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Home Buyer Beware - Know the Signs of Real Estate Market Trouble
Lots of articles have appeared recently about the booming real estate market in the United States. Home prices, especially on the East and West coasts, are not only at record levels, but are increasing at record rates. In some areas around Washington, D.C. and San Francisco, home prices have tripled in the last five years. While many homeowners have been enjoying huge increases in their equity, realized when they either sell their home or borrow against it, the market has become increasingly difficult for those trying to buy homes. It may get worse, as there are now some strong signs that the market may be near its peak:
What this means for prospective buyers is that they must do even more research before buying a home. Buyers should genuinely consider whether or not they could actually afford to make home payments that include a reduction in principal. If a buyer can't afford a home without taking out an interest-only loan, the buyer probably can't afford the home. Buyers should be suspicious of home appraisals and should, if possible, ask the appraiser if they are being pressured to provide a predetermined figure. Every buyer wants his or her home to appraise for at least the amount of the loan. But the current market is one where buyers are straining to make payments on prices that are at record levels. The last thing any buyer wants is to strain to make payments on a mortgage that exceeds the value of the home. The real estate market is in a precarious state at the moment, and prospective buyers should do as much research as possible to make sure that they can both pay for, and keep, their new home.
©Copyright 2005 by Retro Marketing.
Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a website devoted to debt consolidation information and HomeEquityHelp.net, a site devoted to information on home equity loans.
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TRANSACTIONS: Eastern Union Funding arranges $50M medical mortgage; GCP secures $40M for Brownsville building - Real Estate Weekly
Be Prepared when Seeking a Mortgage
When you're looking for a mortgage, whether it's a first time loan or you're taking advantage of an opportunity to refinance an existing mortgage, it may seem that you're wading through a quagmire of uncharted territory. If you're prepared ahead of time, you'll avoid some of the common pitfalls and know how to find the best deal for your situation.
Home Mortgage Loan Refinancing Online - 3 Tips on Refinancing Your Home
When refinancing your home, it's helpful to know a few things about refinancing. When you refinance, you usually pay off the old loan and sign for a new loan, whether you are refinancing your 1st mortgage, second mortgage or home equity loan.
Home Equity Loans - Are They Right For You?
The bills are out of control and you need a new car. "Maybe we can get a new carpet and paint the house", you say to yourself.
The Zero Down 80/20 Mortgage
This is an excellent loan for those that are lacking the down payment required for other types of mortgages.The 80 20 mortgage is simply two loans for 100% of the purchase price.
Zero Down Mortgage Loans - Is 100% Financing a Good Idea and Can You Get Approved?
Are you wondering if you can get approved for a home loan with 100% financing? Are you also wondering if its a good idea to get a mortgage loan with no money down? Here are some points to keep in mind as you apply and consider your different mortgage loan options.To qualify for 100% financing on a purchase mortgage loan, it would be important for you to have a credit score of at least 600 or higher.
Bad Credit Mortgage Loans - How To Get Approved
Persistence is the key working toward getting approved for a bad credit mortgage loan. There are many factors that you, as a borrower have control over that can help you get approved faster and easier.
Home or Investment Property Equity: Be Sure the Bank Gives You All that You Deserve
Home equity is your own personal money machine. If you want financial freedom, a home equity loan is probably the best way to achieve it.
Refinance Your Home Equity Loan
Refinancing your home equity loan is an excellent way to save money. By refinancing your home equity loan you can lower your interest rate and finance for a longer or shorter term.
Home Equity Lines of Credit Vs. Other Conventional Loans
When it comes to getting money, you have two basic options. If you are a homeowner you can choose to take out a home equity line or credit (HELOC), or you can take out a conventional loan.
Home Loans: Where Do I Begin?
So you've finally decided you've had enough of paying rent and want to jump into home ownership. Well you've got your work cut out for you.
Renters Have Much to Gain by Pursuing Home Ownership
Buying a home vs. renting is a big decision that takes careful consideration, as most mortgage consultants will agree.
What is the PayOption ARM?
Imagine an adjustable rate mortgage that allows you to pick one of four payment options on your monthly mortgage bill. It is an ARM on which the interest rate adjusts monthly and the payment adjusts annually, with borrowers offered options on how large a payment they will make.
Flexible Mortgage Tips
Outlined below are some useful flexible mortgage tips. The most prominent addition in recent years to the mortgage industry has been the flexible mortgage.
What Length Mortgage Is Right For You?
You've found the home that is right for you, and now you need to do the same thing for a mortgage. There are several options for people out there, each one designed for a different type of buyer.
Mortgage Clarksville - Find the Best Deal
Searching for a mortgage can sometimes be a hassle. Where to apply, who to apply with, what deal to take.
Home Mortgage Quotes Online - How Do They Compare To a Quote From a Broker in The Real World?
Online home mortgage quotes are very similar to the quotes given by mortgage brokers in "the real world," except lower. With the reduced cost due to a simplified application process and reduce overhead for office space and personnel, online mortgage lenders can offer financing with no fees or lower interest rates.
New Home Loan - Understand The Various Types Of Mortgage Lenders
So, you've decided to buy a house, and you're ready for that all important next step-applying for a mortgage loan. But where should you go? After all, the mortgage business is complex, and you've realized quickly that your choices for lenders are immense.
When Not To Agree To A Home Equity Loan
Before you borrow money on your home's equity, think twice so you don't end up paying more than you expected.According to the Federal Trade Commission, homeowners-particularly elderly, minority and those with low incomes or poor credit should be careful when borrowing money based on their home equity.
Bad Credit Home Loans
There was a time that seems like decades ago when people with less than pristine credit were not able to get home loans. At that time people with bad credit were all but assured that their dreams of homeownership would never come to fruition.
A Home Equity Loan - What You Should Know?
Asking yourself, "Is a home equity loan right for me?" is the first and most important step to take.Home equity loans have become so popular today because of increasing home values.
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