All posts by Ben Whittaker

How To Compete With Foreclosure

Foreclosure rate is one of the most daunting things you can face when trying to sell a home.

Those out of foreclosure can make the market tough.

There are many benefits in the price of foreclosed homes. Prospective buyers have to do a lot of looking for potential with these properties, and sparing them from that task can put your home ahead.

Foreclosure rate is one of the most daunting things you can face when trying to sell a home.

Those out of foreclosure can make the market tough.

There are many benefits in the price of foreclosed homes. Prospective buyers have to do a lot of looking for potential with these properties, and sparing them from that task can put your home ahead.

With foreclosures, the biggest issue is the sense of disrepair. If a home lacks attention, it will deteriorate over time. If the property was still inhabited, certain things would get fixed more quickly than they would now that no one is there.

A homeowner likely to face foreclosure is not likely to repair leaks and broken fixtures. An outdated bathroom or kitchen wouldn’t have been upgraded. Stained carpets would not be replaced.

Doing a lot of repairs will outweigh the reduction in price. By keeping your home well-maintained, carefully landscaped, clean, and making any updates that are desperately needed – even if it means remodeling you’d rather not do – you can put your listing in the lead. Clean anything that’s splotchy or fading.

If you’re considering remodeling projects, the bathroom and kitchen are the areas most likely to add to home value and the ones home buyers aren’t going to want to tackle.

Another advantage you’ll be able to offer over a distressed property is the possibility of a quicker closing. Paperwork can take months to go through on a foreclosed home. So the buyer can move quickly, prepare a 30 day closing date.

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Comparing 15 And 30 Year Mortgages

Choosing the right mortgage depends a lot on interest rates, but before that, you need to make a bigger decision. This decision is related to mortgage terms, whether to go with 15 or 30 years.

Deciding Between 15 and 30 Year Mortgages

Most people consider two things when debating on mortgage policies. Which policy would give you more money in the long run and have you paying less? How can you find policies with low interest rates? But failing to consider the term of a mortgage could result in money lost, regardless of the interest rates you have to pay.

There are several reasons why the term of a mortgage is so important. You need to know how long you shall be paying off the loan, that goes without saying. And if you’re considering interest rates, take note that the life of your term would define how much total interest you shall be paying. When building equity, these things are very important.

Naturally, if you’re choosing a mortgage with a 30 year term, you shall be paying more interest. The good thing about 30 year terms is that you will be paying smaller monthly payments as the loan stretches out. This isn’t always the best way to go if you give more weight to the higher amount of total interest to be charged.

The average person is more concerned with interest rates on mortgage plans as a means to save money. This can certainly be utilized, but it may be better to factor the length of the mortgage. Try to cut down as much as possible on your monthly payments with a shorter mortgage, and you could end up saving more money than you imagined.

You need to weigh in your personal finances when deciding whether to go with a 15 or 30-year term. There is no absolute best way around this. Ask yourself first whether you can afford to make larger payments on shorter term mortgage policies. Allow about a 25 to 30 percent increase on payments when comparing 15 and 30 year loan terms. But again, larger payments are advantageous if you wish to pay off the loan as quickly as possible.

Depending on your mortgage needs, today’s market has a lot of policies with different term lengths. When time comes for you to apply for a loan, evaluate every factor including your finances so you can make the best decision.

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Why You Should Refinance Your Home

A lot of us can be rash when buying a home and applying for a mortgage to finance it. But we need to take our time to avoid wishing we had done more research to get a good deal. This is all about refinancing your home.

Refinance Your Home And Lessen Your Headaches

The mortgage loan is similar to most other loans in several ways. Paying your loan off a bit too early, say, within the first few years, could lead to high prepayment penalties. When one repays a loan by means of taking out another loan, this process is what we would call refinancing. Why is refinancing so popular? Let’s take a look at the more popular reasons why.

It can be a huge task for someone to purchase a home. For one, you would need to find some financing to meet deadlines, on top of the whole process of choosing a home and moving. It doesn’t take long for many homeowners, though, to wish they could have applied for a better mortgage. If you consider a loan’s entire life, a small difference in interest rates could possibly save you thousands worth of cash. This is why refinancing suddenly becomes an option as a means to cut down on the total interest to be paid.

The next reason why refinancing helps a lot of homeowners is because it helps them gain more flexibility with their cash flow. Having more flexibility means finding mortgage terms that could lower one’s monthly payments, instead of reducing only the total payment. If you save about $500 a month, that could mean an additional $6,000 per year worth of extra cash, which could be a great help in case funds are tight.

If a homeowner wants to get some cash out of their home, they can also refinance towards this goal. A good way to boost finances during tough times is to draw equity out of your house, a non-liquid asset. So let us say you have a kid entering college or if someone in the household lost his or her job, you can use these funds to pay for the expenses. The purpose would remain the same regardless of why you’re drawing funds out of equity.

Compared to your original mortgage, a refinancing request is a walk in the park. Without the pressure of deadlines, you have the luxury to research and shop around all you want for the best refinancing option.

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Points, Interest Rates, And How You Can Cut Down On Mortgage Payments

Most experts and homeowners believe that one goal of a successful mortgage loan is to avoid paying points. But those who believe in this often end up eating their words.

Points, Interest Rates, And How You Can Cut Down On Mortgage Payments

The first thing to discuss would be what exactly points are, and how they work. If somebody wants to get a loan, sometimes he or she would need to pay an upfront cost to the lender – these would be what we call “points”. Those who want to have as little points as possible need a great credit score and a healthy monthly or annual wage. In certain cases, it might be more important to demand more, not less points.

Regarding mortgages, points and interest have a strange and interesting – no pun intended – relationship. Paying a lot of points would normally mean a lower interest rate. If your credit isn’t that good, that wouldn’t always be the case, but this is a general rule in most situations. Use the points-interest relationship to the best of your advantage.

The issue of points is irrelevant in one case – when considering the total amount of interest that a homeowner would pay for the entire loan cycle. But if you live in a property that is so good you want to stay there for ages, getting the lowest possible interest rate is more important than ever. After all, you are trying to save money. And it’s a greater opportunity to use your points.

If you have a lot of liquid cash when you buy the property, you can buy a certain amount of points and pay it to the lender to reduce your interest rate. Determine the effect on your interest rate before committing to use a certain number of points. One stressful part here – albeit mildly – is doing the math by using a mortgage calculator to evaluate which interest rates work the best for your needs. See if your monthly payment due can be cut down as well. Last, but not the least, compare the information gathered with the cost of paying more points before you decide.

The concept of points can be simple if mastered, and doesn’t need to be considered the bad side of the mortgage business. You could potentially save thousands, or even hundred thousands, over the lifespan of your loan.

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Avoid Stress And Refinance Now

The average adult would choose the first available mortgage when purchasing a new home. This isn’t too prudent, as most adults also regret this decision. We shall now discuss the fundamentals of refinance.

Refinance Your Home And Lessen Your Headaches

The mortgage loan is similar to most other loans in several ways. Paying your loan off a bit too early, say, within the first few years, could lead to high prepayment penalties. When one repays a loan by means of taking out another loan, this process is what we would call refinancing. Why is refinancing so popular? Let’s take a look at the more popular reasons why.

Buying a home is never a completely easy process. Home buyers are put under intense pressure to come up with financing to meet the escrow deadline. But since these mortgages are often rushed decisions, the home buyer often finds himself or herself wishing he or she got a better deal. The smallest difference in interest rate on your mortgage could mean thousands worth of savings over the loan’s lifespan. Since reducing the total amount of interest can be vital, refinancing becomes a valid option for homeowners.

Having greater cash flexibility is another good reason why homeowners want to refinance their mortgage. While you can always find ways to reduce your total payments, added flexibility could allow you to lower the monthly payments due on your mortgage. This could boost your savings greatly, and the money you save could be used to boost your finances in case you’re in a tight financial patch.

The last reason would be in order to get some extra cash out of equity. Equity is built up over a period of time, and since your house is a non-liquid asset, you can get cash out of it for other purposes. There are many emergency and non-emergency situations that could justify the use of these funds. There are many other reasons, but all can be taken care of through this method.

If you wish to avoid financial stress, refinancing your home is a great way to do so. You can easily find a good deal since you are not under any time pressure.

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Why You Should Refinance Your Home

A lot of us can be rash when buying a home and applying for a mortgage to finance it. But we need to take our time to avoid wishing we had done more research to get a good deal. This is all about refinancing your home.

Avoid Stress And Refinance Now

A mortgage is just like many other loans in one particular aspect. If you can pay for your mortgage quickly, do so with discretion as you may have to pay high prepayment penalty fees. Refinancing is a popular option in the real estate industry, in which one would prepay a loan by applying for another one. Why do people refinance? Here is why refinancing is popular and why it is very common.

Buying a home is never a completely easy process. Home buyers are put under intense pressure to come up with financing to meet the escrow deadline. But since these mortgages are often rushed decisions, the home buyer often finds himself or herself wishing he or she got a better deal. The smallest difference in interest rate on your mortgage could mean thousands worth of savings over the loan’s lifespan. Since reducing the total amount of interest can be vital, refinancing becomes a valid option for homeowners.

Another reason why refinancing is popular would be in order to be more flexible with one’s financial options. This would mean having the option to make lower monthly payments rather than only having the option to reduce the total payments or interest rate. The money saved by refinancing could come in really handy, as it is always good to have some money saved up for a rainy day, as the saying goes.

The last reason would be in order to get some extra cash out of equity. Equity is built up over a period of time, and since your house is a non-liquid asset, you can get cash out of it for other purposes. There are many emergency and non-emergency situations that could justify the use of these funds. There are many other reasons, but all can be taken care of through this method.

Compared to your original mortgage, a refinancing request is a walk in the park. Without the pressure of deadlines, you have the luxury to research and shop around all you want for the best refinancing option.

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Refinance Your Home And Lessen Your Headaches

The average adult would choose the first available mortgage when purchasing a new home. This isn’t too prudent, as most adults also regret this decision. We shall now discuss the fundamentals of refinance.

Refinance Your Home And Lessen Your Headaches

The mortgage loan is similar to most other loans in several ways. Paying your loan off a bit too early, say, within the first few years, could lead to high prepayment penalties. When one repays a loan by means of taking out another loan, this process is what we would call refinancing. Why is refinancing so popular? Let’s take a look at the more popular reasons why.

Buying a home is never a completely easy process. Home buyers are put under intense pressure to come up with financing to meet the escrow deadline. But since these mortgages are often rushed decisions, the home buyer often finds himself or herself wishing he or she got a better deal. The smallest difference in interest rate on your mortgage could mean thousands worth of savings over the loan’s lifespan. Since reducing the total amount of interest can be vital, refinancing becomes a valid option for homeowners.

The next reason why refinancing helps a lot of homeowners is because it helps them gain more flexibility with their cash flow. Having more flexibility means finding mortgage terms that could lower one’s monthly payments, instead of reducing only the total payment. If you save about $500 a month, that could mean an additional $6,000 per year worth of extra cash, which could be a great help in case funds are tight.

If a homeowner wants to get some cash out of their home, they can also refinance towards this goal. A good way to boost finances during tough times is to draw equity out of your house, a non-liquid asset. So let us say you have a kid entering college or if someone in the household lost his or her job, you can use these funds to pay for the expenses. The purpose would remain the same regardless of why you’re drawing funds out of equity.

Refinancing your mortgage is much less stressful than applying for the first mortgage. Since you do not have a deadline, you have all the time in the world to research and find the best deal.

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Refinance Your Home And Lessen Your Headaches

The average adult would choose the first available mortgage when purchasing a new home. This isn’t too prudent, as most adults also regret this decision. We shall now discuss the fundamentals of refinance.

Why You Should Refinance Your Home

A mortgage is just like many other loans in one particular aspect. If you can pay for your mortgage quickly, do so with discretion as you may have to pay high prepayment penalty fees. Refinancing is a popular option in the real estate industry, in which one would prepay a loan by applying for another one. Why do people refinance? Here is why refinancing is popular and why it is very common.

In these stressful times, purchasing a home can aggravate things a bit. It can be a very tense situation when you’re trying to come up with a way to pay up before the escrow deadline. It is all too common for these homeowners to start wishing they found a better mortgage option after some time. Even a quarter point difference between interest rates is enough to save you thousands of dollars in the long run. That said, refinancing is a popular option because it could help save homeowners a lot of money in total finance charges.

Another reason why refinancing is popular would be in order to be more flexible with one’s financial options. This would mean having the option to make lower monthly payments rather than only having the option to reduce the total payments or interest rate. The money saved by refinancing could come in really handy, as it is always good to have some money saved up for a rainy day, as the saying goes.

If a homeowner wants to get some cash out of their home, they can also refinance towards this goal. A good way to boost finances during tough times is to draw equity out of your house, a non-liquid asset. So let us say you have a kid entering college or if someone in the household lost his or her job, you can use these funds to pay for the expenses. The purpose would remain the same regardless of why you’re drawing funds out of equity.

Refinancing your mortgage is much less stressful than applying for the first mortgage. Since you do not have a deadline, you have all the time in the world to research and find the best deal.

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Which Mortgage Option Should You Choose?

Choosing the right mortgage depends a lot on interest rates, but before that, you need to make a bigger decision. This decision is related to mortgage terms, whether to go with 15 or 30 years.

Deciding Between 15 and 30 Year Mortgages

There are two factors most people consider when talking mortgage options. Which is the mortgage option that can give you a high return for a low payment? What policy offers the lowest interest rate? Aside from asking these two questions, there is something more important that you need to consider in order for you to avoid wasting money.

Here are a few reasons why choosing the right mortgage terms is critical. First is simply because your mortgage term determines how long you have to pay. And you also need to know how much interest or finance charges you will potentially be paying. You can never pay too little attention to these things.

Longer mortgage terms mean more finance charges to be paid. But with time, these longer mortgage terms could mean lower monthly payments as you continue to extend your mortgage obligation. If you balance the positive with the negative points of these long terms, it may end up to be a wrong choice eventually.

The average person is more concerned with interest rates on mortgage plans as a means to save money. This can certainly be utilized, but it may be better to factor the length of the mortgage. Try to cut down as much as possible on your monthly payments with a shorter mortgage, and you could end up saving more money than you imagined.

The length of the mortgage term you shall be choosing is largely dependent on how your finances stand as of the moment. There is no right or wrong answer here. The best way to go about this is, first, to determine if you can handle paying higher payments that come with fifteen year mortgages. If you are paying about $1,000 monthly for a 30 year term, this could be about $1,250 or so if you’re paying on a 15 year term. Naturally, with these big payment amounts, you can build equity faster and pay off the loan quickly.

Depending on your mortgage needs, today’s market has a lot of policies with different term lengths. When time comes for you to apply for a loan, evaluate every factor including your finances so you can make the best decision.

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