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Showing posts from 2008

WHAT IS A HOME INSPECTION?

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A home inspection is an objective visual examination of the physical structure and systems of a home, from the roof to the foundation. Having a home inspected is like giving it a physical checkup. If problems or symptoms are found, the inspector may recommend further evaluation.

WHAT DOES IT INCLUDE? The standard home inspector's report will review the condition of the home's heating system, central air conditioning system (temperature permitting), interior plumbing and electrical systems; the roof, attic, and visible insulation; walls, ceilings, floors, windows, and doors; the foundation, basement, and visible structure.

WHY DO I NEED A HOME INSPECTION?
The purchase of a home is probably the largest single investment you will ever make. You should learn as much as you can about the condition of the property and the need for any major repairs before you buy so that you can minimize unpleasant surprises and difficulties afterward. Of course, a home inspection also points out the…

10 Questions You Should Ask Your Lender.

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Questions You Should Ask Your Lender.


1. What Types Of Mortgages Does Your Lender Offer?
Most mortgage companies offer a wide array of loan options to fit various situations. Tow most common loan types are fixed-rate and adjustable-rate mortgages (ARMs).

A fixed-rate mortgage interest rate and principal payment remain constant for the life of the loan. Since the interest never changes during the life of the loan, the borrower can always budget for a mortgage payment. (Keep in mind that Insurance and Taxes are adjustable annually if the borrower is escrow they may see a slight adjustment in their mortgage payments due to these annual adjustments). A fixed-rate mortgage is the best option especially if the borrower is planning to stay in the home for a while (5 years or more).

With the ARMs, the interest rate and your payments are adjusted upon down periodically as the market index changes. The rate usually is adjusted between three months and five years. ARMs are usually protected by ca…

How Does Short Sales Work

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The short sale is simple in theory. You owe more than the home is worth or you can no longer pay the mortgage payments so in order to sell without bringing money to the table yourself you must convince the bank that you have financial hardship and cannot make the payments. The bank may then agree to take a lower payoff than the total loan amount. Example: if you owe $350,000 but can only sell for $300,000 then the bank will be "forgiving" $50,000 in debt. But, at least you've sold the home and avoided foreclosure. In practice, the short sale usually isn't that simple. There is a lot of work that needs to be done. A short sale package must be put together to show bank hardship, inability to pay, the homes value, repairs, net to the bank after-sale, etc. It will be the bank's decision whether or not to accept or reject an offer. The bank will have the final say over any offer you accept because the offer will be less than your loan payoff. Banks can take their time…