Scottie Pippen Lists Mansion With Basketball Court

shutterstock_192990545Selling this mansion in suburban Chicago ought to be a slam dunk for retired basketball star Scottie Pippen, who’s asking $3.1 million.

The 10,000-square-foot spread gives new meaning to the term “home court advantage” with a basketball court painted with a larger-than-life version of Pippen’s No. 33 jersey from the Chicago Bulls.

“The pool and basketball court add to this already incredible family home,” said listing agent Paul Gorney of Berkshire Hathaway KoenigRubloff Realty Group.

A short drive from Lake Michigan, this estate gets in the lane with 2.9 acres that include an infinity pool, spa and slide. There’s lots of room for plays with a two-story living room, a recreation room, sauna and steam rooms, and a wine cellar.

It runs the floor with 5 bedrooms and 5.5 baths, including two master suites and a soaking tub big enough to relax even an Olympic “Dream Team” player. But if you’re looking for something even bigger, Michael Jordan is still trying to sell his estate just down the street.

Photos by Jeff Worman/Windy City Drones

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from Zillow Porchlight http://www.zillow.com/blog/scottie-pippen-lists-mansion-200789/

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Ten-X: Home sales still going up, though pace is slowing

Home sales continue to increase, but at a lower rate than past months. However, according to Ten-X executive vice president, Brexit could change everything. Here’s how. http://www.housingwire.com/articles/37408-ten-x-home-sales-keep-going-up-pace-is-slowing ❤️ #share #mortgage

Freddie Mac: #mortgage rates plummet after Brexit vote

After the Brexit vote, where Britain voted to leave the European Union, #mortgage rates in America plummeted close to the all-time lows in 2012. Here, Freddie Mac’s chief economist talks about what that could mean for the economy in the coming months. http://www.housingwire.com/articles/37407-freddie-mac-mortgage-rates-plummet-after-brexit-vote ❤️ #share #mortgage

3 Reasons to Buy Luxury Property THIS Year!!

For that reason, prices haven’t skyrocketed as they have in the lower and mid-tier markets. This, coupled with sensational #mortgage rates, means that this may be the perfect time to purchase the luxury property you have always desired.

Let’s break it down into the three major reasons to act now:

1. There are more homes from which to choose

According to a recent Wall Street Journal article, inventory in the upper end is increasing, while it is decreasing at the lower and mid-tier price ranges. Here is a graph showing the average increase/decrease in inventory for the first four months of this year as compared to last year:

2. Prices are becoming more reasonable

In a separate article, the Wall Street Journal also talked about prices in the luxury market. They explained that downward price adjustments have been more common in the luxury market than in markets with lower prices. They went on to say:

“The growing number of price cuts suggests luxury-home sellers are becoming more realistic about property values as sales have slowed, said several real-estate veterans.”

Not only will you have more to choose from, but you may also be able to get the property at a reduced price.

3. #mortgage rates are at historic lows

In the past, one of the drawbacks to purchasing a luxury property was the larger #mortgage rate on “jumbo” loans which are often required on high end properties.

However, HSH.com just revealed that jumbo rates just set new record lows:

“While conforming fixed-rate #mortgages eased a little this week, 30-year fixed-rate jumbos declined enough to break into new record low territory (3.66%), besting the previous low set in April by two basis points.”

Bottom Line

More choices, better prices and historically low #mortgage rates may make this the perfect time for you to own one of those luxury properties you and your family have always fantasized about. http://www.simplifyingthemarket.com/en/2016/06/30/3-reasons-to-buy-luxury-property-this-year/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Disbarred New York lawyer gets 3 years for phony ticket resale, real estate schemes

A disbarred New York attorney will spend more than three years in prison after being convicted on multiple charges stemming from his involvement in a ticket resale fraud scheme and a real estate investment fraud conspiracy that cheated multiple victims out of more than $3 million. http://www.housingwire.com/articles/37406-disbarred-new-york-lawyer-gets-3-years-for-phony-ticket-resale-real-estate-schemes ❤️ #share #mortgage

How Will Britain’s Exit From the EU Affect U.S. Mortgage Rates?

Financial market turmoil can be good for mortgage rates. Don’t forget this concept as you continue to read headlines about how a “Brexit” is wreaking havoc on markets.

Brexit is slang for Britain’s vote Thursday, June 23 to exit the European Union (EU), which is a political and economic union allowing free trade and movement of people among 28 member countries.

This outcome was unexpected, and caused stock markets around the world to nosedive.

Mortgage rates approach record lows

The Brexit vote also caused U.S. mortgage rates to nosedive. Rates were down .125 percent the day after the Brexit vote, and are now approaching all-time record lows as 30-year fixed rates move below 3.5 percent.

Why? Because Brexit uncertainty is causing investors to sell riskier global stocks and buy safer U.S. mortgage bonds – which are among the safest bonds in the world because they’re comprised of U.S. home loans approved using the strictest guidelines in decades.

When bond prices rise on this buying, bond yields (or rates) drop. When rates drop, it’s often a good time to refinance your mortgage.

To put it in perspective: On a $300,000 loan, if you refinanced at a rate dip of .25 percent, your payment could be lowered by $42 per month.

Mortgage rate outlook from here

When markets are driven more by politics than economics, rate movement will be especially unpredictable. If this Brexit-driven rate dip meets your financial objectives, you should work with your lender to refinance at this lower rate.

Some projections call for rates to rise gradually as Brexit concerns wane, but, conversely, there is also a growing consensus that ultra-low rates may be here to stay.

If you have the stomach to watch rate markets a bit longer, Brexit isn’t the only factor driving lower rates. Forthcoming Brexit negotiations may inspire other EU countries to seek independence, which would fuel market turmoil and keep U.S. rates low.

This sentiment has already caused the Federal Reserve to pause its rate hike campaign, citing non-U.S. factors as contributing to increased risk of U.S. recession.

These conflicting predictions mean rate movement will be especially unpredictable in the coming months, so it’s best to lock rate dips that meet your financial objectives. Your lender can help you with your objectives and mortgage math.

Tips for refinancers

Thinking of refinancing to take advantage of the low rates? Here are a few tips.

  • Ensure your lender is quoting correctly. Rate quotes are predicated on a loan closing in a certain number of days. Longer rate locks have higher rates, and lock extensions can eat away refinance savings. If you see one rate quote lower than another when you shop, ask that lender what their rate lock period is, and make sure they can close your loan within their rate lock period.
  • Ask about timing. Lenders get extremely busy during rate dips, so ask your lender to confirm that they’re quoting a rate that allows them enough time to close your loan. (If they can’t, you can look into finding a new lender.)
  • Don’t forget your second mortgage. Your second mortgage holder must agree to the terms of your new first mortgage refinance before the refinance can close. This is required even if you have a Home Equity Line of Credit (HELOC) with a zero balance. This step will add time to the process, so make sure lenders you’re shopping with know this as they’re quoting rates.
  • Get ready to provide documents again. Even if you refinance with a lender you’ve worked with before, federal laws require them to update your employment, income, asset, and debt documentation for a new loan.

When do refi costs break even? A typical refinance costs $2,000 to $4,000, depending on your market. Interest cost savings from the refi should repay closing costs within 24 to 36 months. A refinance calculator can help you estimate your breakeven time.

And don’t forget that a “no-cost” refinance isn’t actually without cost. You’re just accepting a higher rate to enable your lender to credit closing costs. Make sure your lender compares long-term savings of cost vs. no-cost refi options.

Reminder for home buyers

A rate lock runs with a borrower and a property, so as a home buyer, you cannot lock a mortgage rate until you’re in contract to buy a home.

Rate dips like the current one tipped off by the Brexit vote benefit you as a home shopper because you’ll likely get to lock a lower rate when you get into contract. But until then, you’re subject to daily rate market movements.

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Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.

from Zillow Porchlight http://www.zillow.com/blog/uk-exit-eu-affect-us-mortgages-200793/

BancorpSouth fined $10.6 million for discriminatory lending, redlining

BancorpSouth will pay $10.6 million to settle charges against the bank by the Department of Justice and the Consumer Financial Protection Bureau, which accused the Mississippi-based bank of redlining and discriminatory lending practices. The agencies accused BancorpSouth of engaged in a number of discriminatory practices, including illegally redlining in Memphis, and implementing an “explicitly discriminatory loan denial policy.” http://www.housingwire.com/articles/37405-bancorpsouth-fined-106-million-for-discriminatory-lending-redlining ❤️ #share #mortgage