Tagged : mortgage 
There are currently 26 blog entries matching this tag.
The Real Estate Transaction | For Sale to Sold
Tuesday, March 29th, 2011 at 12:28am. 3211 Views, 2 Comments.
So much goes into a house before a “For Sale” sign can turn into “Sold” sign. The real estate transaction begins when the seller puts the house on the market and ends when the buyer and seller meet at the closing. First time home buyers or those wishing to sell their first home may be unfamiliar with the sales process, so here is a general overview of most aspects of a typical real estate transaction.
Real Estate Sellers
Hire a Listing Agent - Although it is possible to sell a home without representation, selling a home is best accomplished with the help of a real estate professional. A real estate agent knows all the ins and outs of the real estate transaction and can be a seller’s greatest ally. The real estate agent will determine the home’s value…
Looking for the Elephant in Your Next Home
Monday, March 21st, 2011 at 6:40pm. 3810 Views, 3 Comments.
Buying a home is a huge undertaking, and no one needs to be reminded how significant a financial decision this is. Suffice it to say, buying a home that you soon outgrow, learn to hate after a couple of years, or contains a proverbial elephant can have significant consequences. But, so many of us go into this big decision with either limited criteria (“I know I want a yard for the kids and granite countertops in the kitchen”) - or unrealistic expectations (“If it doesn’t match everything on my list, I’m not buying.”) But, sort of like our significant others, compromise is often required, and the things that draw us in at first aren’t necessarily the things that will make us happy in the long run.
Focus First on What You Can’t Change
Location, Location,…
The Future of Mortgage Interest Rates and What It Means for Housing Recovery
Sunday, February 6th, 2011 at 12:49pm. 2711 Views, 0 Comments.
A lot of attention has been paid in recent weeks to mortgage rates: after plunging last spring and staying at historic lows for six months, they started to rebound in November. With rates up to 5.11% at the beginning of the year according to HSH Associates and fluctuating since, many have been wondering what the future holds for mortgage rates, and how they will impact the tenuous housing recovery.
When mortgage interest rates originally dipped last May, many hoped it would spur home buying and help continue the mini-sales boom caused by the homebuyer tax credit. Similar to the tax credit - which pulled in the summer buying season and arguably didn’t actually create many new buyers - the lower mortgage rates had a muted effect on home sales. Instead,…
Should You Build A New Home or Buy An Existing Home
Tuesday, January 4th, 2011 at 5:48pm. 5289 Views, 1 Comments.
There are two kinds of homes in this world – the kind that are already standing and ready for you to make your own and the kind that you have to build from the ground up and get to personalize along the way. Fortunately, both are readily available and you don’t have to own a hammer to get into either one, although you will need preapproved financing. The hard part for many homeowners is deciding which is best – to build a home from the ground up or to buy one that is move-in ready.
Time Is on Your Side
If you’re sitting in an apartment planning to build your first home, you have all the time in the world. Even if you lease is running out, you can still likely do a month-to-month lease or a short-term lease without too much trouble. Going from leasing to…
Improving Credit Scores
Tuesday, January 4th, 2011 at 2:02pm. 3339 Views, 0 Comments.
It is not easy to increase your credit score but a good rating is essential for a number of life choices including buying and obtaining a mortgage. Although not an easy process, the logic behind increasing your credit rating is quite simple. Make sure that you pay your bills in a timely fashion, reduce debts, and eliminate inaccuracies which would negatively affect your report.
The following are a series of 5 tips that will help you to improve your credit score.
Correct Inaccuracies
All credit bureaus need to correct any errors in the reports. Because the credit score is linked to the credit report, it is essential to review the report from all different credit bureaus in order to ensure accuracy before applying for a mortgage or another form of loan.
If you…
Turn Your Second Home into Positive Cash Flow
Sunday, January 2nd, 2011 at 11:57pm. 2913 Views, 1 Comments.
With the state of the current housing market, it may prove to be a good investment to keep your current house rather than selling it when you buy the next one. A second home can be a source of revenue if you are smart about how you manage it.
If your current house has a mortgage, you can rent it out to continue paying the mortgage, build equity, and eventually pay it off. Once paid off, it can become a great source of monthly income, netting positive cash flow after the typical expenses of maintainence, insurance and taxes.
If your second home is a vacation house, short-term rentals are a good way to generate income. Vacation homes can make good money being rented during peak seasons, especially if it is located in a desirable destination such as the beach…
Turn the Christmas Spending Blues to Green
Sunday, December 26th, 2010 at 3:26pm. 2497 Views, 0 Comments.
After we’ve dashed through the malls and stretched our wallets in the name of gift-giving merriment, a little post-holiday financial restraint is usually in order. If you have a little cash left over, though, or have a home improvement fund to tap into, now can be a great time to make an investment in your home - and save money in the process. Deals are plentiful this time of year, but for most you’ll have to move quickly to take advantage of them.
Think Energy Efficiency
The much-hyped federal energy tax credits - which offer a 30% credit on energy-efficiency home improvements up to $1500 - are coming to an end December 31. While it might be a little late to try and get a new HVAC unit installed by year-end, there are other projects which you might be…
De-Mystifying Adjustable Rate Mortgages
Saturday, December 11th, 2010 at 6:15pm. 2463 Views, 1 Comments.
When dust from the recent downturn in the economy settled, it became obvious that many ill advised mortgage loans had been taken out. Many borrowers made Adjustable Rate Mortgage (ARM) loans without any real concept of what they were getting into. ARM’s are a bit more complex than fixed rate mortgages and therefore, a little harder to understand. Simply put a fixed rate mortgage is one in which the interest rate stays the throughout the term of the loan whereas with an ARM the interest rate and payment amount can change. Many factors determine the rate at which interest is charged with an ARM.
In general, ARMs feature low initial rates of interest with consequent low monthly payments. Some borrowers fail to look beyond these low amounts and therefore miss…
Do Realtors Earn Their Commissions?
Tuesday, September 14th, 2010 at 5:48pm. 1890 Views, 1 Comments.
Ah, the life of a Realtor ... show up, unlock the door, parade people through, lock up – then sit back and wait for a big, fat commission to line the ol' wallet. Easy peasy, right?
Wrong. Misconceptions about the role of a Realtor are a dime a dozen.
Houston-area Realtor Candy Ferrer said commissions aren't as great as they might seem. "Rates are not fixed, but most commissions are six percent," Ferrer said."But, the consumer typically thinks the Realtor they are working with is the person that gets to pocket the entire commission."
Based on a $100,000 sale, a six percent commission totals $6,000. Of that amount, the commission is usually split in half – with three percent for the office of the agent who represents the buyer, and three percent for the office…
Make Your Own Income Property
Saturday, September 11th, 2010 at 6:55am. 1402 Views, 2 Comments.
As the economy has struggled these past few years Americans are finding more and more ways to save money and maximize their investments. Going out to dinner is increasingly rare, grocery shoppers are armed with fistfuls of coupons, and window shopping is quickly replacing baseball as America’s favorite pastime. Mortgage payments are another expenditure many Americans are looking to either reduce or eliminate altogether. When refinancing is not an option and selling your home is out of the question, many Americans have taken on a title they once found distasteful: landlord.
Turning Your Home into a Rental Property
Renting out a portion of your home such as a finished basement is becoming a more popular trend for many homeowners nationwide. While the market…
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