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- When the Buyer Disappears July 30, 2010Winter, spring, summer or fall,all you got to do is calland I'll be there yeah yeah yeah.Ain´t it good to knowthat you´ve got a friendpeople can be so coldthey'll hurt you and desert youwell they'll take your soul if you let themoh yeah don't you let them.James Taylor If you've been in Real Estate very long you know what Mr. Taylo […]Bob Haywood, www.BobHaywood.com (McGraw Realtors)
- Processing a mortgage for the short sale buyer...pay attention now! July 30, 2010Like most purchases my involvement with the short sale buyer probably started out with prequalifying the buyer, and putting them through the preapproval process. Then I issue a preapproval letter based on hard copy financial data. Pay attention now! It has a shelf life...It's not good forever. If the negotiation of the short sales takes 3, 4, 5, 6 mont […]Jay Beckingham (HomeLynx Home Loans)
- Your Clients Need To Know You Care - Before They Care What You Know July 30, 2010I was reading a great blog by Richard Wiseman on Knowing Your Competition. It is crucial to understand what your competition is offering so you can create several higher levels of offerings that will make you stand out as a marketing guru. Of course you need to provide a good track record to cement the ideas you implement.Just this morning we emailed 3 of […]Dorie Dillard: Canyon Creek & NW Austin Living (Coldwell Banker United)
- Overpricing your home? I can't help you... July 30, 2010About a year ago, I was talking to a fellow agent about how we run our businesses. Probably, that my first mistake right then and there. (Just Kidding)... However, I told that agent, no matter what I tell sellers when I look at their property, I could hit them in the head with the "TRUTH Sledgeahammer" all day long, a lot of them STILL opt to list […]Jim Gatos (Keller Williams Realty)
- Would You Like to Bring RainCamp to a City Near You? July 29, 2010Recently, the RainCamp train made a slight deviation from its normal 'Big City' course. After doing LA, New York, DC, Dallas, Chicago and a number of other big market cities, we booked a RainCamp in Prescott. Some of you may have been thinking, "Prescott? Where the heck is that and how did RainCamp end up there?" We ended up in Prescott ( […]ActiveRain Corp.
- What's a Homeowner To Do? July 29, 2010I recently went on a listing presentation where I knew the seller had negative equity. When I arrived, I got the customary tour and received a detailed list of property upgrades. I asked the seller the typical questions: how many loans to you have; what are the balances; monthly payments etc. I could tell he was hoping that I would tell him that I am a mir […]Stacie Kvanvig, Real Estate Dame (Keller Williams Legacy One Realty)
- STOVEPIPING! July 29, 2010STOVEPIPING! "retrieval of information from unconnected databases; the situation that exists when it is necessary to climb out of one database in order to climb down into another" Dictionary.com WHAT'S THE PRIMARY DIFFERENCE BETWEEN REAL ESTATE PRACTICE TODAY AND THAT 20 YEARS AGO?? 20 years ago, almost all of our contracts closed. Indeed. Y […]Lenn Harley, Real Estate Broker, Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate)
- Are Cutthroat Home Buyers Causing Home Values To Decline More? July 29, 2010Question: Are Cutthroat Home Buyers Causing Home Values To Decline More? While you're working with a buyer, when they write an offer, do you just let them write it where they want? Do you let your buyers write low offers just to get that desperate seller to give their home away? Are you writing multiple offers to see which sellers are desperate? If yo […]Lisa Udy Realtor Utah Real Estate Specialist (Logan Utah Real Estate The Platinum Real Estate Group)
- No, No, No! Buyers Are NOT Liars! July 29, 2010I'm going to steal a page from the Broker Bryant rulebook and dredge up an old post from the distant past. In fact, what follows is one of my very first posts here on Active Rain, but I was inspired to re-post today it by Susan Haughton's excellent post on the same topic... Besides I only got 8 comments on it the first go-around (hmpf!), so let […]Jennifer Allan, Author of Sell with Soul (Sell with Soul)
- You Might Be A Redneck Home Stager If... July 29, 2010You Might Be A Redneck Home Stager If... I live in metro Atlanta, which is Jeff Foxworthy country. Last I heard, he lived about 20 miles up the road from me. We all love him around here. Last week my husband and I went to the local diner for dinner (supper?) where they have a Jeff Foxworthy calendar on the counter. He has a "You might be a redneck if […]Patsy Overton (Stage, Show & SELL Home Staging Co. Atlanta, Georgia)
Loan Programs
Which Loan is Right for Me?
Years You Plan to Stay in House Recommended Program
1-3 3/1 ARM / 30 Year Fixed
3-5 5/1 ARM / 30 Year Fixed
5-7 7/1 ARM / 30 Year Fixed
7-10 10/1 ARM, 15 / 20 / 30 Year Fixed
10+ 30 Year Fixed, 20 Year Fixed, 15 Year Fixed
Fixed Rate Mortgages
Advantages
* Monthly payments are fixed over the life of the loan
* Interest rate does not change
* Protected if rates go up
* Can refinance if rates go down
Disadvantages
* Higher interest rate
* Higher mortgage payments
* Rate does not drop if interest rates improve
Adjustable Rate Mortgages
Advantages
* Lower initial monthly payment
* Lower payment over a shorter period of time
* Rates and payments may go down if rates improve
* May qualify for higher loan amounts
First Time Buyer Programs
Advantages
* Lower down payment
* Easier to qualify
* Sometimes you may get lower rate
Disadvantages
* May be subject to income and property value limitations
* Some programs which have government subsidies may have a recapture tax if you sell the house too early
No point, No fee Programs
Advantages
* No closing costs
* Less money required to close
Disadvantages
* Higher rates
* Higher payments
FHA / VA Programs
Advantages
* More lenient underwriting guidelines, to qualify for loans
* Higher LTV loan value because of FHA or VA guarantee.
* Low interest rates
* No down payment with VA loans and only 3.5% down on FHA
Disadvantages
* Limited programs
* FHA / VA funding fees
* Not many, as government programs are good for many borrowers
Home Equity Line of Credit
Advantages
* You only borrow what you need
* Pay interest only on what you borrow
* Flexible access to funds
* Interest may be tax deductible
Disadvantages
* Rates can change. The maximum interest rate is normally high.
* Payments can change
* Harder to refinance your first mortgage
Home Equity Fixed Loan
Advantages
* Fixed payments
* Interest may be tax deductible
Disadvantages
* Higher interest rates than on 1st mortgages
* Harder to refinance your first mortgage
Besides our standard loan programs, we also have a large number of unique programs to serve your needs:
* Piggy back loans are still available for lower interest rates
* Reverse Mortgage programs for homeowners 62 or older
* Debt consolidation programs
* Home Improvement loans, as the FannieMae Rehab Construction loan
* Call us for any question you may have concerning home financing. We are here to help you finance your dream home.