buying a home: FHA Giving Buyers Until October 4th
- 09/01/10 01:06 AM
The Federal Housing Administration (FHA) is giving homeowners and buyers until October 4 to lock in a low monthly insurance premium. After October 4, the monthly insurance premiums on FHA loans will increase by over 63%.What does this mean for home buyers?A home buyer purchasing a $200,000 home using a $193,000 FHA mortgage before October 4 would pay an insurance premium of $88.46 per month. If the same home buyer waits until after October 4, the insurance premium would jump to $148.01.
Although the upfront mortgage insurance premium is going down after October 4, the long term impact to the home … (1 comments)
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buying a home: Fed Giving Borrowers Time to Change Their Minds
- 08/18/10 01:28 PM
The Federal Reserve released a proposal earlier this week to give mortgage applicants three days to change their minds.The proposal was part of a 930-page document that clarifies and finalizes the new financial reform law. The Fed's document says that for closed-end loans secured by real property or a dwelling, a creditor must:
"Refund any appraisal or other fees paid by the consumer (other than a credit report fee), if the consumer decides not to proceed with a closed-end mortgage transaction within three business days of receiving the early disclosures (fees imposed after this three-day period would not be refundable); and … (3 comments)
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buying a home: Tips to Reduce Closing Costs & Fees
- 07/26/10 01:04 AM
With home mortgage rates at historic lows, many people are eager to refinance their current mortgage loan to lock in a low rate. Existing home owners with adjustable rate mortgage may never get a better time to refinance out of their current mortgage and into a more conservative and consistent 15 or even 30 year mortgage loan.When deciding to refinance a home mortgage, be sure to understand the refinancing costs associated with doing so and then try to limit them as much as possible.Refinancing an existing mortgage is very similar to securing an initial mortgage. In fact, your new mortgage will … (1 comments)
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buying a home: Should You Rent or Buy?
- 07/08/10 02:40 AM
Interest rates are at all-time lows, there are lots of houses to choose from and prices are incredibley low. It is so tempting to buy right now. But is the timing right for you?
As a first-time home buyer, there is a lot to consider when making the decision to rent or buy a home. Potential buyers should ask themselves several key questions before making this important decision:
1. What will monthly costs be and can I afford the payments?Keeping mortgage payments under 30 percent of your monthly income is a good rule of thumb. If you can't keep mortgage payments … (1 comments)
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buying a home: Questions to Ask Before Buying a Condo
- 07/01/10 12:22 PM
You've found the perfect condo and you're ready to make an offer. Before you move too quickly you should do some homework. Here are the seven most important questions you need to ask before buying a condo: 1. "What Are People Complaining About?"Take a look at the minutes of the condo association board meetings to see what the owners have been griping about. If everyone was complaining about the faulty plumbing or the gardener's absence, you know that the complex is having management difficulties. Even if there aren't any complaints, reading the minutes will reveal the sorts of projects that are under … (1 comments)
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buying a home: Rates at an All-Time Low!
- 06/27/10 02:18 AM
Rates are at an all time low! This is great news for anyone who has yet to refinance to take advantage of the lowest rates ever recorded, or to purchase that new home or investment property more affordably than ever before.
Both 30 Year and 15 Year Fixed Rates clipped down to their lowest levels. All this is incredible as just months ago, many experts had anticipated that rates would be well above 5% this summer and on their way to 6% by year end.
Visit my website's Mortgage Center for more helpful credit information.
… (0 comments)
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buying a home: The Truth About Appraisals
- 03/05/10 10:20 PM
Knowing the Guidelines Solves the Mystery
The appraisal process often baffles consumers. They may feel that their home is worth a higher dollar amount, and so the appraised value doesn't always make sense to them.
It is important to know that the appraiser is completely independent from lenders, buyers, sellers, and real estate agents, and that the guidelines to which they adhere are dictated by the Uniform Standards of Professional Appraisal Practice (USPAP) and Fannie Mae. In most states, the mortgage lenders must also disclose the purpose of the appraisal, as each transaction carries its own set of rules.
In essence, … (4 comments)
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buying a home: Buying Distressed Properties - Part 3
- 02/20/10 01:21 AM
Purchasing Tips It's critical to have the home professionally inspected before you make an offer or put down earnest money. The inspector will assess the structure's soundness and may uncover problems that would be very costly to repair. Banks usually sell foreclosed homes as-is, meaning they won't make any allowances for repair. And even in a short sale, they likely won't make any such allowances, because they're already losing money on the transaction. You should have your financing in order before pursuing a foreclosure purchase. Pre-approved buyers have the best chance of getting the property in case of multiple offers. Also, … (1 comments)
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buying a home: Buying Distressed Properties - Part 2
- 02/18/10 11:50 PM
Is a distressed property for you? Here are pros and cons of buying one:
Advantages of Buying a Distressed Property First, you'll be dealing with a highly motivated seller - either a bank in the case of a foreclosure, or in a short sale, sellers who are in financial trouble and very interested in getting out of a mortgage they can no longer afford.
These types of sales take much of the emotion out of the process. You won't be insulting anybody, for instance, if you make an offer that's lower than the asking price. (That's not to say that the … (3 comments)
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buying a home: Tips to Improve Your Credit Score
- 02/16/10 03:05 AM
A number of factors affect your credit score; improving the score requires you to take care of those factors such that you can manage your credit better. Follow these simple steps to improve your score:
Improve your payment history:
Avoid making late payments on your bills. Clear up all your past-due bills as soon as possible. Request your creditor for an alternative plan with low monthly payments. Negotiate with your creditors to remove charge-offs from your report and re-open those accounts. Request your creditors to erase late payment entries after you re-start paying in time. Reduce your outstanding debts:
Pay … (1 comments)
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buying a home: Time is Running Out!
- 02/08/10 06:37 AM
Back in the fall when the federal tax credit for homebuyers was extended and expanded, the April 30th deadline seemed so far away. If you look at your calendar today, you willl notice that April 30th, the last date for a signed purchase and sales agreement to be in place, is only 82 days away! I will admit that Spring has started early this year with buyers taking advantage of the homebuyer tax credits. But, there a lot of buyers that are still procrastinating. In the real estate world 82 days is not a long time. Don't miss out on this … (1 comments)
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buying a home: How Long Should Appliances Last?
- 01/29/10 09:58 AM
Replacing a home's windows, appliances, or roofing can be pricey. So knowing approximately how long before the refrigerator is likely to stop working or the roof might spring a leak can have value to buyers and home owners. If you are thinking about buying a home, you may want to factor in replacement costs for aging components when you make an offer. If you already own a home, this information can be helpful when trying to decide whether to replace a component before a move. A recent study by the National Association of Home Builders provides some insight that can help … (1 comments)
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buying a home: IMPORTANT - Protect Your Identity
- 01/12/10 12:24 PM
Here is inportant information you need to know... and you need to tell your family and friends right away!
Few people realize that each time their credit is checked, the information provided to the credit bureaus (Equifax, TransUnion, Innovis or Experian) immediately becomes a commodity that is sold not only to other lenders but also to companies that sell and resell the same names and personal information.
That's right - the credit bureaus have found a way to increase their revenues at our expense, without our permission!
These "inquiry leads" include name, address, phone numbers (including unlisted), credit score, current debt and … (6 comments)
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buying a home: Tax Credit Gets 2010 Off To a Great Start!
- 01/07/10 01:59 AM
As we begin 2010, both real estate professionals and home buyers are "hitting the ground running" - anxious to take advantage of the extended and expanded home buyer tax credit. Everyone I talk to in real estate is busier than usual for this time of the year. Buyers are anxious to make sure that they don't "miss the boat".
Originally created in 2008, the home-buyer tax credit has evolved from a $7,500 credit, which had to be repaid by the home buyer over the course of 15 years, to an $8,000 tax credit with no repayment required in 2009. Now, for … (0 comments)
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buying a home: Mortgages are Becoming Easier to Obtain
- 12/21/09 07:46 AM
While lending remains tight in troubled markets, banks are starting to relax standards for borrowers with good credit in recovering areas of the country. In some parts of the country, borrowers with good credit are more likely to be able to borrow 95% of the purchase price than they were just a few months ago. According to The Wall Street Journal, in troubled markets (i.e. Florida) credit remains tight and mortgage companies continue to scrutinize property appraisals, which makes it difficult for some borrowers to get financing. But in most areas of the country where prices are stabilizing or falling only … (0 comments)
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buying a home: Understanding Title Insurance
- 11/27/09 07:10 AM
A policy of title insurance is a contract of indemnity between the insured and the insuring company relating to the title to the land described in the policy, protecting the insured against loss of damage by reason of defects, liens or encumbrances of the insured title existing at the date of the policy and not expressly excepted from its coverage.The policy is issued after a complete search and examination of the public records and shows the condition of the record title, including any money obligations outstanding against the property, easements and other matters which may affect the rights of ownership, possession … (0 comments)
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buying a home: Extended Home Buyer Tax Credit Common Questions
- 11/08/09 02:20 PM
Who Qualifies for the Extended Credit? First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010. Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight. To qualify as a "first-time home buyer" the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible? The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, … (3 comments)
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buying a home: Looking For 100% Financing with No Money Down?
- 11/01/09 11:54 PM
Are you ready to own a home but are not sure you will qualify due to lack of a down payment? Rural Development may be able to help you!
USDA Rural Development has offers 100% financing opportunities to rural individuals and families with:
No down payment required No expensive monthly mortgage insurance (which means you may qualify for a larger loan) Flexible credit and qualifying guidelines No maximum purchase price limit Closing costs can come from any source including gifts or the seller Repairs and improvements can be included in the loan Competitive fixed 30-year rates. So, if you have been … (0 comments)
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buying a home: What You Should Know About Home Inspections
- 10/22/09 08:03 AM
Obtaining a home inspection is one of the most important steps in purchasing a home. A qualified inspector can point out potential costly problems with the home you are considering buying, and a good inspector will give maintenance advice and ultimately give you peace of mind about your home investment. All home buyers -- whether they are buying an older home or building a new one -- should have the home inspected by a professional after making an offer and before closing. There are a few things you need to know before hiring a home inspector. First, the home inspection industry … (0 comments)
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buying a home: Tips for First-Time Home Buyers in 2009
- 09/14/09 02:04 PM
A year after the financial collapse of 2008, the housing market is very different than it was before the foreclosure crisis. Here are seven bits of wisdom from economists and financial planners for anyone contemplating a home purchase today:
Old-fashioned basics are more important than ever. The safest way to purchase a home is to put down 20 percent on a fixed-rate, 30-year (or less) mortgage. Don't become overconfident about income growth. Even though buyers in their 20s and 30s will likely see their incomes grow more quickly than previous generations, it is important to act sensibly when borrowing. Anyone contemplating … (1 comments)
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The Federal Housing Administration (FHA) is giving homeowners and buyers until October 4 to lock in a low monthly insurance premium. After October 4, the monthly insurance premiums on FHA loans will increase by over 63%.What does this mean for home buyers?A home buyer purchasing a $200,000 home using a $193,000 FHA mortgage before October 4 would pay an insurance premium of $88.46 per month. If the same home buyer waits until after October 4, the insurance premium would jump to $148.01.
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