homes: Hey, heres $7500 bucks. Pay me back interest free over 15 years (unless you can't sell your house for a profit) - 11/13/08 05:50 AM

Hey, here is $7500 bucks. Pay me back interest free  over 15 years (unless you can't sell your house for a profit)
This is deal being offered to first time home buyers with the tax credit that was passed earlier this year. However, no one seems to understand it or appreciate it. 
I just had a VA buyer that was purchasing a home with no money down and receiving a seller concession for the full amount of the closing costs. Now, after he closes, he can expect an additional $7500 in his tax return check. Not a bad deal.
 
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homes: RENT VS. BUY - 11/27/07 03:57 AM
WAITING ON A FRIEND  
I thought I would share this real life scenario.I have a friend that is planning to rent a home even though he is more than qualified to buy . However, he wants to "wait out the market"
So, I started to think about the cost of rent, the tax write offs he would be missing, and the lost opportunity for equity growth, and thought, why wait?
I entered his data into a rent versus buy calculator on Yahoo to see what the results would be.
Here are the facts I entered:
 For Renting
Rent is going to … (1 comments)

homes: Option ARMS - 11/14/07 02:26 AM
Monday, November 12, 2007
Are Option Arms a Ticking Time Bomb?A CNN Money article refers to the Option Arm as "ticking time bombs". However, I believe for the right client, this loan makes sense. First let's explain how they work: Every month you get four payment options:1) The Payment Cap Rate- This is lowest payment. However, it does not even cover the interest accruing. So, the loan amount actually gets bigger instead smaller. This is called negative amortization.2)The Interest Only Payment- This covers all of the interest but none of the principle. If you make this payment every month, your loan balance … (1 comments)

homes: Where is the market headed? - Expert Real Estate Opinions (Bad ones) - 11/13/07 02:03 AM
60 Years of Bad Real Estate Predictions  
Lets keep today's "expert opinions" on real estate in perspective.The Santa Barbara Association of Realtors put out this information some time ago:The prices of houses seem to have reached a plateau, and there is reasonable expectancy that prices will decline." (Time, December 1, 1947)"Houses cost too much for the mass market. Today's average price is around $8,000-out of reach for two-thirds of all buyers." (Science Digest, April 1948) "The goal of owning a home seems to be getting beyond the reach of more and more Americans. The typical new house today costs $28,000." … (2 comments)

 
Bill Turano (Mortgage Master)

Bill Turano

Brick, NJ

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