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Some mortgages have fixed rates for the entire term, some have variable rates that can change monthly or yearly, and others have a fixed rate for a certain number of years followed by a variable rate. You'll want to know the interest rate and the annual percentage rate (APR). The APR adds in points, fees and certain other charges, all expressed as a yearly rate to help you compare loans.
Mortgage interest rates remain at 30 year lows. One thing to remember is the rates one sees on TV or in print ads generally reflect 'perfect' borrowers; 20% or better equity, single family residence, fully documented income, debt ratios under 38%, credit scores 720 or better, loan amounts less than $417,000 on purchase loans and with no cash-out for refinances and maybe paying points.
falseReal Estate Pro2006-07-18T11:11:39-07:002006-07-18T18:15:56Z2006-07-18T18:15:56Ztag:blogger.com,1999:blog-26070596.post-115324655669257935Buying a Home Can Make You Rich Slowly
You're not buying a house just to flip it and make a quick buck. In the beginning, Bach explains the Philosophy Behind the Automatic Millionaire Homeowner: You can't get rich renting; you don't need a lot of money for a down payment on a home; you don't need good credit to buy a home; you should buy a home even if you have credit card debt; you can build a fortune by buying just a few homes over the course of a lifetime.
falseReal Estate Pro2006-07-18T11:11:37-07:002006-07-18T18:15:55Z2006-07-18T18:15:55Ztag:blogger.com,1999:blog-26070596.post-115324655512395737Who Wins: Discount Brokers or Six Percenters?
As far back as 2004, the smartest realtor I know told me he wouldn?t pay IAC for client leads because RealEstate.com referrals were always for buyers, and he had all the buyers he needed. The much more ominous thing for highly paid brokers is that now nearly a quarter of buyers, according to the head of one discount brokerage I interviewed, buy a specific home they found online themselves.
Kenneth Harney at the Washington Post brings us a tale of realtors playing both sides of the transaction in an effort to get their precious commission. If you don't trust them to mess up your Big Mac order, why would you trust someone with even less training--and more incentive to pad their own pockets--to ensure you sell your home and buy for the best price possible?
falseReal Estate Pro2006-07-15T14:58:01-07:002006-07-15T22:02:13Z2006-07-15T22:02:13Ztag:blogger.com,1999:blog-26070596.post-115300093333462678Buying and Selling: How To Trust Your Realtor
Do they have any reports on them from the Better Business Bureau? (Yeah, yeah, I know these may just be rubber stamps, but it's better than trusting Joe's Chicken Shack Realtor!) Check the news, public records, anything and everything you can find to get proof your realtor is legitimate and honest. Know your realtor like you know yourself, and don't be afraid to ask questions, find out data, and play the skeptic.
With the changing housing market, the topic of "Short Sale" is being brought up on Realtor message boards. Here's what a Short Sale is.... They put the house up for sale and get an offer that, when all costs of selling the home are deducted, is lower than what they owe to the lender. Instead of going into foreclosure, the lender accepts the lower amount.
The Risks of Being a Realtor Just in the past few days, there have been 2 incidents of Realtors being assaulted. If a Realtor asks you questions before agreeing to meet you to show properties, don't think that all they are doing is trying to see how real of a Buyer you are. Sure, they don't want to waste their time if you are already working with another Realtor or have not talked to someone about a mortgage to see what you qualify for.