Having insurance is always debatable. The debate centers on having to pay for something that you may never use so it is worth it or a necessary evil. Mortgage Insurance benefits the lender if a borrower who puts down less than 20 percent defaults on their loan. The problem is that most conventional mortgage loans […]
The strategy we are talking about today is not about negotiating the best price but rather about beating your competition and buying the home. The reality is there is just not enough homes on the market and when competition gets tough different tactics are necessary. This may not dawn on you until you lose a […]
Many newer homeowners are paying for two types of insurance with their mortgages and only one of these products protects them. A homeowner’s insurance policy covers damage to the property and losses from fire, burglary, vandalism, and natural disasters. When you have a loss, you will file a claim with your insurance company that will […]
The stay-at-home orders that were issued across the U.S. in 2020 resulted in a lot of homeowners thinking about how nice it would be to have a larger home to accommodate all the activities that are now taking place in their current home. This is especially evident with homeowners who have children at home taking […]
Investing in a rental home, whether it is a single-family detached home, condo, two, three, or four-unit building, share the same benefits. People instinctively know many of the working parts because they are the same as what a homeowner has. They have a basic understanding of how to maintain the property and what the value […]
If you don’t have a pre-listing inspection here are some things that might happen to you. A buyer puts a contract on your home with a provision to have a professional home inspection. What could come out of the home inspection are items that your buyer didn’t expect or anticipate. If the buyer doesn’t decide […]
Buy low, sell high is a much-repeated investment strategy. Buyers who purchased during the 2010-2012 financial crisis are about to see some considerable profits. America’s current median home price is now $295,300 which is up from $155,600 in February 2012. The results are close to an 8 percent annual increase. Homeowners have earned median equity […]
A tool that lenders use to qualify buyers for a mortgage is called the debt-to-income ratio and it is an important factor in determining loan approval. It gives the lender an indication of the amount of debt that a potential borrower is obligated to in relation to how much income they have. To determine total […]
In an ideal situation, both buyers and sellers pay their own closing costs on the purchase and sale of a home. These costs can be negotiable depending on lender requirements and current market conditions. Closing costs and fees are itemized on the closing statement and are usually paid at the time of settlement. Before contracting […]
For the last 30 years, mortgage rates have been on a steady decline and mortgage assumptions have not been practical. Even if a seller today has a rate lower than the current rate, the new buyer has to qualify to assume the loan. Unfortunately, with conventional loans, the lender can increase the rate to the […]
