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Showing posts from August, 2012

Determining Value

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Knowing the current value of your home is important when you're considering a move, refinancing or getting a home equity loan. Prices are determined by recent sales and the supply and demand of current inventory.The process of selecting comparable properties involves matching similar features like bedrooms, baths, square footage and updates. In addition to price, there are other factors that affect the value and ultimately, the sale of a home.Location plays a significant role because by the unique combination of improvements and land. Beneficial considerations would be convenience to schools, shopping, transportation and proximity to freeways. Undesirable concerns could include being in the vicinity of busy streets, high-tension lines, commercial property and other things.To receive a computerized estimate on the value of your home that includes prices of comparable homes that have sold recently and homes currently for sale, click here.Value is not totally objective and does requi…

American Dream

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The American Dream of owning a home is still alive. People still want a place of their own; where they can raise their family; share with their friends; feel safe and secure. Homeownership creates emotional and financial benefits.The government supports that dream by allowing deductions for mortgage and home equity interest as well as property taxes. The capital gains exclusion on profits from a home is incredibly generous and a low long-term capital gains tax rate applies to excess profits.It's reported that some of the social benefits of owning a home include higher voter participation, better physical health, higher student test scores, lower teen delinquency, neighborhood stability and pride in the community.If for no other reason, the decision to buy a home should be considered when it costs much less to own a home than it does to rent. With the unusually low available mortgage rates, the payment is generally less than comparable rent. However, the decision becomes more obvio…

How Long Do I Have to Wait?

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The question concerning people who’ve had a foreclosure, short sale or bankruptcy is when they will be able to qualify for a mortgage loan.  It takes different amounts of time to heal credit scores based on the event.The following chart is meant to be a general guide for how long a person might have to wait.  During this waiting period, it’s important that the person be current on all payments and maintains a history of good credit.FHAVAUSDAFNMA/Freddie MacJumboForeclosure3 years2 years3 years7 years7 yearsDeed-in-Lieu of Foreclosure3 years2 years3 years2 years
<80%4 years
81-90%7 years
> 90%7 yearsShort Sale3 years2 years3 years2 years
<80%

Homeownership Rules

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Most people agree that homeownership rules! When asked, people say they want a home they can call their own, to raise their family, share with their friends and to feel safe and secure. It also accounts for the majority of most people's net worth.These rules can help protect your investment and make homeownership more enjoyable.Don't overpay for your homeMaintain your home's conditionMinimize your assessed value to lower property taxesMake extra principal contributions to save interest and build equityValidate the insured value of improvements and contentsStay current on surrounding property valuesMake mortgage interest payments deductibleInvest in capital improvements that increase market valueDon't over-improve the neighborhoodKeep records of capital improvements and other maintenanceWe want to be your personal source of real estate information and we're committed to helping from purchase to sale and all the years in between.