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 […]
Category Archives: Home Buyers
Buyer’s Closing Costs
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 […]
Vacation and Second Home Sales Up
Based on sales during the July to September period, the National Association of REALTORS® (NAR) says vacation home sales are up 44 percent year-over-year. Not only are they selling faster than last year but the number of units is up. Across the nation, 72 percent of existing vacation homes that closed in October were on […]
Home Inspections and the Inspector
Many times, a sales contract on a home will include a provision that allows the buyer to have inspections done to discover any issues with the home not readily apparent or disclosed by the seller. A home inspector is one of many key professionals involved in real estate transactions. You must have a qualified individual […]
You Can Cut Your Housing Costs in Half
Cutting prices or offering sales prices will generally bring people buying anything out of the woodwork that may have not been serious buyers before. In today’s market, renters can easily lower their monthly housing costs by half or more by buying a home with all the financial benefits that it brings. A renter’s mortgage payment […]
Does Your House Measure Up?
Buyers, sellers and real estate agents often use square footage as their common demoninator in determining the value of a home. There is no quick method or automated value method that will give you the correct amount. It may seem like a straight forward process, but there are several variances that can lead to inaccurate […]
Are You a Negotiator?
Buying or selling a home involves negotiation at all stages of the process whether you like it or not. It’s not like going to the store where you decide to buy something and then just pay for it. Emotions get involved that could affect the negotiations adversely and it is easily the most expensive purchase […]
Lower Your Cost of Housing
Even with taking the standard deduction instead of itemizing to take the interest and property tax deduction, homeowners still have considerable advantages from the amortization of the mortgage and the appreciation enjoyed by most homes. There is a saying, “Rent or buy, you pay for the house you occupy.” Either you pay for it yourself […]
Rethinking Home
Scams to Steal Your Mortgage Closing Money
Willie Sutton was an American bank robber and he was asked why he robbed banks. He answered, “because that is where the money is!” He stole about $2 million during his 40-year career. However, internet scammers are stealing much more by using phishing schemes and preying on unsuspecting home buyers. These scammers know where to […]