WWW.AZCENTRAL.COM
|| S U N D AY , F E B R U A R Y 15 , 2 015
|| PA G E R1
AZ Real Estate REACH US
|| TA M E R A T H O R N T O N , TA M E R A . T H O R N T O N @ A R I Z O N A R E P U B L I C . C O M || B U S I N E S S . A Z C E N T R A L . C O M
CATHERINE REAGOR REAL ESTATE
Insurance cut spurs surge in refinancing
KIM COOK | ASSOCIATED PRESS
Outdoor living spaces have come a long way from the days when “outdoor furnishings� meant a few inexpensive folding chairs around a flimsy plastic table. Today’s outdoor chairs might be wrought iron or wrought aluminum, with upholstered seats. The table might be stone See OUTDOORS, Page R3 GLOSTER/AP
Gloster's Oyster Reef collection features a teak farmhouse-style table. Rustic modern pieces like this are part of a growing trend in outdoor furnishings toward pieces that can work both indoors and out.
Many homeowners were paying attention last month when President Barack Obama announced insurances rates on Federal Housing Administration mortgages would be cut in half. Nationally, the number of people refinancing their FHA mortgage to take advantage of the rate cut and lower their payment has already shot up 74 percent, according to the Mortgage Bankers Association. The mortgage insurance premium dropped from 1.35 percent of the loan amount to 0.85 percent on Jan. 26. “We are seeing the biggest FHA boom in my 12 years in the business,� said Justin Oliver of Phoenix-based Nova Home Loans. The average Arizona homeowner with an FHA mortgage can save about $900 a year with the rate cut, according to the federal government. Most can refinance through a streamlined process that doesn't require an appraisal or the full application process with an income verification. Those Valley homeowners still underwater with FHA mortgages also qualify for the simpler refinance process. In 2014, about 20 percent of the home buyers in Phoenix used FHA mortgages. What's not clear yet is if the insurance-rate cut is spurring more buyers now, but it will take longer for that trend to play out since finding and purchasing a house usually takes a month or two. The White House estimates as many as 250,000 U.S. home buyers will use FHA mortgages to purchase during the next three years. That’s up slightly from previous years. Sammy Glassman, a real estate agent with HomeSmart Elite, is seeing more buyers in the Phoenix market now, but attributes the increase to another lower mortgage rate. Interest rates on home loans are at their lowest level since mid-2013. The current rate on a 30-year mortgage is 3.6 percent, according to government mortgage giant Freddie Mac. That compares to 4.63 percent a year ago. “Buyers have a huge opportunity to save money now with the two rate cuts,� said Jamie Korus, president of Phoenixbased Alliance Financial Resources Phoenix and chair of the national Mortgage Banker’s political action committee. The rebound of the Valley’s housing market is riding on those buyers, particularly Millennials and those boomeranging from foreclosures during the crash, taking advantage of the current lower rates.
Luxury Retirement Community for Active Adults Over 62 Come And Experience The Hospitality!
Call Us. NOW..
To make reservations to be our guest for complimentary lunch and tour.
For more information, see our ad inside!
LUXURY RETIREMENT COMMUNITY OF SUN CITY
623-933-1313 • www.wooddalevillage.com
$5
PHOENIX | 3106 E. Vermont Ave | Open Today 1-4PM
GATED WATERFRONT LUXURY. This incredibly beautiful MLS# estate has breathtaking lake and mountain views. Lush courtyard Bedrooms and dramatic staircase entry. Picture windows frame the kitchen Bath with two warming drawers, pull-outs and pantry. Extended dining Pool room with seating for 14. Kiva fireplace, striking planked and beamed ceiling and wet bar in the family room. Sitting room master Sq. Ft. with fireplace, two walk-in closets, a Jacuzzi tub surrounded by Parking Roman columns and magnificent lake views from a private terrace. Lot Size Large walk-in cedar closet. The second suite is equally special. ZIP Code Majestic outdoor living spaces. Multiple patios, fountain and pool. Wrought iron fencing overlooks the lake and lush greenery beyond. Online Pics – Joseph Callaway Price
Brought to you by Those Callaways Luxury Circle, (480) 596-5751
- 5179958 -4 -4 - Yes - 4,069 - 2-Car Garage - 7,061 Sq. Ft. - 85016 - ThoseCallaways.com - Only $875,000
see more inside $5
SCOTTSDALE | 10004 East Santa Catalina Drive, Lot 6 | Open Today 12-4PM
VIEW-RICH LASH MCDANIEL-DESIGNED HOME IN MLS# DESERT HIGHLANDS. Snuggled at the base of Pinnacle Peak on Bedrooms two lush desert acres, this dramatic Southwest contemporary includes Bath McDaniel’s signature curved walls, vega-beamed ceilings, handPool carved cabinetry and view-rich windows. Surrounded by breathtaking views of Pinnacle Peak, Troon Mountain, Desert Highlands Golf Sq. Ft. Course. Magnificent family room w/volume windows, split-stone ZIP Code accents, swank bar. Wine cellar/tasting room. Game room/billiards parlor walks out to view balcony. Spectacular rear grounds w/party Online Pics Price gazebo, diving pool w/palm-treed island, boulder-trimmed slide, rock waterfall. Putting green. Two-bedroom guest home. Visit tourfactory. com/1278089. Inside: full details, directions.
Brought to you by Sandra Baldwin, Russ Lyon Sotheby’s International Realty
- 5217908 -6 -6 - Yes - 7,647 - 85255 - BaldwinTeam.com - $1,795,000
see more inside $5