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Making it Official

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What Are Debt-to-Income Ratios?

What Are Debt-to-Income Ratios?What Are Debt-to-Income Ratios? If you talk to a lender about what size mortgage you can afford, you're bound to run into the term ratios. Don't let the lingo put you off. A ratio is simply a relationship between two variables. It's a rate or a percentage. For example, let's say that one of every two voters favors a tax cut. In...

 

Sat Oct 12 2002
Views: 88


What Are the Hidden Costs of Home Ownership?

What Are the Hidden Costs of Home Ownership?What Are the Hidden Costs of Home Ownership? Most home buyers think first of the monthly mortgage payment when they consider how much they can afford to pay for a home. They frequently forget about the cost of home maintenance. Some homes cost more to maintain than others. But all homes need to be attended to on a regular basis to keep...

 

Sat Oct 12 2002
Views: 81


What Happens to the Real Estate Market When Interest Rates Rise?

What Happens to the Real Estate Market When Interest Rates Rise?What Happens to the Real Estate Market When Interest Rates Rise? Ideally, homebuyers would like to buy when rates bottom out, and just before they move up again. Unfortunately, interest rates often aren't at their lowest when buyers are eager to buy. For instance, mortgage rates recently increased to above 8 percent for fixed-rate...

 

Sat Oct 12 2002
Views: 75


What is a Review Appraisal?

What is a Review Appraisal?What is a Review Appraisal? There are two parts to the home mortgage approval process. One part is to make sure the buyers are qualified to carry the financial burden of the mortgage payments. The other is to make sure the property is acceptable to the lender. The property is usually the lender's ultimate security. The lender wants to make...

 

Sat Oct 12 2002
Views: 80


What is Negative Equity?

What is Negative Equity?What is Negative Equity? Equity is the difference between the value of your property and the amount you owe on it. If your home is worth $250,000 and the liens against it total $150,000, you have $100,000 in equity. When the liens total more than the property value, you have negative equity. What can cause negative equity? If the amount of..

 

Sat Oct 12 2002
Views: 71


What is the Best Way to Handle Defects Discovered During Escrow?

What is the Best Way to Handle Defects Discovered During Escrow?What's the Best Way to Handle Defects Discovered During Escrow? Most home purchase contracts include an inspection contingency. This contingency permits the buyers to inspect the property within a certain time frame-often 10 to 14 days following contract acceptance. Depending on how the inspection contingency is worded, the buyers may be...

 

Sat Oct 12 2002
Views: 79


What is the Best Way to Pay an Agent?

What is the Best Way to Pay an Agent?What's the Best Way to Pay an Agent? Typically real estate brokers get paid a percentage of the sale price at closing. The brokerage fee is called a commission and is usually paid by the seller to the listing broker. The listing broker often splits the commission 50-50 with a different broker who finds the buyer for the property. Although...

 

Sat Oct 12 2002
Views: 85


What Kind of Insurance is Required When Buying a House?

What Kind of Insurance is Required When Buying a House?What Kind of Insurance is Required When Buying a House? Before you can close your home purchase, your lender will require that you take out a hazard insurance policy. Most buyers get a comprehensive homeowner's insurance policy. In addition to covering the home in case of fire, a homeowner's policy will cover such things as personal...

 

Sat Oct 12 2002
Views: 88


When Do I Need a Real Estate Attorney?

When Do I Need a Real Estate Attorney?When Do I Need a Real Estate Attorney? Most homebuyers and sellers buy and sell homes without the aid of an attorney. Many states, like California, permit real estate agents to prepare purchase contracts for their clients using preprinted forms. These agents handle all the negotiations between the buyers and sellers as well as assist with...

 

Sat Oct 12 2002
Views: 73


When Does It Make Sense to Refinance?

When Does It Make Sense to Refinance?When Does It Make Sense to Refinance? Maybe you bought when interest rates were higher. All you could qualify for at the time was an adjustable-rate mortgage (ARM). With today's lower rates, you can qualify for a fixed-rate mortgage, which you'd prefer. One reason to refinance is to change the kind of mortgage you have. Other reasons to...

 

Sat Oct 12 2002
Views: 76


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