For all your Lake Geneva Real Estate needs, contact Walworth State Bank today @ 262.728.4203 or visit us on our website at www.walworthbank.com!  If you are in need of a Wisconsin FHA mortgage or any other lending questions visit us at www.TravisEgan.com.

I recently had the pleasure of being a part of a wonderful real estate transaction.  Unfortunately, it was all smooth sailing throughout.  There were many tears and moments of extreme anxiety, but with the gracious and diligent efforts of a great Realtor the clients shared the first official Valentine’s Day as a married couple in their new home.

To read the entire article, click on the link below:

True professionalism on display in this Delavan real estate transaction.

I saw an article today on washingtonpost.com website that a person with some knowledge in the Treasury Department is suggesting that banks will lend mortgages at 4.5% for new home purchases.

It got me thinking.  Are interest rates really what’s keeping people from buying real estate in Lake Geneva, Delavan, Elkhorn, Williams Bay or anywhere in Wisconsin for that matter?  I mean rates have already fallen to the mid 5’s on many Wisconsin FHA mortgages. 

I believe the answer may simpler than the experts think.  Read about it here.

I find it alarming that so many so-called mortgage professionals and journalists have consistently and loudly proclaiming this as fact.  In reality, nothing could be further from the truth.  Those of us who have toiled for years advising, counseling, and preparing our clients for homeownership have known this program to be one of the finest loan programs available for first time homebuyers in this or any market.  We extol the virtues of this program because it is NOT  a means to avoid showing underwriters the truth, the whole truth, and nothing but the truth, but the opposite.  The reason FHA will NEVER become the “new” subprime is because everything is verified.

All aspects of FHA mortgages are meticulously verified.

• The borrower’s income is verified.
• The borrower’s assets are verified.
• The borrower’s credit is verified.
• The appraisal is verified and underwritten.
• Social Security numbers are verified.
• Dates of birth are verified.
• Borrower’s are checked against a list to ensure they have not defrauded the government or failed to live up to prior agreements with the government.

It is true that opportunities in the underwriting standards allow the consumer to explain blemishes or situations that do not fit into the norm.  These explanations must be reasonable and documented.  This is the first and most direct opposition to a comparison with “subprime” mortgages.  Most of those programs did not require such scrutiny of the borrower or their finances.  Many of the homeowner’s, who lost their homes, were not properly advised when they were placed into mortgages they could not reasonably afford.  FHA has checks and balances to avoid these indiscretions.

The broad blanket that many cast as a means of comparing FHA and “subprime” do the FHA loan program a horrible injustice.  FHA mortgages have helped many homeowners realize the dream of homeownership.  Will there be foreclosures that come from people who have FHA mortgages?  Unfortunately, yes.  There will always be circumstances that lenders, underwriters, and appraisers cannot anticipate.  Life has a nasty way of reminding this from time to time.  Many Americans will benefit from and because of FHA mortgages.  I am proud to serve those wish to take the next step on getting their piece of the American dream.  Wisconsin homebuyers, more specifically buyers in Walworth County, in places like Delavan, Lake Geneva, Elkhorn, Williams Bay, and Walworth should know there are many qualified lenders who can and will assist you both honestly and ethically.

Local General Motors’ employees learned officially this morning that production of full-size sport utility vehicles will end in Janesville on Dec. 23.

The work stoppage will affect about 1,150 hourly and 130 salaried employees at GM, plus hundreds more at local companies that supply the auto plant.

GM announced in June that it would end SUV production in Janesville by the end of 2010 at the latest, but plummeting sales for the big trucks prompted the automaker to accelerate the closing of the Janesville plant.