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Negative Amortization Loans Pros And Cons

By Ilyce Glink| 2005-09-09T00:00:00-05:00 September 9th, 2005|

Should you think about getting a negative amortization loan or interest only loan? Some believe it is a good option for a small number of home buyers because you can access your equity one month at a time without any costs. But others say to be wary of a negative amortization mortgage because many borrowers can't afford the rising payments to pay off the loan.

Ilyce emphasizes the cons, including mortgage lenders who offer negative amortization loans to borrowers who can not afford them.

Seniors Eligible For Property Tax Freeze

By Ilyce Glink| 2005-09-09T00:00:00-05:00 September 9th, 2005|

In the state of California, if your property was a beneficiary of Proposition 13, when you sell that property and purchase new property you can take your property taxes with you, provided you meet a few requirements. There are ways for seniors to pay less in property taxes all over the country. Typically they must meet certain income guidelines, and then property taxes are frozen.

Liquidated Damages And Earnest Money In Real Estate Contracts

By GlinkAndTamkin| 2005-09-02T00:00:00-05:00 September 2nd, 2005|

Some states allow for what is called a "liquidated damages" clause in real estate contracts. If a contact contains a liquidated damages clause, a seller keeps a deposit -- or earnest money -- as his or her only remedy when a purchase falls through. But if the seller has no damages, the earnest money must be returned to the buyer.

Second Home Cannot Be Primary Residence

By Ilyce Glink| 2005-09-02T00:00:00-05:00 September 2nd, 2005|

In order to claim a home as a primary residence you have to live there for most of the year. You can't claim a second home, a vacation home or a retirement home a primary residence unless you plan to live there most of the time. If the IRS audits you they will look for certain records to prove a home is a primary residence.

Automobile Lease Affects Mortgage Loan

By Ilyce Glink| 2005-09-02T00:00:00-05:00 September 2nd, 2005|

When you apply for a mortgage loan, the mortgage lender will look at all of your debt, including student loans and credit card debt. If you lease a company automobile and it's in your name, that could also affect your mortgage loan application. Aside from the way the company automobile may be considered part of your income, it helps to pay down credit card debt to qualify for a mortgage loan.

Be Well Informed Before Shopping For Loan

By Ilyce Glink| 2005-09-02T00:00:00-05:00 September 2nd, 2005|

Zero-down financing is becoming the new strategy for financing investment property. Several large wholesale lenders offer zero-down financing for investment properties. There are several important questions to ask a lender before getting zero-down financing for an investment property.

Refinancing Changes Names On Mortgage Loan

By GlinkAndTamkin| 2005-09-02T00:00:00-05:00 September 2nd, 2005|

When you sign a quit claim deed you give up your rights to ownership in a property. If you're on the mortgage for that property you're still liable for mortgage payments. If you're on a mortgage and someone else agrees to make payments and then doesn't it will affect your credit score.

How Big Is A House? Calculating Square Footage

By Ilyce Glink| 2005-09-02T00:00:00-05:00 September 2nd, 2005|

A buyer has put an offer on a house but now feels that the seller misrepresented the number of square feet listed for the home. You shouldn't make an offer on a home based on the square footage, but how well the home works for you. There are many ways to calculate square footage and suggests that it may be better to think about how the house fits their needs.