We had a call this morning on the show about selling a timeshare. You should know a couple of things about timeshares:
Some people like 'em, some people don't use 'em, but timeshares are really difficult to resell or unload. They're even tough to give away.
Buying a timeshare is not like buying real…
Refinancing Required By Divorce Settlement
This divorcee is unable to refinance her home to remove her ex-husband's name, and can't afford the house on her own. The only way to get a name off of a mortgage is by refinancing. If the woman can't afford her home after her divorce, selling it might be a better option than refinancing.
Home Buyer Loses Earnest Money When Closing Fails
When financing falls through for a mortgage, the seller wants to keep the buyer's earnest money. The buyer withdrew from the home buying contract but now the seller's attorney says the buyer can't get her earnest money back. Keeping the earnest money will compensate the seller for taking the…
Refunding Money Down On A Home Purchase
A home buyer put a down payment on a home and then was denied financing. Now the seller refuses to refund the down payment. A financing contingency in the contract will determine if he can get his down payment back.
Using A Quitclaim Deed When Divorcing
A divorced man has been asked by his ex-wife to sign a quit claim deed to the home they own together. But their divorce decree says the wife must sell or refinance the home within five years of the divorce. Signing a quit claim deed will give up any rights to the property, so he should wait until…
How To Transfer Interest In Property
It's fairly easy to transfer the title of a home to another person, but transferring complete interest in a property includes the mortgage. To switch names on a mortgage, the new owner will need to be approved by a lender and then pay off the old loan and transfer the title.
Settling Condo Finances After Divorce
A woman is divorced from her husband, who lives the the condo they purchased together. She has a deed of trust and a lien on the condo, but the husband refinanced under his name. If there is a lien on the property, the husband should not have been able to refinance, so the lien may not be effective…
Sellers Cite Down Payment Gift To Cancel Home Sale
When you're buying a home you have to come up with a down payment. Is it risky to use gift money as a down payment? In some cases, sellers may be wary of selling their home to someone whose down payment comes in the form of a gift. What recourse do the buyers have to close this sale?
Refinancing Property After Divorce
If you are getting property as part of a divorce settlement, what is the best way to refinance your mortgage payment? What are your options on how to refinance the mortgage on the property you will be receiving in the divorce? You should be able to afford the new mortgage payment after refinancing.
Refinancing Adjustable Rate Mortgage With High Interest Rate
How do you refinance an adjustable rate mortgage (ARM) on a home that is not your primary residence, but has a high interest rate. Learn how interest rates are determined for mortgages that are not a primary residence. If the home is not your primary residence, but is a member of your family's, you…
I was hosting my WSB radio talk show this morning (tune into www.thinkglink.com/radiio to listen or go to iTunes to download it next week) and was taking calls from first-time buyers who wanted to know what kind of financing to get.
This isn't unusual. During the course of a 2 or 3-hour radio show, I…
It's hard to predict if interest rates are going to go up or down, so it's tough to know the best time to refinance. The best strategy for refinancing is figuring our your options at today's rates and shopping around for a good lender.
When deciding whether to refinance it takes more than just considering the duration of the loan and the interest rates. You have to calculate whether you can earn back the money you spent on points (a point equals 1 percent of the loan) in enough time to make it worth it to refinance. Paying too…
Refinancing Home For Sale With Increasing ARM
Can you refinance your home because your adjustable rate mortgage(ARM) has just increased? If there are other factors involved, besides the ARM increasing, you may not be able to refinance your mortgage. For example, banks will not refinance a mortgage loan when a home is on the market.
Refinancing Rental Property Mortgage Means Higher Interest Loan
If you are self-employed trying to refinance a piece of rental property may require a higher interst loan. If you are self-employed, and want to refinance property, refinancing your primary residence is a better option. If you must refinance the mortgage on rental property, you may want to try…
I was interviewed on NPR this morning www.npr.org/templates/story/story.php?storyId=6123037 about what to do if you have an interest-only loan and want to sell in a deteriorating real estate market.
I got this response from one NPR listener:
I listened to your interview on NPR this morning. And I do…
Using Inheritance For Start In Real Estate
A young real estate investor has used inheritance to purchase a condo. Now that the condo has appreciated, it's time to purchase another property and the investor wants to know if a home equity loan is the best way to finance it. Taking out a regular mortgage on the new property rather than a home…
Paying Extra Fees In Mortgage Refinance
A homeowner decided not to go through with a home refinance after starting the process. Now the bank is charging a subordination agreement fee and additional costs. When the borrower signed the application, they may have agreed to compensate the lender for certain costs and fees, even if they…
No Lawyer Needed For Refinance
A loan officer told a home buyer that he does not need to use a lawyer when refinancing a mortgage. Using a lawyer is not mandatory, but if you do not understand the documents you're signing, you'd be wise to show them to a real estate attorney who can walk you through the various disclosures…
Use Caution When Offering Seller Financing
A seller received an offer on a building for sale, but the buyer has asked for seller financing. There are several risks involved in a seller-financed deal because the buyer might not be able to get a loan from a traditional lender. A real estate attorney is essential to ensuring a seller-financed…
Refinancing Mortgage On Inheritance Property
How do you refinance the mortgage you receive as part of an inheritance? There are several options available you as the inheritor of real estate. You can refinance the mortgage or leave the loan as is, depending on the current interest rate.
Shopping for a new mortgage can be confusing. You should ask what for an itemization of closing costs, because some of them may be negotiable. You may be able to close at the end of the month instead of at the beginning and cut down on your prepaid interest, but this only changes the cash you'll…
A seller's potential buyer had a loan approval letter from the bank, that was later declined before the closing of the sale. The seller probably doesn't have any recourse for the sale falling out due to financing. When a lender approves a borrower for the purchase of a home, the lender will…
Loans Financing New Construction
There are several loans you can get to finance new construction. The loans you can get to finance your new construction include a construction loan and equity from an existing home. However, you must make sure you can make the payments on the loans financing your new construction, especially if you…
Monthly Debt Effects Mortgage Loan Eligibility
Any time you take out a loan, whether it is personal, credit card, school, auto, or a mortgage, it lowers the total amount you can borrow to buy real estate in the future. Mortgage lenders take a look at your monthly debt service and subtract that number from the total amount you have available to…
