Whenever you make a large purchase, such as a house or a car, you will likely need to make a down payment. How much down payment do you need? It depends on the purchase and who is giving you the loan. What happens if you change your mind on your purchase? Will you lose your down payment? Learn the ins and outs of down payments here.
This week on the Ilyce Glink Show, Ilyce talked about what spooked the stock market, sending it down 4.4 percent this week. She also talked about how mortgage companies are rating counties for risk and requiring significantly higher down payments (in addition to credit scores). She also recapped the new stimulus package signed into law and discussed who would be getting a check, and for how much. She took calls on refinancing, investment properties, how to calculate retirement income, selling vacant homes, and tax issues. For more details, click on the show to listen to it, and don't forget to subscribe to Ilyce's new all-video site, www.expertrealestatetips.net.
When you're selling your home you may want to hold an open house. Watch out for people who claim to have more money than they do - they may be trying to scam you out of your home. One sign of this real estate scam is that the prospective buyers cannot provide identification.
An owner financed mortgage is not working for this home buyer. Ilyce suggests that this ThinkGlink reader work with a real estate attorney to understand her current mortgage and then refinance from a conventional lender.
Sometimes when you go through a divorce one partner lashes out at the other by running up credit card debt. If the credit cards are in both spouses' names it can be a real problem. What can you do post-divorce if you want to buy a home? If you're low on cash and your credit is bad, you should pay down down and raise your credit score in order to qualify for a mortgage.