mortgage: Real Estate Market Tips to Improve the Housing Market
- 11/13/08 03:04 PM
My mailbox has been filled with letters from readers who wonder if now that the Presidential election is over, the real estate market will reset itself.
"Can we expect the next four years to bring us a better real estate market? Will my house go back up in value?" one reader wrote.
Eventually, the real estate market will hit bottom and turn around. Perhaps it has already hit bottom (one can only hope) and now we are waiting for the "bumpy bottom," as Alex Perriello, president and CEO of the Realogy Franchise Group put it at the launch of its newest … (0 comments)
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mortgage: Real Estate Market and the US Economy: Tips to Improve the Housing Market
- 11/13/08 09:46 AM
Summary: What steps can we take with the economy to improve the real estate market? Keeping people employed, changing refinancing rules and encouraging people to stay in their homes and avoid foreclosure are some possibilities. If you have suggestions for how to improve the real estate market, send Ilyce an email.
My mailbox has been filled with letters from readers who wonder if now that the Presidential election is over, the real estate market will reset itself.
"Can we expect the next four years to bring us a better real estate market? Will my house go back up in value?" one … (0 comments)
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mortgage: Mortgage Company: Notify It About Second Home Change
- 10/27/08 03:07 PM
By Ilyce R. Glink and Samuel J. Tamkin
Summary: Mortgage companies often issue loans contingent upon how the home will be used. Will the home be a primary residence or a second home? A Think Glink reader asks whether he needs to notify his mortgage company if he decides to change the status of a second home. Sam and Ilyce say it depends on the mortgage lender and what the mortgage loan documents say. In some cases mortgage loan documents contain a time limit for notifying mortgage companies about home status changes.
Q: We recently purchased a second home with a … (1 comments)
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mortgage: Can Foreclosure Prevent a Contractor from Being Paid?
- 10/14/08 01:42 PM
By Ilyce R. Glink and Samuel J. Tamkin
Summary: A contractor writes that a mortgage company owes him payment for work on a fire-damaged home. The contractor nearly finished the work and then the mortgage company foreclosed on the home and halted payment to the contractor. What can the contractor do to get his money? Sam and Ilyce advise filing a mechanic's lien against the property. Learn more in this Think Glink column.
Q: I'm a contractor who has completed repairs on a house that was damaged by fire. The insurance company for the owner of the home sent … (7 comments)
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mortgage: Mortgage Loans Change In Economic Crisis: What Do YOU Need To Know?
- 10/09/08 02:55 PM
With the real estate market in decline, mortgage lenders are stricter about requirements for loans. Do you need a bigger down payment , a better credit score , or more solid work history ? How has qualifying changed and what do you need to know in order to qualify for a mortgage loan in today's tough market? Watch this Expert Real Estate Tips segment to find out more about what mortgage lenders require . Also be sure to check out more of my videos on my YouTube channel, ExpertRealEstateTips ! … (0 comments)
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mortgage: Partnership Agreement Prevents Home Sale Woes
- 10/08/08 10:21 AM
Summary: A ThinkGlink reader asks about splitting up the investment in a condo after it's sold. Two friends contributed to the condo's down payment but only one of their names is on the mortgage. How much of the proceeds are each of them entitled to after the sale? Can the friend who's not responsible for the mortgage claim a significant amount of the sale proceeds? Sam and Ilyce advise contacting a real estate attorney to determine who gets what and to set up a partnership agreement the next time someone buys property with a friend.
Q: My daughter bought a condo … (0 comments)
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mortgage: Reverse Mortgage Information
- 10/06/08 12:56 PM
On yesterday's show our first call was from Howard. He's 75 and his wife is 65. Their house (he said) is worth about $170,000. He has a $20,000 mortgage and they are on a fixed income. They're wondering if a reverse mortgage is right for them. He went and talked to a lender who quoted them 10 percent in closing costs, which seemed high.
Darned right it's high. HUD is now the only backer of reverse mortgages. The fees were recently reduced. According to one lender who contacted me during the show, the FHA fee is 2 percent and the lenders … (2 comments)
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mortgage: Quit Claim Deed Can Split Community Property
- 10/04/08 06:02 AM
Q: A friend and I got together to buy a condo in San Diego. We decided that buying together would get us a better place to live closer to our jobs. Both of us are listed on the mortgage.
But now I want to remove him from the mortgage. He hasn't contributed financially to the condo at all. He is tearing up the place and being bothersome to neighbors and guests. He also has no secure job. How can I legally evict him and remove his name from the mortgage?
A: Your question isn't really about getting a person off a … (0 comments)
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mortgage: Use IRA Money to Pay Off Mortgage?
- 10/04/08 05:55 AM
Summary: A ThinkGlink reader asks about withdrawing IRA (individual retirement account) money to pay off his mortgage early. Is this is a good idea? What are the tax consequences to withdrawing IRA money? Ilyce discusses the pros and cons of paying off the mortgage with money from an IRA.
Q: I'm 63 and retired. I have a good pension and have $200,000 in an IRA that I did not plan on using until age 70 1/2. But now I'm thinking about withdrawing $100,000 to pay off my mortgage. Is that a good idea or not?
A: You have several options, … (0 comments)
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mortgage: Watch Mortgage Interest Rates to Refinance
- 09/26/08 10:36 AM
What economic indicators should I be watching when trying to decide when to refinance my mortgage or home equity line of credit?
Answer: I'd just watch the price of the mortgages themselves. Right now, we're waiting for interest rates to drop further. But interest rates have become rather volatile. For mortgage interest rates to drop the interest rate spread between what banks pay for funds and what you, as a homeowner, will pay the bank must narrow. (With so much uncertainty in the financial markets, the increased risk is being priced into the mortgages, which is why interest rates haven't dropped … (0 comments)
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mortgage: Mortgage Loan Applicants Need More Documents Today Than in Years Past
- 09/11/08 05:25 AM
When it comes to getting a home loan, today's game has dramatically changed.
A year or two ago, it would have been easy as pie to get any kind of home loan offered -- or be creative and basically invent your own terms.
Want an interest-only loan? No problem. Pay option-ARM, where you choose how much you pay? Done deal. Didn't want to provide any documentation? That works. You could sign up for a super-low teaser rate or choose a loan where you'd make no payments for the first six months to a year just for asking.
While mortgage lenders still … (4 comments)
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mortgage: How To Sell Your Own Home To Your Own Child
- 09/02/08 04:24 AM
Summary: A parent asks about how to sell your own home. He has a home he wants to sell to his son at a very low cost and he wants to know his options. Knowing your goals will help you know how to sell your own home. Different tax implications and laws apply depending on how you sell your own home.
Q: I want to let my son purchase my home but I would like to structure the sale where the loan is interest free or at a really low interest rate. I want his payments to be as low as … (0 comments)
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mortgage: Capital Gains Tax On Home Sale
- 08/27/08 09:38 AM
Summary: A home seller asks about paying capital gains tax on a home sale. The home seller thinks she and her husband may be exempt from paying capital gains tax. Ilyce Glink advises that the home seller will have to pay capital gains tax, although less if she's lived there two of the last five years.
Q: We're selling our first home, after living in it for the last 6 years. Is it true that I can take an exemption from paying capital gains only once in my life?
Our payoff balance on the mortgage is $98,500 and the home … (1 comments)
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mortgage: Roth IRA Investing Or Pay Off Mortgage?
- 08/21/08 03:03 AM
Summary: A reader nearing retirement asks whether to invest in a Roth IRA or pay off his mortgage. He has a 15-year mortgage to pay off and has extra money for that or to invest in his Roth IRA. What's the better choice?
Q: I am 61 years old and have about $500 a month to use either in funding my Roth IRA or I paying down my mortgage.
Currently, my mortgage is for 15 years at 5.81 percent. I plan on retiring in June, 2009. Which should I do?
A: Hands down, fund your Roth IRA.
Here's why: The … (0 comments)
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mortgage: Mortgage Applicants Choose Less Risky Loans
- 08/20/08 03:52 AM
The Mortgage Bankers Association announced yesterday that more than 29 percent of July 2008 mortgage loans were for government-insured loans (mostly from the Federal Housing Administration). That's up from the 8.4 percent during July of last year. MBA announced that the July numbers show a steady increase since January of this year, when the percentage of government-issued loans was 9.4 percent.
MBA attributes the increase to the following: In March of this year, the Economic Stimulus Act of 2008 temporarily raised the FHA and conforming loan limits for most areas in the country, which broadened FHA financing for more borrowers. The … (0 comments)
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mortgage: Mortgage Lender: Should You Become One?
- 08/20/08 03:13 AM
ONE OF MY WEEKLY COLUMNS:
Summary: A Georgia home owner inherited a house in California from an elderly relative. The home owner wants to reward the relative's caregiver by selling her the home despite her bad credit. The home owner says he's willing to be the mortgage lender to the caregiver. He wants to find out who can do the mortgage loan paperwork if he decides to hold the mortgage. Ilyce gives the home owner some options so that he can reward the caregiver and protect his interests.
Q: I inherited a home from a family member which has no mortgage. … (0 comments)
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mortgage: Foreclosures Increase By 55 Percent In A Year
- 08/14/08 07:08 AM
RealtyTrac reports today that the number of foreclosures increased by 55 percent in July, as compared to one year earlier.Foreclosures rose by 8 percent from June 2008.Banks foreclose on properties when home owners fail to make mortgage payments.Which states have the most foreclosures? Nevada, California and Florida. Arizona holds fourth place.In Nevada, one in every 106 properties received a foreclosure notice. In California, it's one in every 182 properties. NPR reported this morning that Riverside and San Bernardino were especially hard hit.In Florida, one in every 186 properties was foreclosed and in Arizona it's one in every 195.Nationwide, the Cape Coral-Fort … (2 comments)
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mortgage: Monthly Payments On Mortgage Exceed Refinancing Terms
- 08/11/08 04:27 AM
Summary: A home owner says she tried to refinance her home and arrived to the closing to find her monthly payments on her new mortgage would exceed the original refinancing terms. She cancelled the refinancing because the monthly payments on the new mortgage would be too high. The lender now wants her to pay fees even though she did not go through with the refinancing to change her monthly payments on her mortgage. Does the home owner have to pay the fees?
Q: I was going to refinance my loan on my house. The day I was going to go to … (0 comments)
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mortgage: First Time Home Buyer With No Down Payment
- 08/07/08 04:15 AM
Summary: A self-employed first time home buyer asks for advice. The first time home buyer has a great credit score but no money for a down payment. Many non-profit programs that used to help with a down payment have gone away. What options does the first time home buyer have without money for a down payment?
Q: A few years ago I bought your wonderful book "100 Questions Every First-Time Home Buyer Should Ask" and it's the best book I've ever seen of its kind. I call it "the Bible of First-Timers" and have recommended it to many first time buyers.
… (0 comments)
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mortgage: Quit Claim Deed to Avoid Foreclosure
- 08/07/08 02:52 AM
Summary: A property owner writes that his neighbor wants to quit claim deed a home to him. The neighbor is on the verge of having trouble making mortgage payments and may face foreclosure without saving the home with a quit claim deed. What’s the impact of signing a quit claim deed to save a home?
Q: My neighbors are on the verge of losing their home because they can't keep up with the payments. They are not behind yet in their payments yet, but it's going to happen.
I would like to buy the house, but need time to clear up some credit issues. Can he … (0 comments)
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My mailbox has been filled with letters from readers who wonder if now that the Presidential election is over, the real estate market will reset itself.
;)
;)
;)
