Monthly Archives: June 2009
Choices With Reverse Mortgage Payments
If you are 62 years or older, you may qualify for a reverse mortgage. Reverse mortgages can come in different forms and give you different choices. You can take a lump sum payment when you obtain a reverse mortgage or you can choose to receive a monthly payment. Reverse mortgage fees can be high and are not for everyone. Reverse mortgage are also known as a home equity conversion mortgage or HECM.
Refinancing A Construction Loan With A VA Loan
Once you have started construction on a home and you have obtained a construction loan, the time comes when you must focus on obtaining permanent financing. Construction loans are short term loans. You’ll need to refinance the construction loan with a standard loan. US Veterans have an additional choice when obtaining financing. They can obtain a Veteran’s Administration loan or VA loan. While VA loans can be more expensive, VA loans can also be a great deal for those that may have lower credit scores or certain credit problems or want to obtain a larger mortgage on their home.
The More Things Change, The More Things Stay the Same, Location, Location, Location
In the new world of real estate there are many changes to keep track of, but there are also some key parts to the home buying process that haven’t changed. Real estate agents are still a good deal for home buyers. You’ll get the best home loan rates and save money if you shop around. Home repair and maintenance will always be a big expense for homeowners. And location, location, location is one of the most important things to look at when buying a home.
Refinancing May Make Second Home Mortgage More Affordable
Many home sellers on the market are struggling to sell their first home before it’s time to move into their new house. You may find yourself carrying two mortgages, or trying to pay off either a home equity line of credit (HELOC) or a primary mortgage. If you have good credit and are employed, you may be able to refinance one of the loans to reduce your monthly payments. If your second home is now your primary residence youre chances of refinancing that home are much better. Talk to local banks and credit unions to see if they can help refinance your second home mortgage.
How Does A Reverse Mortgage Work And What Are The Pitfalls?
How does a reverse mortgage work? A homeowner can take out a loan based on the equity in their home, and the loan becomes due when the home is sold. Usually FHA’s home equity conversion mortgage (HECM) program is loaded with insurance to prevent any loss in case the value of the home drops. However, pitfalls with reverse mortgages can range from life expectancy issues to home value calculations. And any of these pitfalls can cause problems down the line with reverse mortgages.
Seller Closing Costs Updated
Seller closing costs generally come as a surprise to home sellers, particularly when home sellers find out that they’ll have to pay anywhere between 2 to 7 percent of the sales price in fees and costs. Here’s an updated list of closing costs you may incur when you sell a house.
Is The American Dream Of Homeownership Changing?
According to a recent survey from the National Foundation for Credit Counseling, the traditional American Dream of owning your own home may be changin…
Survey Shows Changing Attitudes Toward Being A Homeowner
In the midst of the housing crisis, Americans’ attitudes toward homeownership is changing. Being a homeowner used to be thought of as a safe way to build your personal wealth. According to a recent survey, almost half of Americans don’t think owning a home is a good way to build wealth, and almost one-third don’t think they will ever own a home.
Recovery Act Funds Being Used To Improve Housing Market
I was running errands last weekend and saw my first sign on the side of the road, next to some construction, that said, “This project was paid for by …
$268 Million More In Recovery Act Funds For Housing And Job Creation
The Treasury Department announced $268 million will be available to the American Recovery and Reinvestment Act, or the stimulus plan, to create jobs and improve the housing market. The money will be used for the development of affordable housing units in Indiana, Missouri, Tennessee, and Washington D.C. Under the Recovery Act, the Treasury Department will work with state housing agencies to jump start the development or renovation of qualified affordable housing for families across the country. This is the second round of funding going to states to increase the construction of affordable housing, with $164 million in Indiana; $17 million in Missouri; $53 million in Tennessee; and $ 33.7 million in the District of Columbia. Read the full press release below.
