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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 an...

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 mo...

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.   FHA VA USDA FNMA/Freddie Mac Jumbo Foreclosure 3 years 2 years 3 years ...

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 home Maintain your home's condition Minimize your assessed value to lower property taxes Make extra principal contributions to save interest and build equity Validate the insured value of improvements and contents Stay current on surrounding property values Make mortgage interest payments deductible Invest in capital improvements that increase market value Don't over-improve the neighborhood Keep records of capital improvements and other maintenance We want to be your personal source of real estate information and we're committed to helping from purch...