north carolina real estate: An Ounce of Prevention - 03/23/08 12:21 PM
Recently our local newspaper reported... "Sewage Backup Floods Home"
The story was about an unpleasant surprise awaiting a homeowner returning from a business trip. As he unlocked the door and attempted to enter his home, he struggled to force his way in, discovering his home had been flooded by raw sewage.
"It … (0 comments)
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north carolina real estate: Pre-Qualified or Pre-Approved... What's in your wallet? - 08/18/07 10:45 AM
Real estate practioners often hear the terms "pre-qualified" and "pre-approved" used.
As I understand it, the terms are defined as follows...
Pre-Qualification | An estimate of what a prospective buyer may be able to afford... In reality they may be denied a loan when they make application.
Pre-Approved | To obtain bona fide pre-approval, prospective … (4 comments)
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north carolina real estate: The Difference Between "Pre-Qualification" and "Pre-Approval" - 01/24/07 08:21 PM
Pre-Qualification consists of a discussion between a home buyer and a loan officer. The loan officer collects basic information regarding the customer's income, monthly debts, credit history and assets, and then uses this information to calculate an estimated mortgage amount for the home buyer. The pre-qualification is not a full mortgage … (2 comments)
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north carolina real estate: New tax deduction for mortgage insurance - 01/20/07 03:12 PM
According to Holden Lewis of Bankrate.com, Mortgage insurance will be tax-deductible in 2007. For some homeowners, the new law means it will cheaper to get mortgage insurance instead of getting piggyback loans.
The 109th Congress passed the tax law in its final hours. Hundreds of thousands of homeowners will save a total … (1 comments)
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north carolina real estate: Homeowner Insights | Pay Off Your Mortgage? - 01/17/07 06:37 PM
You've got a little more money coming in now and wonder if you should make extra payments on your mortgage, or perhaps you wonder if you should cash in your investments and apply the money to your mortgage. Before making that decision, take a look at all the variables in your … (2 comments)
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north carolina real estate: Homeowner Insights | Riches in Real Estate - 01/17/07 06:31 PM
Instant wealth from real estate sounds good when you hear one of these self-made millionaires tell you how they did it in a made-for-TV infomercial touting their home-study course that reveals the secrets of investing in real estate. No one can guarantee that you will make money by investing in real … (1 comments)
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north carolina real estate: Homeowner Insights | About Home Warranties - 01/16/07 01:35 PM
We're going to post a new series offering professional advice for developing insight into todays homeownership experience. Each article we post will be straightforward and informative and we certainly hope you enjoy them. Please feel free to forward these tips to anybody who might benefit from the information. The series is titled "Homeowner Insight" and this … (0 comments)
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north carolina real estate: Borrower's Guide | Lock or Not to Lock? - 01/14/07 10:10 PM
That's the question... There's no sure answer because either choice involves some risk. If you lock now and rates fall, you lose. If you don't lock now and rates rise, you also lose.
Alternatively--and here's the good news--you win by locking before rates rise and you also win by not locking … (3 comments)
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north carolina real estate: Borrower's Guide | What You Can Say to Your Lender... - 01/14/07 09:59 PM
You've been pretty good about keeping your credit rating up. Always paid on time, every time. There may have been a late payment or two a few years back, but you never took anyone for their money. But today you got a phone call from your loan officer wanting "credit explanations" … (0 comments)
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north carolina real estate: Borrower's Guide | Protecting Your Privacy - 01/12/07 11:03 PM
Are you aware that your financial identity is more at risk after making a large purchase?... Especially that of a new home. Credit thieves, unscrupulous individuals or illegal (often underground) rings, target recent home purchasers to appropriate credit card, address and/or driver's license identity.
Once stolen, your personal information can be … (1 comments)
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north carolina real estate: Borrower's Guide | Comparing Fees, Mortgages and Lenders - 01/12/07 10:50 PM
The mortgage lending procedure is, shall we say, not always a walk in the park... If you're a borrower, you likely face such commands as "document this," "apply here," "provide that," and "sign here and here and there." In the interim, lenders keep talking about fees... a fee for this and … (3 comments)
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north carolina real estate: Borrower's Guide | Keeping Tabs on Your Credit... - 01/11/07 08:56 PM
Lenders typically look at three credit reports when reviewing mortgage applications, the purpose being that three reports may identify credit issues that a single report would miss... So what steps can you take to make your credit report stronger?
For a broader perspective carefully review and consider the following...
Are there entries which are … (2 comments)
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north carolina real estate: Tips for Homebuyers | Succeeding with Counter-Offers - 01/10/07 07:22 PM
Here's the scenerio: You're a serious buyer. You've made an offer; the seller said "no," so now you make a counter-offer. All at once it happens... the seller accepts an offer from someone else. Your first question: How is this possible? Your second question: What could have been done differently to … (1 comments)
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north carolina real estate: Tips for Homebuyers | Closing Dates Make a Difference - 01/10/07 06:43 PM
We find that it's a fairly common belief that one can reduce that amount of interest paid on a mortgage by settling at the end of the month.Since all mortgage payments are paid in "arrears," this means that the mortgage payment covers the interest owed for the preceding month. That's opposite of rental payments, which are due in advance. … (0 comments)
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north carolina real estate: Tips for Home Buyers - What to Ask a Loan Officer - 01/07/07 02:04 PM
After you've hired your Buyer Agent, preferable an Accredited Buyer Representative (ABR), the very next step is to determine that financing aspect of the transaction. Ask your agent to provide the names and contact information for reputable lenders they work with, who can help you find the appropriate loan product that … (4 comments)
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north carolina real estate: Tips for Home Buyers - Factors Impacting Your Credit Score - 01/07/07 01:28 PM
Credit scores range between 200 and 850. Scores above 620 are considered desirable for obtaining a mortgage. The following factors may affect your credit score...
Payment History - Whether or not you paid your credit card obligations on time.Current Amount of Debt - Numerous obligations, relative to income, can indicate that you … (2 comments)
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