Defraying College Costs with Real Estate
It's that time of year again. All over the country, kids are packing up their rooms and getting ready to head off to college. While there will be tears shed (and maybe a little joy involved) by parents taking their children to register for school, financial considerations tend to weigh on the mind.
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Purchasing a Hot Property
We've all heard stories about folks purchasing real estate that skyrocketed in value. Unfortunately, there's no magic formula that will predict a home will appreciate above the standard level.
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Consolidating Debt Through a Home Equity Line
Is taking out a home equity loan – to pay off credit card debt, car finance debt and consumer debt – a good idea or a bad one? Yes and no.
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Lee County is Very Strong
Total existing home sales in the United States are down approximately 11 percent from the same time last year. Nationally, home sales in April 2006 were 6.71 million houses versus 5.99 million in April 2007, according to Walter Molony of the National Association of Realtors.
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Pricing Your Home to Sell
Every once in a while, someone asks me about setting the right asking price for the home they are selling. The truth is, there are many factors that go into setting a price that will give you the net amount you want at closing, while still being attractive to a potential buyer.
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Lease Options
Whether you are thinking about optioning or exercising your current option, there are a few things you should know before you make any final decisions.
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De-mystifying Seller Held Seconds
In a perfect world, all buyers obtain either 100% financing or get at least 80% to 90%, making up the difference with a large down payment. Unfortunately, the world is not perfect..
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Homeowners' Warranty Programs
When you buy your own home after
renting for most of your adult life, it
can be quite a shock when something
breaks and you have to figure out how
to fix it yourself.
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Think Like A Bank
Would you pay $80,000 for a $30,000 car? Or course not. How about $800,000 for a $300,000 house? No? That is almost exactly what you will pay over 30 years with a $300,000 mortgage at 8%-$300,000 for the house and about $500,000 in interest to the bank.
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SubPrime Mortgage Storm Clouds
What in blazes is going on in the mortgage
industry?
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The Tax Man Cometh
It is almost that time.
As the clock ticks nearer April 15th,
everyone seems to panic about income taxes.
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My Mortgage Was Sold. Should I Be Worried?
Selling mortgages is normal. You should not be worried, but you should be EXTREMELY CAUTIOUS.
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My Mortgage Was Sold?
You finished closing on the property just a month ago. You are still getting settled and have not even fi nished putting away all the boxes. Today in the mail you received a letter stating that your mortgage has been SOLD.
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Credit Bureaus and Your Mortgage
This past week HomeSeeker discussed the importance of your credit score. It is also important to understand how credit reporting companies work and how they impact your mortgage application and your mortgage rate.
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Home Buying with Less Than Perfect Credit
To paraphrase, bad credit can happen to good people. Not everyone has the stratospheric, perfect FICO credit score of 800 plus points.
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The "80/20 Zero Down" Mortgage Program
The most popular method of financing home purchases in the Auburn-Opelika-Lee County area is “zero down” financing, according to the banks and mortgage lenders in our area. This is not done by asking the seller to hold a large second mortgage or any other type of “creative” real estate seminar technique. This popular mortgage program is available from every bank and lender we contacted in our area.
Surprisingly, the lenders offer more than one type of “zero down” mortgage financing.
They are keenly aware that they are competing for your business and that is reflected in the flexibility of the mortgage programs available to you today.
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No More Piggybanks
Our area is unique, whether it’s food, football, golf or more. But when it comes to financing homes, we have one major habit in common with the rest of America – no savings. The actual “personal savings rate” in America, according to the U.S. Commerce Department, is a negative 1%. Simply put, the average American tends to spend all of their income and then some. According to local mortgage lenders, the majority of us in Lee County are no different.
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