|Real Estate Information|
More Bang for Your Buck With Mortgages
Choosing a knowledgeable mortgage lender can make a difference in the quality of home you are able to purchase with your finances. I prefer to recommend a mortgage broker to my clients, because they usually offer 50 or more programs. Regular mortgage companies are usually locked into one source. Take time to research a mortgage lender. And, remember, creative financing can be the way to go if you need a higher priced home with more space.
Home buying is different now then when your parents or grandparents purchased a home. When they bought real estate, 30-year mortgages were the standard. That’s because 10-15 years ago, a person bought one or no more than two homes in their lifetime. Currently, Americans tend to own more than three homes in their lifetime.
Find a lender who knows the business inside and out and can make your dollar go further. Ask your realtor to research the housing market in your area, to predict a rise in property value for that area. When you seek a mortgage, obtain quotes from three or more lenders. Make certain at least one of these is a mortgage broker. Ask how many loan products they have to choose from.
The 30 year mortgage is just one of many choices in the real estate loan market. Rebecca Nichols, a loan officer with Breakwater Mortgage in Virginia Beach, says, “It’s not so popular anymore to do a 30-year fixed loan. People want options to help them get the most value from their investment. Some want to pay lower monthly mortgages so out-of-pocked expenses are less. There’s no real reason anymore to be locked into a 30 year amortized loan.” Rebecca pointed out that in the beginning of the loan stages, most consumers are paying off the interest anyway.
A Twelve Mat Loan
This popular loan is based on the treasury market index, which is usually lower than the prime rate. For the first year the mortgage is at 1% interest. After that, it’s usually a loan that is 3-5%. Some advantages of this type of loan include a choice between three different types of payment plans: minimum payment, interest only or principal and interest.
Interest Only Mortgages
One new trend in mortgages that is very popular right now is interest only loans. The buyer may elect to make lower payments for two years, five years, or ten years.
Adjustable Rate Mortgage ARM
Generally, a homebuyer is locked into a certain interest rate for a 3-year period with an ARM loan. After this the rate fluctuates with the prime rate. Rebecca Nichols, a mortgage broker, says, “I usually recommend people commit to an ARM rate for 3 years. When the value of the home has gone up, I recommend they refinance into a 30-year fixed mortgage or another ARM, depending upon whether they want to stay in the home.” There are interest only ARM loans available too. These loans are popular with real estate investors because the mortgage is easier to cover if they lack a tenant for several months. Interest only ARMS often homebuyers will be able to obtain a bigger house or something closer to what they want with an ARM.
80/20 Combo – Fixed or ARM
Some clients prefer to avoid paying mortgage insurance, which is not tax deductible. If this is their preference, Nichols recommends “finance 80% of the loan in one loan, and 20% in another. ARMS can also be split this way.
30 Year Fixed Mortgage
If you plan on residing in the same home for at least 20 years, this is the perfect way to go. It’s a standard, fixed rate for the whole loan duration.
Remember to shop for a mortgage, just as you would for auto, home, health insurance, or auto loans. Be wary of obtaining your lender on the internet. Some sites may promise rock bottom interest rates, but the hidden costs and fees can add up. Also, having a lender present at the closing is an invaluable resource to the homebuyer. The loan officer or mortgage broker should be present to make certain the loan documents are correct and answer questions. A lender on another coast is probably not going to provide you with this type of service.
If you’re in the market for a home and a mortgage, choosing the right lender will help you get more bang for your buck and the type of dwelling you desire.
The Five Feng Shui Elements and Their Characteristics
Feng shui handles five main elements in order to achieve harmony and balance in any space. These five feng shui elements are: wood, fire, earth, metal and water. Each one of them has its own characteristics and properties, and we will detail them in the following lines.
Does Your Copy Look "Fake" To the Search Engines
From the early days of search engine optimization, keywords and content have always been vital to achieving your goals.Starting back in the days when we used to shove every slightly relevant keyword into our Meta tags, it has been obvious that search engines love text.The more advanced the engines have gotten over the years, the more complex and sophisticated many writers have gotten with their search engine copywriting.
Comparing The True Cost Of Obtaining A Home Loan
Home buyers are often confused about where to begin in their search for a home loan.The process is usually narrowed down to finding which institutions provide the lowest settlement costs, but the different types of lending institutions and the variety of lending programs available can make the search a slow, difficult experience.
Internet News Services Explode Online
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The Logic of Emotion!
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“Where is America headed to”, New York Millionaire wonders…
Hello! Happy new year. May you live a long healthy life and prosper.
1,001 Deals and Steals: A Guide To Online Classifieds
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Own Your Niche by Building a Niche Community
In 1997, David Steele was making the transition from a professional therapist to relationship coach. Part of his strategy was to become a center of influence and THE Relationship Coach for his community.
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Do you know anyone who always wins Sure you know that person, everything just works out for them. They go into business and they are an instant success. They enter the dating scene and their phone rings off the hook. If they were in the Olympics, you just know they wouldnt settle for anything less than the gold. It seems as though they always win.
Politicians Are Like Car Sales People...
Well, another election has come and gone in the US and no matter which way you voted there are some important marketing lessons to learn.
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Maybe youre moving to a larger home to accommodate a growing family, relocating for a new career opportunity, or purchasing a townhouse for retirement.Whatever the reason for the move, youll need to take the necessary steps to sell your home for the best possible price, within a reasonable amount of time.Where do you begin
Can I Have Your Autograph
Being a celebrity means dealing with fan demands for autographs, ranging from polite and appropriate to rude and overbearing. One time Katherine Hepburn was performing on Broadway and tried to exit backstage through a crowd of jostling autograph hounds. Bodyguards helped her to her limo and once safely inside the very private star rolled down the window and shouted," Run em down! Well clean up the blood later!" The crowd scattered and the limousine sped away, pausing long enough for Hepburn to roll down the window and wave goodbye to her fans, accompanied by an evil laugh. Strangely enough, when she lived in Beverly Hills the seclusion loving Hepburn developed the habit of sneaking into her neighbors houses as a hobby. She became expert at climbing trees, avoiding alarms and dogs, and revealing herself just before her nervous neighbors called the police.
Applying for a Home Loan
Applying for a home loan may not be the most exciting way to spend your time, but if you are like many potential homeowners, it is probably a necessary evil. If you have some knowledge of the process ahead of time, however, it will go much more smoothly.
Easing Your Way Into Homeownership: A Guide To Low Down Payment Mortgage Programs
There’s no question about it:Buying a first home is a big financial commitment.In most cases, a home is the largest single purchase an individual or family will make in a lifetime.However, because of the tax advantages afforded to homeowners, buying a home also can be one of the best financial decisions you’ll ever make.
Before Selling Your Home
Here are some important steps you should take before you put your house on the market:
How Do You Profit From O.P.P.
In a previous article we introduced you to the concept of O.P.P., or Other Peoples Property, and the many ways in which you can profit.
Do You Want To Be A Pilot In The United States
I receive many emails requesting information about becoming an airline pilot in the United States. This article addresses many of the general questions I receive about the types of pilot careers, salaries, FAA requirements, training, advancement opportunities and the employment outlook for pilots.
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