What Buyers Can Do While Staying at Home

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While you're isolating at home, there are things you can do to help buy a home now or in the near future.  Instead of spending time surfing the Internet looking at homes, do the groundwork necessary to be able to purchase the home that you find. There is a lot of documentation necessary to qualify for a mortgage and to be …

Showing Procedures During Covid-19

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During these unsettling times, sellers and buyers are concerned about staying healthy and virus-free as we all are.  To keep all parties safe, new procedures should be considered regarding the procedure for showing houses. Agents are reporting that they are selling homes where the buyers have not physically been in the home and base their decision on the virtual tour …

Showing Procedures During Covid-19

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During these unsettling times, sellers and buyers are concerned about staying healthy and virus-free as we all are.  To keep all parties safe, new procedures should be considered regarding the procedure for showing houses. Agents are reporting that they are selling homes where the buyers have not physically been in the home and base their decision on the virtual tour found …

Why have a mortgage during retirement?

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You don't have to watch TV for long before Tom Selleck, Henry Winkler or Robert Wagner will tell you why seniors should consider a reverse mortgage.  However, there are a seniors who are resisting the conventional wisdom of having their home paid for and opting for a mortgage with payments on their home. In some cases, seniors will downsize into a …

Shopping for a Mortgage

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A lower rate will not only result in a lower payment, it will amortize the loan quicker.  A $250,000 mortgage at 4.5% for 30 years will have a $1,266.71 principal and interest payment.  At 4%, the same loan will have $1,193.54 payment saving $73.18 a month and the unpaid balance would be $1,776 lower at the end of five years. Mortgage lenders …

Get Ready to Garage Sale

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A well-planned garage or yard sale can give you extra space in your home, get rid of unused items and make some money but it needs some of the same considerations that any business needs to be successful.  Start early to research and plan Promotion is key Display items attractively Price items right Organize checkout Determine the date of your …

What kind of properties are these?

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It is the way the property is used that determines the type of property it is, not what it looks like.  Based on the intent of the owner, the property could be a principal residence, income property, investment property or dealer property. A principal residence is a home that a person lives in.  There can be only one declared principal …

Why Put More Down

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The least amount in a down payment is an attractive option when people are thinking of buying a home.  A common reason is to have cash available for furnishing the new home and  possible unexpected expenses. Some people don't have any options because they only have enough for a minimum down payment and the closing costs.  For those fortunate buyers …

Financing Home Improvements

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Home improvement loans provide a source of funds for owners to finance the improvements they want to make.  These are usually, personal installment loans that are not collateralized by the home itself.  Since there is more risk for the lender with this type of loan, the interest rate is higher than a normal mortgage loan. In today's market, the rates on home …

House-Hacking Rental Property

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House-hacking refers to buying a multifamily property on an owner-occupied mortgage, living in one unit and renting the others.  If you're thinking about becoming a rental mogul, starting early is an advantage.  Not only will you have longer to accumulate a larger portfolio, you can increase the leverage on the first acquisitions if they are owner-occupied.  Leverage is the use …