June 2007
Monthly Archive
16 Jun 2007 07:54 am
Subprime Delinquencies Fueled By Lower Home-Price Appreciation
| Areas of the U.S. with greater house-price appreciation last year tended to have lower delinquency rates on subprime mortgages. Distressed borrowers in a strong housing market may have also been better positioned to pursue alternatives to delinquency. Those borrowers could have built up more home equity and been better able to sell back their home to pay back the remaining principal or to refinance existing mortgages to ones that would offer lower, more affordable payments. |
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search for : house-price appreciation, delinquency rate
15 Jun 2007 08:02 am
Helping You Find That Perfect Vacation Home
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Baby boomers with discretionary dollars to spend have fueled an increase in the number of vacation home sales in recent years. In fact, the National Association of Realtors reported that a record 1.07 million vacation homes were sold in 2006, a 4.7% increase over 2005. While the majority of buyers, 79%, said that they bought the home to use for vacation or as a family retreat, 34% said a reason for buying was to diversify their investments, according to the Realtors’ survey. Twenty-eight percent said they planned on using the home as a primary residence in the future, and 25% said the tax benefits were a reason to buy. And 21% bought because they had extra money to spend; 18% of buyers planned on renting out their homes. |
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search for : vacation home sales
14 Jun 2007 07:17 am
Why Homeowners Are Leaving Burdensome ARMs
| With interest rates as high as they’ve been in 10 months, homeowners are refinancing in droves to fixed rate mortgages. That could be a smart and timely move for those who can qualify for the switch. Even a higher rate on a fixed rate mortgage (FRM) now could be a better deal than holding onto an adjustable rate mortgage (ARM) in the process of upward interest rate adjustments. It’s a lot easier to budget for mortgage payment based on a stable fixed rate rather than scramble every six months or so to keep up with payment adjustments on an ARM. |
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search for : refinancing, fixed rate mortgage, adjustable rate mortgage
13 Jun 2007 07:27 am
The Secret of being a successful landlord
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Ignore those late-night infomercials, the ones that promise huge returns with no money down. Experienced landlords agree that the upfront costs are usually higher, and the returns lower, than those promoters would have you believe. Lenders typically expect down payments of 20% to 25% for rental property, said Bill Moore, co-founder of Landlord.com, and some lenders want as much as 40% down. Your loan will be more expensive than a typical residential mortgage, as well, because lenders believe investors are more likely to walk away from a rental than they are from their own home. |
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search for : no money down, residential mortgage
12 Jun 2007 07:02 am
Here is a Method to finance construction of a home
| Construction loans are interest-only loans, typically at a floating (adjustable) interest rate. The builder receives draws from the loan proceeds as construction progresses. The loan comes due when construction is finished and there is a certificate of occupancy on the property. Most home buyers will need permanent financing to repay the construction loan. Construction-to-permanent financing establishes the structure of both loans upfront. Instead of paying closing costs on two loans, there’s only one set of closing costs. The ability to lock in a fixed rate on the permanent financing will depend on both your lender and how long it will take to build the house. |
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search for : Construction loans, interest-only loan, Construction-to-permanent financing
11 Jun 2007 07:02 am
The Secrets of Successfully Buying A Second Home
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The best of the best of these lists are presented with a pinch of intrigue, turn of phrase, or perhaps a dash of humor. They hold our interest captive for the few fleeting moments we have to spare, but then leave us sated with pointed information. Craig Venezia, author of the new “Buying A Second Home: Income Getaway or Retirement” (Nolo, $24.99) offers one such list for the second home crowd. Venezia is a contributing real estate writer for the San Francisco Chronicle who telecommutes to work from his Boston-area home. He also served as a Wells Fargo executive, worked closely with ETrade Financial and knows the ins and outs of structuring private loans between family and friends. |
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search for : Buying A Second Home: Income Getaway or Retirement
10 Jun 2007 07:54 am
What Everybody Ought to Know About Solar Incentives
| Putting solar panels on homes is especially costly right now, as backlogged installation companies accommodate customers willing to pay more. This is especially true in California, where a time-sensitive rebate system has homeowners trying to cash in on incentives before they shrink, and before summer utility bills start arriving. Most solar panels are made from silicon, a product used in the semiconductor industry. Though several new silicon plants are in the works, most won’t be operational for a few years. Solar panels that don’t rely on silicon aren’t as widely used because they either can’t produce as much energy or are still being tested. |
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search for : solar panels
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