Great Loan Deals: Can You Finance Investment Property for 4 Percent?
Mortgage interest rates are super-low at the moment. But the best deals are for owner-occupied homes, not for financing investment property. On a recent radio show, a caller emailed Ilyce to ask about a great loan deal she supposedly got when she financed her investment property. Is it the real deal?
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Jun 4, 2009
Mark Zandi: Housing Prices, Interest Rates Key to Housing Recovery
Mark Zandi, chief economist for Moody's Economy.com, spends much of his time looking at housing and finance data to help figure out which way the economy is going. He believes that housing prices and interest rates are key to the housing recovery. When will the credit crisis abate? When will the housing markets recover? Zandi is optimistic that by 2010, we'll see the housing market in a whole new light. Is he right?
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Jun 4, 2009
Why Won't The Mortgage Lender Refinance This Investment Property?
Are you thinking about buying investment property now that prices have dropped? Unless you're paying with cash, you're probably trying to figure out how to finance a piece of investment property.
Mortgage lenders are willing to lend cash to those real estate investors who have at least 25 percent in…
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Posted on:
Jun 3, 2009
Lender Refuses to Refinance Investment Property
Two real estate investors own an investment property together. Both names are on the deed, but the mortgage is in one partner's name only. The partner listed on the mortgage now wants out of the deal and has agreed to sell his interest in the property to the co-investor for $30,000 that is left on the mortgage. But the lender won't allow the loan to be paid off, and has told the real estate investor that he must get the property appraised and then get a new loan for the amount of the appraisal. None of this makes sense to the real estate investor. Why can't he pay off the mortgage?
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Jun 3, 2009
Home Prices Decline 19 Percent In First Quarter 2009
I remember sitting in an economics reporting seminar in grad school three years ago and many of us lamenting that we would not be able to buy homes, not with having to repay student loan debt too. Ever since the bursting of the housing bubble I'm feeling more hopeful. And today's S&P Case Shiller…
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May 26, 2009
Property Taxes May Be Deducted From Federal Income Tax Bill
When you own a home you can deduct property taxes and your mortgage interest from your federal income taxes. If you're a real estate investor and own multiple properties, you're limited as to the number of properties that you can deduct mortgage interest for. But you can continue to deduct property or real estate taxes. See what the IRS guidance says about deducting property taxes.
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May 21, 2009
Home Buying Requires Down Payment, Perhaps From Tax Credit
During the housing bubble it was possible to buy a home for nothing down. Today, you have to have a down payment. But where can you get a down payment to buy a home? Fannie Mae and Freddie Mac have said that the biggest obstacle to home buying is a cash down payment. But that down payment ensures you have "skin in the game" and are more likely to take your home buying seriously. To get a down payment you'll either need to save the cash or, if you live in a state that offers down payment assistance through a second mortgage to be repaid by the federal tax credit, you can try that route.
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May 21, 2009
Summary of the new HOPE for Homeowners Bill Amendment
This is the summary of Senate Bill 896, the Helping Families Save Their Homes Act of 2009. This bill, which passed the Senate, makes some crucial amendments to the original HOPE for Homeowners Program, including reducing excessive fee levels, providing greater incentives for mortgage services to engage in loan modifications, and make loan underwriting burdens more consistent with standard FHA practices. The big news is that the new levels of FDIC and the Federal Credit Union insurance (to $250,000 per depositor per bank) would be extended through 2013.
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May 19, 2009
Foreclosures Increase 24 Percent In First Quarter 2009
In the first quarter, the number of foreclosures increased 24 percent from a year earlier, reported RealtyTrac today. One in every 159 homes received a foreclosure notice in the first quarter. RealtyTrac includes bank repossessions, default notices and auction sale notices in the foreclosures it…
Posted on:
May 13, 2009
