Gina McKinley's Real Estate Blog

Remodeling Your Mesa AZ House

Sat, 21 Nov 2009 13:45:06 -0600

Be careful what you spend these days when you are thinking about remodeling your Mesa AZ house. Home values are down and so are the recovered costs of remodeling.

It is best to take a look at the cost vs. value before taking on a remodel project. In 2005, at the peak of the real estate market nationwide, approximately 87% of the cost of a remodel would be recouped in the sale of a home. Today's real estate market is recovering approximately 64% of the remodel costs.

Everybody is watching their wallets, so if you are considering a remodel think carefully. While remodel costs are down it is important to remember that home values are down too. Unless you want to stay in your Mesa home for the duration of your mortgage, you cannot count on recovering costs of a major remodel.

However, some remodel options that are more cost effective than others in today's market. These projects include: roofing, siding, windows, and doors. Redoing or finishing a basement or attic is also recommended instead of adding an addition. These items are recommended because a seller will recoup a greater percentage of the cost when they sell their Mesa AZ home.

Gina McKinley can help you buy or sell a Mesa home. Gina McKinley, a Mesa real estate agent, can be reached at (480) 355-8645 or by email. Gina McKinley also maintains a AZ foreclosure website at www.azforeclosurereliefnow.com.

First Time Homebuyers in AZ Helping Economy

Tue, 17 Nov 2009 21:49:32 -0600

If you have been following real estate news and reports during the last year, it comes as no surprise that there hasn't been a better time to be a first time home buyer in years.

First time home buyers alone attributed to 46% of real estate transactions this year, compared to 41% of home sales for the prior year. Of course the fact that interest rates are hovering at historically low rates, and homes are less expensive than they have been in years, are huge factors to the prior statistic.

These conditions make home buying ideal, but the First Time Home Buyer Tax Credit has also added an incentive to make buying real estate in 2009 extremely enticing for the first time home buyer.

Overall, the first time home buyer is helping to stabilize the Chandler AZ real estate market and nationwide. According to NAR president Paul Bishop, "These buyers are critical to the housing and general economic recovery because the market always heals from the bottom up. New home buyers absorb inventory, free existing owners to make a trade to a new home, and stimulate related goods and services."

The First Time Home Buyer tax credit has recently been extended and expanded to include current home owners who have lived in their homes for at least five years as well. Clearly the current incentives have worked for the first time home buyer, and the inclusion of current home owners should help further stabilize the real estate market.

Gina McKinley is a Chandler real estate expert in the first time home buyer arena. Gina McKinley would be happy to show first time Chandler AZ home buyers what homes Chandler AZ real estate has to offer.

Gina McKinley can be reached at (480)355-8645 or by email.

Take Advantage of the AZ Buyer's Market Conditions

Sat, 14 Nov 2009 15:17:06 -0600

There has been a lot of talk about what caused the housing bubble to crash, but hopefully learning the reasons behind the real estate market downturn could help us avoid a future occurrences. As with anything in life, hindsight is always 20/20, but economists are blaming the housing bubble on a few factors.

One economist, Randal O'Toole, points out that the housing bubble crashes that have occurred across the country was actually more localized and in far fewer markets than the general population has been lead to believe.

According to O'Toole only 12 states have really been hit by the housing bubble burst. This particular economist attributes the the largest issues occurred in states with urban planning departments because they typically restricted further development which can create a volatile real estate market.

Of course, one of the largest reasons is the 0% down loans. The traditional 20% down on new houses purchases helped cover a borrower during typical market fluctuations and also kept borrowers from going belly up on their homes.

When the 0% loans were offered to future home buyers, a borrower had nothing to lose if they foreclosed on their new property. Fannie Mae and Freddie Mac further perpetuated the problem by purchasing loans with 10%, 5% and then 0% down. Other lending institutions then followed suit making the sub-prime loans run began to snowball.

Hopefully we can learn from our mistakes as a nation regardless of whether the real estate bubble burst has happened in 12 states or 50 states. Understanding how we got here will help us face the future, but ultimately now is the time to take advantage of the recently leveled out housing market.

The buyer's market conditions of today can be taken as a huge opportunity for many future Arizona home buyers. AZ homes on the market today due to AZ foreclosures can be a great place to begin your Arizona housing search.

Gina McKinley, an AZ real estate agent in the Phoenix AZ area, can help you find your Phoenix AZ home, Gilbert AZ home, Scottsdale AZ home, or Mesa AZ home today. Gina McKinley can be reached at (480) 355-8645 or by email.

Chandler AZ & Nationwide Real Estate Appears to be Stabilizing

Tue, 10 Nov 2009 16:55:35 -0600

A recent report shows real estate appears to be stabilizing across the country. The well known S&P/Case-Schiller index shows that in the 10 city index and in the 20 city index both showed a marked improvement in real estate in the majority of cities.

Although these are small improvements or minimal devaluation in home values, this news is still a welcome relief to many around the country and especially to Chandler AZ property owners. Home values are up anywhere from .1% to 3.4% in ten cities.

While the news is certainly not a staggering improvement, it is still encouraging because it indicates that real estate markets across the country are leveling out. Home values have stopped falling sharply and people are being drawn back into the real estate market.

To many, the recent market stimulation is due to low home values, low interest rates, and the First Time Home Buyer Tax Credit have all combined to create an ideal buyer's market, especially in the Chandler AZ real estate arena.

Gina McKinley, a Chandler AZ realtor, would be happy to show you your dream Chandler AZ property or tell you more about Chandler AZ homes. Gina McKinley can be reached at (480) 355-8645 or by email.

Milano Terrace Condo In Scottsdale For Sale

Tue, 10 Nov 2009 15:28:20 -0600

Gorgeous Apartment Style Condo! Kitchen Features Granite Countertops, Stainless Steel Appliances and Beautiful Updated Cabinets! Unbeatable Golf Course View From Deck & Living Room! Lots Of Storage! Great Location-Close To P.V. Mall & Restaurants... True Resort Living!

Call Gina McKinley, ABR, CRS, CDPE, Associate Broker at 480-355-8645 in order to schedule an appointment to view this home.

For more pictures and a property brochure, please visit our web page at http://www.LocateArizonaHomes.com/5122Shea2079.

Augusta Ranch Home In Mesa For Sale

Tue, 10 Nov 2009 12:13:27 -0600

Gorgeous Home In Lovely Augusta Ranch Golf Course Subdivision! This Esquisite Home Was A Former Model! This Home Features Custom Drapes, Decor Paint Throughout, Beautiful Rounding Staircase, Neutral Colored Carpet Throughout & Tile In All The Right Places! Spacious Kitchen Features Tiled Countertops, White Appliances & Breakfast Bar! This Home Has Too Many Extras To List! Don't Miss Out On Seeing This Beautiful Home!

Call Gina McKinley, ABR, CRS, CDPE, Associate Broker at 480-355-8645 in order to schedule an appointment to view this home.

For more pictures and a property brochure, please visit our web page at http://www.LocateArizonaHomes.com/9707Navarro.

Edge At Grayhawk Condo In Scottsdale For Sale

Mon, 09 Nov 2009 16:48:13 -0600

Gorgeous Apartment Style Condo! Marble Counters Throughout! Kitchen Features Upgraded Black Appliances! Fridge, Washer & Dryer Convey! Master Bathroom Features Garden Tub! Don't Let This Condo Pass You By!

Call Gina McKinley, ABR, CRS, CDPE, Associate Broker at 480-355-8645 in order to schedule an appointment to view this home.

For more pictures and a property brochure, please visit our web page at http://www.LocateArizonaHomes.com/20100N78thPlace.

First Time Home Buyer Tax Credit Approval Will Help Arizona Home Sales

Fri, 06 Nov 2009 14:00:28 -0600

This last Wednesday, the Senate has approved an extended and expanded tax credit for home buyers. The First Time Home Buyer Tax credit has been seen as a huge success in Arizona home sales and nationwide real estate. Its expiration on November 30 has had many in the AZ real estate industry feeling nervous about what its end would mean.

Those fears can now be put aside. While the bill still has to pass through the House, which it is expected to do next week, is was overwhelmingly approved by the Senate in a 98-0 vote.

What is new and improved with the extended and expanded tax credit? The new and improved tax credit is still for first time home buyers but will also include home buyers who haveowned their current home for 5 years or more. The credit is up to for $6,500 for these current homeowners and remains at up to $8,000 for First time home buyers or home buyerswho have not owned a home for the past three years. The tax credit is income restricted, as an individual cannot make more that $125,000 annually and a couple cannot make morethan $225,000 jointly.

A home must be a primary residence and valued at $800,000 or less. Buyers must have an Arizona property under contract to purchase by April 30, 2010,and the AZ property must close by June 30, 2010.

The passing of this extended, expanded tax credit is good news on the Arizona home sales front and is expected to be the last taxcredit offered for a long time to come.

Gina McKinley, a Arizona real estate agent, can help you find your perfect Chandler AZ home, Gilbert AZ home, Mesa AZ home, Scottsdale AZ home, or Phoenix AZ home to take advantage of the new and expanded tax credit for home buyers.. Gina McKinley can be reached at (480) 355-8645, by email, or on her Arizona real estate website.

Arizona Foreclosures Are Expected to Subside In Coming Year

Thu, 05 Nov 2009 16:51:09 -0600

Arizona foreclosures are expected to subside in the coming year. The latest data released by UFA L.L.C., a firm located in Ann Arbor Michigan that researches mortgage activity, states that foreclosures in Arizona and nationwide are expected to decrease in the next year.

After four years on the rise there is no doubt that it will be nice to see Arizona foreclosures start to subside. Improvements in the AZ and nation wide foreclosure arena are seen linked to tighter lending practices, home prices stabilizing, and an improving economy.

The one element working against foreclosures is the increasing unemployment which will leave some without the ability to make their Arizona mortgage payments. The onslaught of no-doc loans and inflated home prices led to four years of increasing foreclosures in Arizona and around the country.

The decline of Arizona real estate values is largely attributed to an elevated rate of Arizona foreclosures. A decrease in Arizona foreclosures will be a welcome sign for the Arizona real estate market in the coming future.

Gina McKinley, a Arizona real estate agent, can help you find Arizona foreclosed properties to buy. Gina McKinley can be reached at (480) 355-8645 or on her Arizona real estate website.

Maricopa Meadows Home In Maricopa For Sale

Wed, 04 Nov 2009 13:06:40 -0600

This Is Not A Short Sale Or An REO! This Gorgeous Home Features Neutral Colored Carpet & Tile, 9+ and Vaulted Ceilings With Ceiling Fans Throughout! Granite Countertops In Kitchen Along With Stainless Steel Appliances Make This Home Even More Desirable! Decor Paint Throughout! Back Yard Features Built In BBQ, Play Pool With Rock Fountain Accent and Desert Landscaping! This Home Is A Must See!

Call Gina McKinley, ABR, CRS, CDPE, Associate Broker at 480-355-8645 in order to schedule an appointment to view this home.

For more pictures and a property brochure, please visit our web page at http://www.LocateArizonaHomes.com/45988MorningViewLane.

Internet Can Help Chandler AZ Rentals

Tue, 03 Nov 2009 18:37:11 -0600

Thanks to the Internet, becoming a Chandler AZ landlord can be easier than you think. Many people are holding on to their Chandler AZ real estate these days, some by choice, and others because they are waiting for a stronger market. Those that simply cannot sell their homes, offering their home as a Chandler AZ rental may be an option.

Essentially there are becoming more and more first time landlords, and this job can seem a bit daunting, especially if you don't live near your property. Sometimes collecting the rent every month can be easy, but many landlords have a more difficult time chasing down rent, making repairs, and having to constantly oversee their tenants and properties.

Thanks to a new Internet business, PayYourRent.com, renting your Chandler AZ home can be much easier. This website business helps Chandler AZ landlords collect rent, track repairs, help tenants set up the utilities, and more. Utilizing an Internet service like www.PayYourRent.com, can help communication between landlord and tenant and att the very least, this Internet business and other like it, can help Chandler AZ rentals achieve and keep rental success for both the Chandler AZ landlord and the Chandler AZ tenants.

Gina McKinley, a Chandler AZ real estate agent, can help you find your perfect Chandler AZ rental unit or list your Chandler rental home. Gina McKinley can be reached at (480) 355-8645 or on her Chandler AZ real estate website.

Islands Home In Gilbert For Sale

Tue, 03 Nov 2009 11:28:54 -0600

This Short Sale Won't Last Long! Beautiful Wood Floors, Neutral Colored Carpets and Decor Paint Make This Home Warm and Cozy! Carpet Is Only Six Months Old! Black Appliances In Kitchen. Vaulted Ceilings And Fireplace In Living Room! Master Bedroom Downstairs. Back Yard Features Covered Patio And Large Grass Area! Much More, Come Take A Look!

Call Gina McKinley, ABR, CRS, CDPE, Associate Broker at 480-355-8645 in order to schedule an appointment to view this home.

For more pictures and a property brochure, please visit our web page at http://www.LocateArizonaHomes.com/1231SeaFan.

Redwood Estates Home In Chandler For Sale

Mon, 02 Nov 2009 16:16:29 -0600

Come Take A Look At This Beautful Home! This Home Features A Desirable Split Floor Plan, Great Room And Vaulted Ceilings! Back Yard Features A Covered Patio! Both Master And Hall Bathrooms Have Dual Sinks! Much, Much More! Don't Miss Out On This Gorgeous Home!

Call Gina McKinley, ABR, CRS, CDPE, Associate Broker at 480-355-8645 in order to schedule an appointment to view this home.

For more pictures and a property brochure, please visit our web page at http://www.LocateArizonaHomes.com/3832Eucalyptus .

Phoenix AZ Real Estate Buyer's Market

Thu, 29 Oct 2009 17:28:23 -0500

The biggest question hovering around these days is, have we hit bottom? Whether this question be a general question regarding the recession or the real estate market, we have to ask - does it matter? Whether we hit bottom a couple of months ago or are going to hit it a couple of months from now, we can all agree that we have had better times, and better times are in our future. Whether we have hit bottom or not, there is no mistake that it is still one of the most excellent buyer's market of Phoenix AZ real estate.

That being said, if we haven't hit bottom then the bottom must be close. Wouldn't it be better to buy near the bottom than miss it entirely? Nationwide there are real estate markets that are on their way down, real estate markets that have stabilized and real estate markets that are on their way back up. Whether the market hit bottom a couple of months ago, is at the bottom now, or will hit the bottom in a couple of months, the top of the market is far away.

In Phoenix AZ it is a buyer's market out there. Whether you are looking for a Phoenix AZ primary residence or a Phoenix AZ second home, now is a great time to invest in Phoenix AZ real estate. Property values are lower than they have been in years, interest rates are still hovering at 30 year lows and some tax incentives make buying Phoenix AZ real estate today more affordable than it has been in years. For all we know the real estate market might be more affordable today than it will be for many years to come.

Gina McKinley, a Phoenix AZ real estate agent, can help you find your perfect Phoenix AZ property. Gina McKinley can be reached at 480-355-8645 or by email.

‘Spooktacular’ Halloween event held Oct. 30

Wed, 28 Oct 2009 20:22:20 -0500

All ghosts, goblins, ghouls, creatures, princesses, cartoon characters and superheroes are invited to Chandler's Halloween Spooktacular, a family-friendly, safe alternative to trick or treating.
The annual event is from 5:30 to 8:30 p.m. Fri., Oct. 30 at the downtown Chandler Library plaza, 125 E. Commonwealth Ave. In the event of inclement weather, the festivities will be held next door inside the Community Center.

Festivities include games, arts and crafts, costume contests, souvenir photos and a haunted house. Candy is provided at all activities, and there will be fun foods to eat.

Everyone is welcome to wear a costume and enter the costume contest and parade at 6:30 p.m. Contest categories are: Scariest, Best Group/Family, Best Superhero, Best Cartoon Character and Best Princess.

The cost to attend the Halloween Spooktacular, which is presented by the Chandler Recreation Division with support from the Chandler Lions Club, is $2 for attendees 15 years of age and younger.

A complete list of upcoming special events in Chandler is available online at www.chandleraz.gov/special-events or by calling the City's Special Event Hotline at 480-782-2735.

High September Real Estate Sales Nationwide, Scottsdale AZ

Wed, 28 Oct 2009 18:47:06 -0500

Statistics released on Friday show the highest number of real estate sales in two years. As expected, recent reports show the combination of low interest rates, dropping home values and the First Time Home Buyer Tax Credit are all seen as the biggest boosts toward the Scottsdale AZ real estate sales increase and nationwide.

The National Association of Realtors (NAR) released data that displayed a 9.4% increase in home sales for September 2009 which were the best statistics since July of 2007.

The positive signs in Scottsdale AZ real estate and nationwide is the increasing economy faith, as this seems to be another sign to many that we are slowly climbing our way out of the recession. The hope is that the First Time Home Buyer Tax Credit will be extended and possibly even expanded.

Overall, 31% of homes sold in September were first time home buyers, and 29% of the sales were distressed properties across the country. While Scottsdale AZ homes for sale and real estate across the nation remain at their most affordable values in recent years the hope is that the upward, positive trend will continue.

Gina McKinley is a Scottsdale AZ real estate agent that can help you take advantage of the First Time Home Buyer Tax Credit before it expires in November. Call Gina McKinley at 480-355-8645 or visit her website today to learn more about how she can show you the best Scottsdale AZ properties.

Anderson Springs Home In Chandler For Sale

Wed, 28 Oct 2009 17:38:03 -0500

This Wonderful Home Features Loads Of Upgrades & A Fabulous Yard! Features Include Large Gourmet Kitchen With Tiled Counters & Backsplash, Smooth Top Range, New B/I Microwave & Dishwasher, Breakfast Bar, Pantry & Fridge Conveys! Updated Lighting & Ceiling Fans, Interior Decor Paint, 2 Fireplaces, Tile Flooring, Neutral Carpet, Fresh Exterior Paint, 6 Panel Doors & Vaulted Ceilings. Resort Style Yard With Swim Up Table Pool & Waterfall, Granite Counter Serving Bar At B/I BBQ With Extended Covered Patio. Wired For Outdoor TV Entertainment. Convenient Freeway Access, Close To Restaurants & Shopping Too!

Call Gina McKinley, ABR, CRS, CDPE, Associate Broker at 480-355-8645 in order to schedule an appointment to view this home.

For more pictures and a property brochure, please visit our web page at http://www.LocateArizonaHomes.com/715Yucca.

New Short Sale Could Help Lower Foreclosure Rate

Sun, 25 Oct 2009 16:01:59 -0500

New incentives are in the works nationwide for promoting short sales in order to avoid more foreclosures than necessary. The plan is meant to prod lenders into allowing more short sales.

Currently short sales are frequently avoided by lenders because offers are seen as too far below the last appraised value of the property, even though the foreclosed upon sales price in the end may be even lower. The incentives that are being mulled over are expected to pass soon.

The plan is to give the lender $1,000 for allowing a short sale to occur and the buyer a $1,500 credit at closing. The plan is expected to be passed by the treasury as a way to keep properties selling. Short sales are seen as a way to help the home owners nationwide avoid a credit hit as well as to take a house off the lender's books before the house becomes officially a foreclosure.

The new incentives are supposed to help avoid a foreclosure rate increase.

Gina McKinley, a Phoenix real estate agent, can help you understand how to use this new incentive to your advantage when purchasing Phoenix AZ real estate. Gina McKinley can be reached at (480) 355-8645 or by email.

Investment Buying Tips for Today's Market in Chandler, Gilbert, & Queen Creek

Fri, 23 Oct 2009 13:37:34 -0500

Today's Market is bringing out many novice investors wowed byt the low prices. Prices in Chandler, Gilbert, & Queen Creek have dropped by about 52% since the peak in 2006. Many novice investors will look at the price and think, I can just buy this at such a great price and rent it, not considering the repairs that the home may need or vacancie rates.

Here are some of the key rules for noivce investors: These rules will serve you well when followed.

Number one: Due diligence is never optional. You've got to understand the local market - and that includes not just where prices are headed, but specific market demand for rental real estate in this price segment, and even the local government's plans for the area where you're thinking of buying. How much needs to be spent to make the property rentalable, what is the area's vacancy rate.

Number two: Buy with a written plan - just like the large professional investors use, with an entry strategy and an exit strategy. How long are you going to hold onto the property, how much will it earn you during your period of holding?

And what's the endgame - a sale to another investor? 1031 Exchange into a larger property, two smaller properties,etc? Conversion to condos? Tear it down and build something that's closer to the underlying real estate's highest and best use? When it is written dowm you can analyze it better.

Number three: Calculate the actual costs of the property in advance - not just the bargain basement price, but how much you'll need to fix it and feed it - the management costs, rental commissions, vacancy costs, taxes, to name just a few.

Not know these things up front, will cause frustation, financial strain, and other surprises. And there are no good surprises in real estate. For information on buying investment property, and our property management information and rate, please call today at 480-355-8546 or visit me at http://www.locatearizonahomes.com/resources-landlords.asp

Guarantee Your Arizona Home Against Depreciation

Tue, 20 Oct 2009 14:27:15 -0500

It is possible to purchase insurance that will keep you from losing equity in your Arizona home. Arizona real estate has long been thought of as a great investment but in recent years has proved to be a bit more volatile. A company out of California has provided a solution to anyone who is uneasy about buying a new AZ home and potentially losing money in the investment. For 1% of the value of your Arizona home, you can purchase insurance that protects you in case your house depreciates.

Working Equity Inc., is essentially selling insurance that guarantees the value of your Arizona home later if you decide to sell. Of course, there are a few regulations. You must own your Arizona home for at least two years, and it must be your primary residence. Working Equity Inc. is selling peace of mind in an uncertain market, and that could be something that is worth 1% of your home value.

For more information on a unique guarantee for your Arizona home, click here, or call Gina McKinley, an Arizona realtor, for more information on Arizona home equity guarantees. Gina McKinley can be reached at (480) 355-8645 or by email.

Phoenix AZ Rent-to-Own Scenario

Fri, 16 Oct 2009 13:41:13 -0500

The rent-to-own scenario can work out for both the buyer and the seller in Phoenix AZ.

The Phoenix AZ real estate market has led to some creative financing techniques, one of which is a rent to own scenario. While rent-to-own has been around for a long time, today it is helping many nervous Phoenix AZ sellers get a deal done. In essence the rent-to-own scenario is seller financing. It is important to work the specifics out in a rent-to-own situation.

Items that need to be addressed are:

What percentage of the rent that goes toward the down payment?
Which party pays for major repairs to the home?
Which party takes care of the basic upkeep of the property?
What happens to the down payment money if the buyer changes his mind?

A typical Phoenix AZ rent-to-own scenario takes a portion of each month's rent to put toward a down payment on the Phoenix AZ home. As soon as the down payment money is collected, then the potential Phoenix AZ buyer can qualify for a mortgage. The seller then has to cover his bases so that he is not out any money if the buyer changes his mind. If planned accurately and followed through diligently the rent-to-own scenario can work out well for everyone.

Gina McKinley, a Phoenix AZ real estate agent, is familiar with the rent-to-own scenario in Arizona. Gina McKinley would be happy to answer any questions you may have or connect you with the appropriate Phoenix AZ real estate buyers or sellers. Gina McKinley can be contacted at (480) 355-8645 or by email.

Johnson Ranch Home in San Tan Valley for Rent

Wed, 14 Oct 2009 14:54:30 -0500

Beautiful home in Johnson Ranch Community for rent. 3 bedrooms, 2 bathrooms and private pool! Carpet and tile throughout.

Call Gina McKinley, ABR, CRS, CDPE at 480-355-8645 to schedule an appointment to view this home.

For more pictures and a property brochure, please visit our web page at http://www.LocateArizonaHomes.com/659beargrass.

First Time Home Buyer Tax Credit Extension Would Help Arizona Real Estate Sales

Tue, 13 Oct 2009 14:12:09 -0500

There has been a push in the House to get the First Time Home Buyer Tax Credit extended, as well as expanded. Last week the House passed a bill extending the $8,000 tax credit into next year for military, diplomatic, and intelligence workers who have been working overseas.

This bill's passage leaves many future first time Arizona homeowners hopeful that an extension for regular first time Arizona home buyers will pass as well. Much of the increase of Arizona's real estate sales has been attributed to the First Time Home Buyer Tax Credit.

There is a strong sentiment to extend the First Time Home Buyer Tax Credit because the nation's real estate market is not seen as completely stable yet.

The hope is that if the tax credit is extended then the nation's, and Arizona's real estate sales will continue to improve. If the credit is opened up to include all home buyers, as some would hope, then real estate sales volume in Arizona and other areas is expected to increase.

Gina McKinley, an Arizona real estate agent, can give first time AZ home buyers more information on how this bill pass could assist them with their future AZ real estate purchases. Gina McKinley can be reached at her office (480) 355-8645 or by email.

For the latest from Realty Times regarding the tax credit click here.

Lower Your Monthly Payments with an Arizona Mortgage Refinance

Sun, 11 Oct 2009 22:52:53 -0500

Refinancing, a simple word and a sometimes complicated process. If you are considering refinancing in Arizona the following tips can help you be prepared for the process. Refinancing in Arizona to lower your monthly payments can be a great idea, but it is imperative that you know exactly what you are signing up for before you sign the new papers.

Variable or fixed. Make sure you know if you are getting a fixed or a variable rate mortgage. With a fixed mortgage your payments will remain the same for the length of your mortgage (with the exception of a rise or dip in property taxes). A variable rate mortgage typically starts with low monthly payments that adjust over a period of time. With a variable rate mortgage the payments can go up dramatically after a period of time.

Is it a good idea to refinance? Sources say that refinancing in Arizona makes sense if you can reduce your current mortgage by 2 points or more. Analyze whether the cost of refinancing is worth it by figuring out how long it will take you to cover the refinancing cost and whether you plan on being in your home that long. If your new mortgage will save you $200 a month in mortgage payments but it costs $2,000 to complete your refi then it will be 10 months before you recoup the cost.

Length of your mortgage. Shorter loans have lower interest rates but higher monthly payments. Mortgages are usually 15 years or 30 years in length. Make sure that your new loan doesn't have penalties associated with an early pay-off if your plan is to pay your home loan off early.

Refinancing in Arizona can be a wise financial decision especially with mortgage rates at a 30 year low. Weigh all of the details and make sure that your new mortgage is exactly what you are looking for before signing on the dotted line.

Gina McKinley, an Arizona real estate agent, can help you with learning the in's and out's of Arizona mortgage refinance. Gina McKinley can be reached at (480) 355-8645 or by email.

Click here for more information about refinancing from Yahoo Real Estate.

Investors & First-Time Buyer's - Chandler, AZ

Sun, 11 Oct 2009 17:29:49 -0500

Young people just starting to invest and buying their first homes are potentially the winners in this recession. They are winners multiple ways - the tax credit, high affordability, and historically low mortgage rates. Investors can be winners as well due the decline in property values since rentals properties can now cash flow due to the low mortgage rates. Both Invenstor and First-Time Buyers can reap high rates of return on a long term investment.

First-time homebuyers accounted for about 45 percent of home sales from January through July 2009, according to the National Association of REALTORS®

"This is a historic time," says George Jaramillo, a 35-year-old business analyst in Atlanta, who recently bought three homes, two of them foreclosures. "It's a great opportunity to make some great gains in the future."

A study by investment company T. Rowe Price points out that investing when prices are low can result in amazing gains. For instance, between 1970 and 1990, the annualized rate of return for the S&P 500 was 11.5 percent.

"We need to be shouting from the rooftops that this is not the time to get out of the market if you're young," says Christine Fahlund, a senior financial planner with T. Rowe Price. "This is the time to be in the market."

To continue to help First-Time Buyer's, extending the First-Time Home Buyer Tax Credit, due to expire at the end of November, is high on the Democratic Congressional to-do list, legislative aides said.

After Wednesday's meeting with President Obama and House Speaker Nancy Pelosi (D-Calif.), Senate Majority Leader Harry Reid (D-Nev.) released a statement that the government should "continue efforts to strengthen the housing market by extending the home buyer tax credit."

Mark Zandi, chief economist at Moody's Economy.com, who is a consultant to Democrats in the administration and Congress, is advocating extending the credit through August and making it available to all home buyers. He said failure to extend the credit just as more foreclosures enter the market will push housing prices down.

Also, on Thursday, the House is expected pass legislation to extend the credit through 2010 for people who have been out of the country in the military, intelligence, or foreign services.