Interest Rates and How They Make or Break Us
May 01Negotiating interest rates is one of the most important, and often neglected, components of the home buying process.”
There is a type of ignorant blindness in home buying that we simply cannot let pass. When buyers are weighing their loan options, they often choose an arbitrary time and interest rate, and get burned for tens of thousands of dollars more over the course of their home loan than if they were to choose smarter. Let’s put some numbers behind this: Assume the following types of loans: 30 years...
Crazy Market
Apr 24In this crazy market you have to do crazy things”
Last 6 weeks market has gone from Buyer’s market to a hot Seller’s market. Comps are not helpful anymore. Appraised value is not in par with offer price. Buyer has to remove contingency for appraisal and be able and willing to pay difference. Pay difference between appraised value and offer price in order to win property.
FHA Increasing Fees
Apr 20FHA increasing fees 04/09/12”
Fha will increase upfront fee to 1.75% of loan amount. Also monthly mortgage insurance will increase. Increase will start from 04/09/12. If you are applying for case number before 04/09/12, you will pay current fees. You may close later in 2012.
The Advent of Electronic Signatures
Apr 19How Technology Can Help Us Save Time and Grab the Home of Our Dreams”
If you are at all serious about home buying, I can guarantee that you’ve had situations where a desirably-priced property stood out to you like a diamond in the rough when looking at MLS. You may or may not have been working with an agent, but the price of the property was just ridiculous. Maybe a 200,000 dollar home that you would gladly have paid 220,000. Now of course, even before you...
Supplemental Tax Bill
Apr 10Supplemental tax bill is difference between your tax bill and Seller's.”
House is bought for 500K. Property tax is 1.25% of purchase price. Annual property tax is $6,250. Monthly is $520. Seller bought home for 350K. His annual tax $4,375. Monthly is $365. County assessor will make an assessment and send out a bill for difference (supplemental tax bill). Usually comes within 6 months of purchase. You have to pay bill. Even if you pay taxes with an impound account, you...
