realestate, Loans
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money dollars and cents

Making a decision to move into a home, can often involve a lot more than finding an appealing property.

Investments and finances must become a part of the process of considering which home is best for you and your family. what kind or type of property can you afford, that is a big consideration.

Unless your rich or a lottery winner your not likely to be able to pay cash so a loan is something you need to find out if you qualify for.

There are many types of loans and arrangements for loans that are available to the qualified buyer.

The problem here is that in this current market there are not many loans being made.

Never decide to get a home just because you want it…

Make sure you can afford the payments and don’t become a statistic, like so many others,

Most of all be on the look out for deals, never pay full price, because the prices some land owners are asking is not realistic.

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Posted by realestate - April 20, 2012 at 5:09 pm

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Getting a loan

How can you get a loan these days, for the most part you must make more money than what your spending, at a rate higher than that required of commercial loans, which makes sense with all the defaulted loans out there but what does this do to the marketplace?

Nothing good can come from a rejection of 70 percent of all loan applications.

There may be some methods that you can use to help your credit score.

So with Billions being loaned to banks from the FED, and the banks do not seem to be loaning money out, this creates, a dam of financial resources that are not moving, no one is making money in this circumstance unless your going for B credit loans.

Which is something that so many people find themselves having to get loans that cost thousands more in costs this means that less money is available for disposable income, this in turn creates even more strain on the economy, the end result is not a good thing at all.

If you are struggling to find a loan and you think that your not getting a fair shot at a loan you need to check your credit to make sure your not being unfairly rated.

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Posted by realestate - April 20, 2012 at 4:40 pm

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mortgage rates

These days, you really need the type of advice that only a qualified attorney can give you.

The economy is changing quickly and many people are rightly concerned about their ability to refinance and or finance a mortgage.

An examination of historical data, tells us that when inflation rises so does the rate at which you may borrow or finance a home loan.

However, things have changed over the last few months and for the most part not for the better.

The risk reward system has changed and that is something that is changing the way bankers and direct loans are rated.

Knowing what you can expect in this volatile loan world is something that could truly help you decide if you need to refi or if you just need to stand your ground.

There are many different types of mortgage products, two of the more popular are fixed rate mortgages and floating rate mortgages.

 

The fixed rate mortgages are some of the most desirable rates and it is where the monthly mortgage payment amount remains the same for the entire life of the mortgage i.e. till the end of mortgage term; whereas floating rate mortgages float/ change throughout the life of the home mortgage loan. The mortgage interest rate on the fixed rate mortgage loan is fixed at the start of Connecticut home mortgage loan term. Whereas, the mortgage rate on a floating rate mortgage is dependent on a pre-decided financial index. This predecided financial index factor is on economic, financial, political and many other factors).

So, which type of mortgage is better?

Well, the opinion seems divided and is mainly based on the preferences of the individual who is getting the home mortgage loan. However, the general recommendation is that you should go for a floating rate mortgage loan if you plan to live in the home for a shorter duration. For long durations, you will need to make a decision on how low the current fixed mortgage rate is and whether it’s low enough to be beneficial for locking-in for a long period.

Owning a home is a matter of great pride; and in today’s world, owning a home has been made really easy through mortgages. However, when you buy an home through the home mortgage route, you don’t actually get the total (100%) ownership of the home till you have paid your mortgage completely.

As you make your monthly mortgage payments, your ownership level increases and when you pay back your entire mortgage loan (which might happen 20-30 years after you start your mortgage), you then become 100% the owner. So, mortgages are long term investments where the home is the asset that you create over a long period of time. But that does not mean that you are blocking all your money in the making of an asset that matures over very long term. If you need money during the tenure of your mortgage loan e.g. for home improvements, you can actually make use of your investment (your ownership in the house) in order to get the cash you need. This happens in the form of an home equity loan.

Getting a good mortgage deal is one thing and bettering that mortgage deal is another thing. In simple words, ‘Mortgage refinancing’ means ending your current mortgage to get into another mortgage for the same property.

Of course, you would go for mortgage refinancing only if the current mortgage interest rates are lower than the mortgage interest rates that you are paying on your mortgage which you took a few years back. However, that doesn’t mean that you go for mortgage refinancing every time you find that the mortgage interest rates have gone down a bit. There are costs involved with mortgage refinancing and these costs make mortgage refinancing unfeasible unless the mortgage rates have gone down significantly.

Various mortgage industry analysts suggest different figures for the gap (between current mortgage rates and the rates on your existing mortgage) that would make mortgage refinancing a practical option.

 

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Posted by realestate - January 25, 2012 at 3:23 pm

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bank foreclosure

Are Rick Banks Taking the homes of those of us that work the hardest
to have the American dream?

Will Americans soon be living in tent cities and homeless bridges.

Is there a way for those that paid too much for a home to get out from under the hammer?

Foreclosure listings are at an all time high and getting worse every day, Rich Bankers are exploiting at every opportunity.

 

 

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Posted by realestate - November 25, 2011 at 2:21 pm

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Time to buy homes

If you have the ready cash now may be the time to buy homes that used to be of considerable value but now are priced much lower than it used to be priced.

Some people say that the market was over priced, due to inflated banking and finance corruption, this might well be true and some are saying that there is yet another big drop in the home mortgage market.

One thing you should seriously consider before buying any property, is what is the true value, if the home needs repairs, that is something that you really should consider seriously.

The cost of home repair materials has almost tripled over the last few months.

What used to cost $8.00 is now priced at $25.00

It may seem crazy but that is the reality, the cost of Gas is going up and up and up and that is something that is increasing the cost of building materials, Ten years ago you could build a beautiful home for $150,000.00 now it would cost twice that to build a home which is why so many people are not building new homes at all.

What should be of serious concern is the idea that insurance rates have sky rocketed, the primary reason is the cost it takes to build a home or the cost it takes to make repairs.

If you have your home insured at $150,000.00 and it will cost $300,000.00 to rebuild it, you should know that half a home is not much of a home at all.

Be sure you know how much money you might loose out on if your not careful.

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Posted by realestate - November 15, 2011 at 5:24 pm

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How to do home repairs and save time and money

These days, with the higher cost of food, gas, taxes, and just about everything, many people are looking for ways to save money and save time too.

Do you have the time and money to make money with investment real estate?

Should you consider it?

Can you sell a home without taking a loss?

Buying a home for an investment can be a great way to make money, but it can also be a money pit.

Could you imagine how much time and money you can save if you could do your own home repairs yourself. Well you can, if you have the right tools and some time on your hand.

But most people are too busy or have no idea on how to fix simple things around the house. If you have a house, things will brake over time, which is only natural wear and tear. Your home will need regular maintaining to upkeep the value.

When you first buy a house, it will need minor repairs, that you can do yourself. Some of the repairs may be; changing window blinds, doors locks, and painting. In most cases when you move into your new home, it might need a fresh coat of paint on the walls to make you feel at home.

If that’s the case, you should paint the house before you move-in any furniture’s. Before you start to paint, cover the floors with drop cloth, to prep the house for paint. Fill any dents and holes in the wall with sparkle, allow it to dry, then sand and prime the spots.

If you are painting the entire house! Paint the ceilings first, and the walls second. Cut-in the corners with a brush and paint the large areas with a roller. After the house is painted, it’s time to move-in to your freshly painted home.

Do not neglect the outside of the house, because if the outside is poorly maintained, it could bring down the value of the property. When something breaks and needs fixing, attend to it (ASAP) as soon as possible or it can get out of control.

If you cannot do the repairs, call someone that can. In some cases, it only takes a couple of minutes to repair things around the house; like changing out a door lock, replacing a blow-out light-bulb, or resetting a breaker switch. They are all simple repairs that you can do. Having a home needs a lot of care, if you keep-up with the repairs.

Posted by realestate - September 18, 2011 at 8:34 am

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The Best Home Owner Insurance Quote

Last year our insurance tripled, yes, impossible but it happened, they had the nerve, to send us a bill for over $1400.00.

Now we have never had one single claim, not one, yet, these clowns send us a bill for three times the rate on our insurance?

That is insane, so we called and said, you know what this is crazy, we cannot afford that rate of insurance, we have never had a claim and we do not expect to ever have one, so how about cutting us some slack, you know we have been with your company for 7 years, and now this is how you “reward” your loyal customers?

You know what they said?

Have a good day and your welcome to get your insurance someone where else.

You know what we did, so much for the good hands people.

Now, that is just crazy, we could not understand why the price went so high but other people began to complain as well so we knew that it was not just us.

With the cost of insurance going up so high, You may feel that the best home owner insurance quote is going to be the cheapest home owner insurance quote, but that’s not always, if ever, the case. The best home owner insurance quote is going to be the quote offered by the insurance company that thoroughly investigates your home owner insurance needs.

When you begin shopping for a home owner insurance quote, make sure the home owner insurance company you speak with covers the following issues with your.

What do you want to insure? This usually means a home, a townhouse, a condo, a mobile home, or an apartment or home you rent. This gives the home owner insurance agent a jumping off point.

Where is your home located? The location of a home greatly affects the home owner insurance quote, because it gives the home owner insurance agent an idea of what kinds of crime or weather elements they may be up against.

Have you taken inventory of your home? This means, have you made a list and/or video of everything in your home, focusing especially on the most precious and valuable contents in your home. This information may lead your home owner insurance agent to suggest a floater policy to make sure the possessions are covered, or even suggest storing them somewhere safer than a home, such as a bank safety deposit box.

How safe is your home? Tell your home owner insurance agent about any special alarm systems, sturdy locks and windows, and repairs to roofs and steps, as well as electrical and plumbing upgrades you’ve made. These answers will let your home owner insurance agent know just how protected your home and its contents are, as well as any visitors that may drop by.

The answers to these questions will help your home owner insurance agent determine the kind of home owner insurance you need, and provide you with a quote based on those needs.

Posted by realestate - August 5, 2011 at 1:24 pm

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home prices

The cost of buying real estate just went down, again, home prices are going lower and lower.

What they are not telling you is that you cannot get a loan to buy these cheap homes.

source.

NEW YORK (CNNMoney) –

Home prices hit another new low in the first quarter, down 5.1% from a year ago to levels not reached since 2002.

It was the third straight quarterly drop for the S&P/Case-Shiller national home price index, which was released Tuesday.

Prices are now down 32.7% from their peak set five years ago.

So the problem here is not the actual price of the realestate, it is that you cannot get a loan because banks are not lending…

Think about it for a moment, you find that perfect home, and it is priced to sell, the only thing is that when you go to the bank to get a loan they tell you that you must come up with a 30 percent down payment.  Which means that even if you manage to find that perfect home priced just right, you would still have to come up with an alleged $30 dollars for every one thousand you finance.

Now perhaps that is just insane but still there is nothing that you can do to secure a loan.

 

 

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Posted by realestate - May 31, 2011 at 2:52 pm

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Are You Ready To Buy Your First home?

The best time to buy a new home is when the price is low and the market is extended, that time is now.

Then you should learn about what the market can help you with.

In a recent interview with a young couple that wanted to buy a home, the first thing they said was that they could never get approved, that they could not even buy a car much less a home, however, that is not exactly the truth.

Half of getting approved for a first time home contract is the confidence you show or the lack of that confidence.

Buying your first home is very exciting. When you are ready to buy your first property, there are many details to sort through and plenty of important issues to address. After saving and planning for a period of time, you need to be certain you are making the right decisions when you buy your first property.

You can buy your first home stop paying rent.

When you are ready to buy real estate, there are many sources of information regarding listings. The first source many people go to is a real estate agency. A real estate agency has listings of all sorts of real estate including parcels of land. You might choose to buy a piece of land and build a house instead of buying a resale property. If this is something you are thinking about, before you go ahead and buy a building lot, you may want to consider visiting a lending institution to discuss a pre-approved mortgage for your new home. This would insure the funds are in place after you buy your land. There’ll be no hesitations in starting your building project.

If you decide to buy a piece of resale property, be sure to have the property appraised and inspected. If you’re applying for a mortgage, the lender will request an appraisal before you buy the property. A home inspection regarding details such as electrical, plumbing and necessary repairs is not likely to be required by the lenders. It would be in your best interest however to have these matters assessed before you actually buy the house.

You must also decide where you’d like to live before you buy your first home. There are plenty of options regarding where to buy. It’s totally up to you the buyer, where you’d be comfortable living. Many people prefer city life because of the convenience it offers. Others would rather settle in the quietness of the country or be enveloped in the beauty of the waterfront. This is a big decision to make before you buy your first home. You may be living there for awhile. This brings up another issue. You might want to buy in an area that has a good resale market. When you buy your first home you aren’t thinking about reselling but, one never knows when they might be compelled to sell or choose to sell.

When you are ready to buy your first house, it is wise to sit down and figure out what you can actually afford. It is imperative to take into account monthly expenses besides your mortgage and maintenance expense. Opting to buy or build a huge spacious house without regarding your overall expenses may create financial difficulties in the future. It is tempting to buy the home of your dreams but it isn’t always practical. To avoid unnecessary stress, before you actually buy your first home you should definitely discuss your finances with your personal banker or the lending institution to determine exactly what you can afford. Before you buy your first property, take time to think it through. Rushing out and buying the first house that catches your eye is very rarely the best idea.

Posted by realestate - May 16, 2011 at 8:40 pm

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Gas Prices Soar

You might ask what does gas prices have to do with foreclosures?

Is this a sign that inflation may be at a level previously unheard of since the great depressions?

 

What will happen when the cost to commute to work is more than you make in hourly wages?

Gas prices have been rising all this month however, if the talking heads are correct, we may be seeing 4 and 5 dollar gas soon.

What this may mean to the realestate market?

For one thing it could mean that some sellers may be seriously motivated to sell which means that buyers could find some really great deals on homes in this down turn market. There will of course be many that will just wait in that holding pattern thinking that the prices will rise again and that they cannot possibly sell now because they would loose money.

As a consultant back in 2003, a client who was a real estate investor came to me for a report and advice on what to do with his properties portfolio, I did the research and came back with the report, while we were talking I told him that if he wanted to salvage his property and his money he should sell even at a loss.

In just one instance, his investment was $189,000.00 which he had paid for some office property back in 2000, he put the property up for sale and got an offer for $100,000.00 was represented an $89,0000.00 loss, he again came to me and said do you really think the market is really going to get this bad, I told him yes, and it will get even worse before it gets better.

I am not sure if he took the money or if he held on hoping for a price increase, as most consultants will tell you, we are often hired but our clients hardly ever take our advice.

That same property now is valued at $49,000.00

My friends, if you are a buyer now is the time to buy and if you are a seller now is the time to buy, unless you really think you cannot carry your portfolio for 5 years, because that is the long term outlook.

A $49,000.00 property sitting empty that was once valued at $189,000.00 which may well be in bankruptcy by now, if the client did not listen to me.

I also told another client to get out of Apple stock at $385.00 look where Apple is now and if you think that is bad look for the mid 200s for Apple in the next 60 days.

The market is changing and with it the opportunity to buy and sell is changing also, consider carefully any price you think is too high likely it is.

Posted by realestate - May 4, 2011 at 10:21 am

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