Real estate junkers, or "old beaters," are the cornerstone of many a real estate fortune. When you walk into a property for the first time, and smell some undefinable stench, that's the smell of money to be made. Here is some useful insight about getting started.
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Start Real Estate Investing: Using Junkers to Build Your Fortune
Authored By: Jeanette Joy Fisher
It may not be a well-kept secret, but many fulltime real estate investors make their best profits by buying and fixing junker homes. My husband and I have been buying and reselling homes for many years, and although we now are shopping for properties in the quarter million dollar range, we started out like most successful investors--by buying junkers.
In some ways, buying junker homes in economically depressed neighborhoods is counterintuitive, especially in light of what you'll read in almost every real estate investment book or hear in any investment seminar. Those people tell you to avoid those run-down neighborhoods, and to concentrate on the pretty ones, where the homes will appreciate more.
There is some truth to that, and once you've been at it awhile, like my husband and I, you'll also be able to buy and sell in the more desirable neighborhoods. But if you're just starting out, you may need to do some serious homework and find a junker home in a reasonably attractive neighborhood and start there. Just about every successful investor started just that way, so you'll be in good company.
Don't get me wrong. I am NOT suggesting that you buy homes in ghettos or slums. Sure, they'll be available for a song, but when you've fixed them up, no one will want to live there, if they can possibly afford to live somewhere else. You also don't want to have the BEST home in a terrible neighborhood. Quite the opposite, in fact. You'll be looking for the worst house in the best neighborhood you can afford. That's where the money is to be made.
Remember, you're not buying properties just to impress your friends. You're buying properties that will ultimately make you MONEY, pure and simple. You'll probably also have to get your hands dirty, because these types of house will often be downright filthy and ugly. Cleaning up is the one thing almost ANYONE can do without having to pay a subcontractor to do it for you.
So if you're looking to build a real estate fortune of your own, one great place to start is with junkers. Thousands of people have done it successfully over the past decades, and so can you!
Copyright © 2006 Jeanette J. Fisher
FREE Real Estate Investing Teleseminar. Get expert advice on how to set up your real estate investing business plan from college instructor Jeanette Fisher. More real estate investing information and FREE Ebook "The Truth about Making Money Flipping Houses" doghousetodollhousefordollars.com
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Best of luck with your real estate!
Tuesday, June 27, 2006
Saturday, June 17, 2006
Real Estate Course: Amazing No Credit Secrets!
A free real estate course -- "7 Insider Secrets to Investing in Real Estate Without Credit Checks and $1-10.00 down!" -- is offered now and it's worth snapping up.
The seven part course covers:
* "Real Estate investing does not have to be complicated!"
* "Making Money This Month in Real Estate, Not 3-5 Years From Now!"
* "No money down does not mean your credit will not be checked!"
* "$1-10.00 Down...Fact or Myth?"
* "Controlling property: 100X more powerful than ownership!"
* "No equity? No problem! Profiting from homes that do not have equity!"
* "Secrets to Success!"
The focus of the real estate course is earning money through real estate investing without having to wait three to five years for your profits -- but, instead, getting those profits this month!
Folks, this really is a no-brainer! Go claim your free course at Free real estate course.
This really is a free real estate investing course.
-----------------------
Technorati tags: real estate, real estate investing, free, free real estate course.
The seven part course covers:
* "Real Estate investing does not have to be complicated!"
* "Making Money This Month in Real Estate, Not 3-5 Years From Now!"
* "No money down does not mean your credit will not be checked!"
* "$1-10.00 Down...Fact or Myth?"
* "Controlling property: 100X more powerful than ownership!"
* "No equity? No problem! Profiting from homes that do not have equity!"
* "Secrets to Success!"
The focus of the real estate course is earning money through real estate investing without having to wait three to five years for your profits -- but, instead, getting those profits this month!
Folks, this really is a no-brainer! Go claim your free course at Free real estate course.
This really is a free real estate investing course.
-----------------------
Technorati tags: real estate, real estate investing, free, free real estate course.
Thursday, June 15, 2006
How to Exit Bad Real Estate Buys at Top Dollar
Real estate is sometimes hard to sell, what with a declining real estate market, or a property that was not bought right, or may have been inherited. A real estate investor shares secrets about a powerful technique that can help you get top dollar for your property. This is a technique that he has used to exit 300+ problem properties at top dollar.
The following real estate technique can help you with your problem real properties:
--------------------------
Top Dollar Exits, For Bad Real Estate Buys!
by Ralph Mark Maupin
How to sell property in declining real estate market for top dollar. How to exit hard to sell properties at top dollar. A tool that is must for any real estate investor. Mr. Ralph Mark Maupin, Mr. Lease Option, shows how he exited 300+ problem properties at top dollar.
The "Step By Step Guide to Exit Real Estate at Top Dollar Prices" By Ralph Mark Maupin, Mr. Lease Option.
A few years ago, I had over 300 rental properties; I was over-buying more properties than I could manage. Things were out of control. The following is a Lease with Option to Buy Program; I put together to sell most of those rental properties. "This Lease with an Option to Buy Program" resulted in the following:
1. Long term tenants who pay above market rent;
2. Tenants who are showing pride in ownership, and making improvements to the property;
3. Sales that would not have happened otherwise, at above market prices.
Tenants might not necessarily know the meaning of Lease with Option to Buy, but they do know the term, Rent to Own!
RENT TO OWN otherwise know as Lease Options:
This is a tool that you will absolutely want to include in your "toolbox" of investment strategies -- especially homeowners in slow moving markets or investors purchasing property for re-sale.
First, let's clear up some "slang" terms often used with these that create confusion: Rent to Own, Lease Option, Lease with Option to Purchase all mean the same thing.
Rent and lease mean the same thing; a lease is simply a rental agreement that is for a set period of time whereas people often refer to month-to-month situations as rentals.
BENEFITS of doing Lease Options--
Let's look at what that you can expect when you offer your property on a Lease with Option to Buy:
* More interested tenants
* More qualified tenants
* Higher monthly income from your property
* Higher sales prices Reduced maintenance expenses
1. If you place an ad for your property offering a lease with Option to buy, you can generally expect five times the number of responses to the "Rent to Own" add than you get from a regular "For Rent" ad. More People are looking for an opportunity to own their own home, than just continue to rent.
2. The tenants that you get calls from will be people who are more responsible and serious about taking care of "their future home."
3. Traditionally, with a lease option, you will receive a monthly payment towards the option fee in addition to the monthly rent, thereby increasing your monthly cash flow.
4. Since you are working with people who often aren't immediately able to purchase a home outright, you are providing them with the opportunity to own property where they couldn't otherwise.
What is an OPTION?
An option is a grant of the right to purchase property, at set price and terms, from the owner of the property. The person who receives the option can (but is not required to) purchase the property during a set period of time agreed to by both parties when they enter the option.
An option is different from an agreement to sell (Purchase Agreement) in that with a Purchase Agreement, the buyer agrees to buy and the seller agrees to sell. Under an option, the seller agrees to sell, but the buyer does not agree to buy, they simply have the option of buying during the option period.
Note: In an Option, the Seller is the Optionor (the one who gives the Option) and the Buyer is known as the Optionee (the one who receives the Option).
What is needed to SET UP a Lease with Option to Buy?
To set up a Lease with Option to Purchase with a tenant, you will need all of the documents you would normally use to set up a simple rental/lease. (Rental Agreement, You can visit our web site for free rental agreement at: http://mrleaseoption.com/
In addition, you will need an Option agreement, and you want to be sure that you're using one that protects you as the Optionor, as many option forms available favor the Optionee. Attached to the Option will be a Purchase Agreement, which will spell out the terms of the sale that the tenant may purchase under, in the future.
How to STRUCTURE a Lease Option--
Over the years, we have found the following to be a good guideline for structuring Lease Options:
1. Charge market rent. Don't give discounts on rent just because the tenants are also paying you a monthly option fee or they are planning on buying the house. The option is separate from the rental agreement.
2. Get as much option fee as you can up front, the more the perspective tenants pay up front, the greater their risk will be if they don't follow through. We will take a note and payments combined with cash as option fee. The option fee is non refundable in the event the tenant defaults. The note keeps the tenant at risk. The option fee is credited towards the sale price, if they close.
3. When doing an option, don't charge a security deposit; apply the funds the tenant would have paid to the option fee, which is non-refundable.
4. Make your option cancelable by you if the tenants default in any of the terms of the rental/lease.
5. Work with a mortgage loan officer to qualify your perspective tenants. Have the loan officer advise you on how long it will take to have the tenant "mortgage ready," then set your lease option term accordingly.
6. When pricing your property, you will be able to get more than market price, but remember the property will have to appraise for the purchase price when they qualify for the mortgage.
7. Make the tenant responsible for repairs and maintenance to the property; make sure your rental agreement states they are responsible for the cost of such repairs and renovations. (Check state and local laws for rules) As you can see, options create opportunity though creating larger profits, decreasing management and repairs, and selling your property at top dollar.
ABOUT THE AUTHOR
Ralph Mark Maupin has purchased in excess of 3,500 single-family homes and many multi family properties. Mark teaches real estate investing seminars, and has real estate mentoring program: http://mrleaseoption.com
Article source: http://www.articlesfactory.com/articles/finance/top-dollar-exits-for-bad-real-estate-buys.html
--------------------------
Technorati tags: lease option, lease with option, rent to own, real estate investment, real estate.
The following real estate technique can help you with your problem real properties:
--------------------------
Top Dollar Exits, For Bad Real Estate Buys!
by Ralph Mark Maupin
How to sell property in declining real estate market for top dollar. How to exit hard to sell properties at top dollar. A tool that is must for any real estate investor. Mr. Ralph Mark Maupin, Mr. Lease Option, shows how he exited 300+ problem properties at top dollar.
The "Step By Step Guide to Exit Real Estate at Top Dollar Prices" By Ralph Mark Maupin, Mr. Lease Option.
A few years ago, I had over 300 rental properties; I was over-buying more properties than I could manage. Things were out of control. The following is a Lease with Option to Buy Program; I put together to sell most of those rental properties. "This Lease with an Option to Buy Program" resulted in the following:
1. Long term tenants who pay above market rent;
2. Tenants who are showing pride in ownership, and making improvements to the property;
3. Sales that would not have happened otherwise, at above market prices.
Tenants might not necessarily know the meaning of Lease with Option to Buy, but they do know the term, Rent to Own!
RENT TO OWN otherwise know as Lease Options:
This is a tool that you will absolutely want to include in your "toolbox" of investment strategies -- especially homeowners in slow moving markets or investors purchasing property for re-sale.
First, let's clear up some "slang" terms often used with these that create confusion: Rent to Own, Lease Option, Lease with Option to Purchase all mean the same thing.
Rent and lease mean the same thing; a lease is simply a rental agreement that is for a set period of time whereas people often refer to month-to-month situations as rentals.
BENEFITS of doing Lease Options--
Let's look at what that you can expect when you offer your property on a Lease with Option to Buy:
* More interested tenants
* More qualified tenants
* Higher monthly income from your property
* Higher sales prices Reduced maintenance expenses
1. If you place an ad for your property offering a lease with Option to buy, you can generally expect five times the number of responses to the "Rent to Own" add than you get from a regular "For Rent" ad. More People are looking for an opportunity to own their own home, than just continue to rent.
2. The tenants that you get calls from will be people who are more responsible and serious about taking care of "their future home."
3. Traditionally, with a lease option, you will receive a monthly payment towards the option fee in addition to the monthly rent, thereby increasing your monthly cash flow.
4. Since you are working with people who often aren't immediately able to purchase a home outright, you are providing them with the opportunity to own property where they couldn't otherwise.
What is an OPTION?
An option is a grant of the right to purchase property, at set price and terms, from the owner of the property. The person who receives the option can (but is not required to) purchase the property during a set period of time agreed to by both parties when they enter the option.
An option is different from an agreement to sell (Purchase Agreement) in that with a Purchase Agreement, the buyer agrees to buy and the seller agrees to sell. Under an option, the seller agrees to sell, but the buyer does not agree to buy, they simply have the option of buying during the option period.
Note: In an Option, the Seller is the Optionor (the one who gives the Option) and the Buyer is known as the Optionee (the one who receives the Option).
What is needed to SET UP a Lease with Option to Buy?
To set up a Lease with Option to Purchase with a tenant, you will need all of the documents you would normally use to set up a simple rental/lease. (Rental Agreement, You can visit our web site for free rental agreement at: http://mrleaseoption.com/
In addition, you will need an Option agreement, and you want to be sure that you're using one that protects you as the Optionor, as many option forms available favor the Optionee. Attached to the Option will be a Purchase Agreement, which will spell out the terms of the sale that the tenant may purchase under, in the future.
How to STRUCTURE a Lease Option--
Over the years, we have found the following to be a good guideline for structuring Lease Options:
1. Charge market rent. Don't give discounts on rent just because the tenants are also paying you a monthly option fee or they are planning on buying the house. The option is separate from the rental agreement.
2. Get as much option fee as you can up front, the more the perspective tenants pay up front, the greater their risk will be if they don't follow through. We will take a note and payments combined with cash as option fee. The option fee is non refundable in the event the tenant defaults. The note keeps the tenant at risk. The option fee is credited towards the sale price, if they close.
3. When doing an option, don't charge a security deposit; apply the funds the tenant would have paid to the option fee, which is non-refundable.
4. Make your option cancelable by you if the tenants default in any of the terms of the rental/lease.
5. Work with a mortgage loan officer to qualify your perspective tenants. Have the loan officer advise you on how long it will take to have the tenant "mortgage ready," then set your lease option term accordingly.
6. When pricing your property, you will be able to get more than market price, but remember the property will have to appraise for the purchase price when they qualify for the mortgage.
7. Make the tenant responsible for repairs and maintenance to the property; make sure your rental agreement states they are responsible for the cost of such repairs and renovations. (Check state and local laws for rules) As you can see, options create opportunity though creating larger profits, decreasing management and repairs, and selling your property at top dollar.
ABOUT THE AUTHOR
Ralph Mark Maupin has purchased in excess of 3,500 single-family homes and many multi family properties. Mark teaches real estate investing seminars, and has real estate mentoring program: http://mrleaseoption.com
Article source: http://www.articlesfactory.com/articles/finance/top-dollar-exits-for-bad-real-estate-buys.html
--------------------------
Technorati tags: lease option, lease with option, rent to own, real estate investment, real estate.
Tuesday, June 13, 2006
Real Estate IRA: Tax Shelter Your Real Estate
The use of a real estate IRA (individual retirement account) allows you to use tax-sheltered funds to invest in real estate and to retain more of your investing profits, sheltered from income taxes. The IRAs that are used for these purposes are self-directed IRAs.
There are a number of particular procedural requirements involved in using an IRA for real estate investment, that must be satisfied to keep you from running afoul of the IRS. Accordingly, you should contact various specialists in this field and gather information from them, before you make the decision to commit to this investing pathway. The results can be well worthwhile.
Following is a useful overview prepared by an attorney that you will find helpful:
------------------------------------
Self-Directed Real Estate IRAs
by Jo Ann Joy
If an IRA owner wants to set up a self-directed IRA, certain steps must be followed. In order to set up a self-directed IRA, an LLC should be formed to act as holding company for the IRA property. The LLC should be incorporated where the IRA real estate is located. The LLC should have a tax ID number and a separate checking account. The IRA owner can be the member-manager. The members of the LLC can be the IRA Custodian acting on behalf of the IRA owner and the IRA owner. The LLC will be the purchaser and the mortgagor of the real estate purchased with IRA funds.
The self-directed IRA must be set up with an IRS-qualified custodian, and the IRA will have a custodian account funded with IRA funds only. The IRA owner must comply with all custodian requirements in timely manner. The IRA owner must report all transactions, income, and expenses to custodian, in most cases before the transaction occurs. The custodian will keep records of all investments, transactions, contributions, and distributions and file required reports with I.R.S.
The IRA owner must send contract, title, closing, appraisal, and other documents to custodian for approval and with wiring instructions to fund transaction. IRA funds from the LLC bank account must pay closing costs, maintenance, mortgage payments, and other expenses
A third-party property manager can be hired and paid by with IRA funds. The IRA owner cannot be compensated for property management, commission, accounting, or other duties performed. Property-related expenses must be paid from LLC checking account with IRA funds. No "self-dealing" is permitted, and IRA funds cannot be co-mingled with personal or other funds. Property-related income must be deposited into the LLC checking account and becomes IRA-owned funds. The IRA owner can continue to make IRA contributions to the custodian account in the full amount allowed by I.R.S. The IRA contribution limits still apply, and the custodian keeps track of contributions and report them to IRS.
According to the IRS, a "disqualified person" cannot directly or indirectly buy, sell, or use the IRA real estate. A disqualified person would be the IRA owner, the IRA owner’s spouse, children, parents, and children’s spouses. A disqualified person would also be fiduciary of the IRA owner, an entity owned 50% by the above-stated relatives of the IRA owner, or a 10% owner, officer, director, or highly compensated employee of such entity. The tax laws prevent "self-dealing" between the IRA, the IRA owner, and disqualified persons.
IRA real estate mortgages are usually 70% loan-to-value. The IRA loan must be non-recourse. It is recommended that the IRA real estate be appraised yearly to determine the actual value of the IRA investment. The IRA property can be sold, and the proceeds from the sale must be held in a separate account until they are reinvested. Net income or gain from the non-leveraged portion of real estate is part of the IRA and is not taxed. Net gains from sale of the leveraged portion of the IRA real estate are taxable as capital gains.
Before setting up a self-directed IRA, you should consult a tax professional who is familiar with IRS laws relating to IRAs. Many accountants are opposed to self-directed IRAs, because they are concerned about the lack of IRS guidance on the subject. They are also concerned that the IRS may eventually consider self-directed IRA investments to be taxable IRA distributions.
The foregoing is a general discussion only and should not be relied upon as an opinion or advice on legal, tax, investment, or other aspects of IRAs or self-directed IRAs.
Jo Ann Joy, Esq., MBA, CEO Copyright 2006 Indigo Business Solutions. All rights reserved. You may contact Jo Ann by phone at (602) 663-7007, by fax at (602) 324-7582, by email at joannjoy@Indigo Business Solutions.net, and by mail at 2313 East Ocotillo Rd., Phoenix, AZ 85016
For more information about these and other important business topics and for legal consultation, please visit our website at http://www.IndigoBusinessSolutions.net The future of your business starts here.
About the author
Jo Ann Joy is the CEO and owner of Indigo Business Solutions, a legal and business consulting firm that differs from other business consulting firms, because it offers comprehensive legal and business counseling. Jo Ann has a law degree, an MBA, and a degree in Economics, but she is not a traditional attorney. Rather, she is a strategic business attorney who works closely with clients to create and implement strategies that will greatly improve their performance and success.
Jo Ann uses her talents, expertise, and education to inspire enterprising and imaginative people to make their goals a reality and enjoy professional and personal growth. Her background includes commercial and real estate law, accounting, financial planning, mortgages, marketing, product development, and business strategies. She ran a successful business for 10 years, and she has written and given presentations on many different legal and business subjects.
Article Source: http://EzineArticles.com/?expert=Jo_Ann_Joy
------------------------
Here are two resources that you can check out: Tax-Free Real Estate Investing (Macintosh and Windows PDF) and the Real Smart IRA (Windows only).
Technorati tags: self-directed IRA, tax sheltered investments, real estate IRA.
There are a number of particular procedural requirements involved in using an IRA for real estate investment, that must be satisfied to keep you from running afoul of the IRS. Accordingly, you should contact various specialists in this field and gather information from them, before you make the decision to commit to this investing pathway. The results can be well worthwhile.
Following is a useful overview prepared by an attorney that you will find helpful:
------------------------------------
Self-Directed Real Estate IRAs
by Jo Ann Joy
If an IRA owner wants to set up a self-directed IRA, certain steps must be followed. In order to set up a self-directed IRA, an LLC should be formed to act as holding company for the IRA property. The LLC should be incorporated where the IRA real estate is located. The LLC should have a tax ID number and a separate checking account. The IRA owner can be the member-manager. The members of the LLC can be the IRA Custodian acting on behalf of the IRA owner and the IRA owner. The LLC will be the purchaser and the mortgagor of the real estate purchased with IRA funds.
The self-directed IRA must be set up with an IRS-qualified custodian, and the IRA will have a custodian account funded with IRA funds only. The IRA owner must comply with all custodian requirements in timely manner. The IRA owner must report all transactions, income, and expenses to custodian, in most cases before the transaction occurs. The custodian will keep records of all investments, transactions, contributions, and distributions and file required reports with I.R.S.
The IRA owner must send contract, title, closing, appraisal, and other documents to custodian for approval and with wiring instructions to fund transaction. IRA funds from the LLC bank account must pay closing costs, maintenance, mortgage payments, and other expenses
A third-party property manager can be hired and paid by with IRA funds. The IRA owner cannot be compensated for property management, commission, accounting, or other duties performed. Property-related expenses must be paid from LLC checking account with IRA funds. No "self-dealing" is permitted, and IRA funds cannot be co-mingled with personal or other funds. Property-related income must be deposited into the LLC checking account and becomes IRA-owned funds. The IRA owner can continue to make IRA contributions to the custodian account in the full amount allowed by I.R.S. The IRA contribution limits still apply, and the custodian keeps track of contributions and report them to IRS.
According to the IRS, a "disqualified person" cannot directly or indirectly buy, sell, or use the IRA real estate. A disqualified person would be the IRA owner, the IRA owner’s spouse, children, parents, and children’s spouses. A disqualified person would also be fiduciary of the IRA owner, an entity owned 50% by the above-stated relatives of the IRA owner, or a 10% owner, officer, director, or highly compensated employee of such entity. The tax laws prevent "self-dealing" between the IRA, the IRA owner, and disqualified persons.
IRA real estate mortgages are usually 70% loan-to-value. The IRA loan must be non-recourse. It is recommended that the IRA real estate be appraised yearly to determine the actual value of the IRA investment. The IRA property can be sold, and the proceeds from the sale must be held in a separate account until they are reinvested. Net income or gain from the non-leveraged portion of real estate is part of the IRA and is not taxed. Net gains from sale of the leveraged portion of the IRA real estate are taxable as capital gains.
Before setting up a self-directed IRA, you should consult a tax professional who is familiar with IRS laws relating to IRAs. Many accountants are opposed to self-directed IRAs, because they are concerned about the lack of IRS guidance on the subject. They are also concerned that the IRS may eventually consider self-directed IRA investments to be taxable IRA distributions.
The foregoing is a general discussion only and should not be relied upon as an opinion or advice on legal, tax, investment, or other aspects of IRAs or self-directed IRAs.
Jo Ann Joy, Esq., MBA, CEO Copyright 2006 Indigo Business Solutions. All rights reserved. You may contact Jo Ann by phone at (602) 663-7007, by fax at (602) 324-7582, by email at joannjoy@Indigo Business Solutions.net, and by mail at 2313 East Ocotillo Rd., Phoenix, AZ 85016
For more information about these and other important business topics and for legal consultation, please visit our website at http://www.IndigoBusinessSolutions.net The future of your business starts here.
About the author
Jo Ann Joy is the CEO and owner of Indigo Business Solutions, a legal and business consulting firm that differs from other business consulting firms, because it offers comprehensive legal and business counseling. Jo Ann has a law degree, an MBA, and a degree in Economics, but she is not a traditional attorney. Rather, she is a strategic business attorney who works closely with clients to create and implement strategies that will greatly improve their performance and success.
Jo Ann uses her talents, expertise, and education to inspire enterprising and imaginative people to make their goals a reality and enjoy professional and personal growth. Her background includes commercial and real estate law, accounting, financial planning, mortgages, marketing, product development, and business strategies. She ran a successful business for 10 years, and she has written and given presentations on many different legal and business subjects.
Article Source: http://EzineArticles.com/?expert=Jo_Ann_Joy
------------------------
Here are two resources that you can check out: Tax-Free Real Estate Investing (Macintosh and Windows PDF) and the Real Smart IRA (Windows only).
Technorati tags: self-directed IRA, tax sheltered investments, real estate IRA.
Monday, June 12, 2006
Mortgage Loan: How To Apply for a New or Refinance Loan
A mortgage loan application, whether for buying a house or condominium, or for refinancing an older loan, or for obtaining a home equity loan, requires substantial documentation. Here is an overview of the documentation requirements, so you can prepare yourself in advance.
I think you will find most informative the following excellent article by Mark Nash:
-----------------------------
Preparation is Key for Successful Mortgage Application
First time or repeat, the requirements for applying for a mortgage is constantly in the state of change. Take the time to be prepared before you meet with your mortgage banker or broker, otherwise you'll get into what I call the "document chase". This chase can be time consuming and frustrating for home buyers. Request your banker or broker to email or fax you a complete list of all the documents required to complete the application process.
Home buyers can be proactive when applying for a mortgage by following these simple tips by Mark Nash author of four books including his latest 1001 Tips for Buying and Selling a Home and as a regular columnist for RealtyTimes.com.
-Don't be alarmed or offended when asked to sign an Authorization to Release Financial Information Form. The mortgage lender will need this form to obtain your credit report, bank accounts, employment records, mortgage history and other loans and securities.
-If you are self-employed you might also be requested to sign a Tax Information Authorization form which allows the lender to request a copy of your tax returns.
-Prepare a list of your credit cards you have by type, interest rate balance due, available credit limit, and minimum monthly payments.
-Bring payroll stubs from last six months.
-Locate tax returns from previous two years.
-List your assets such as IRA accounts, securities, bank accounts, personal property such as jewelry and furniture. If you own other real estate bring addresses and fair market value information.
-Bring copies of divorce decrees, bankruptcy discharges, student loan documents, alimony and child support obligations.
-Create lists of employment and residences from the last two years. Mortgage providers want to see stability in both these areas.
-If you have an accepted offer to purchase a property, bring a copy of the contract and copies of any earnest money checks. Have available information of other parties and real estate agents connected with the contract.
-Do not deliberately falsify information on your loan application. All information will be verified through the trimerge credit report, and verification of employment and bank accounts.
-If your lender requires an application, credit check and an appraisal fee, bring these with you to the application meeting. They might not start processing your loan without them. Do not give the loan officer any money for a credit check or other fee until you are sure you want to work with this person.
-Do not give originals to mortgage lenders. Make photo copies and submit these.
-You are only required to list enough assets to show that you can qualify to borrow enough money to purchase the home you are seeking.
-Pull your own credit report before meeting with a lender. What the scores say to a mortgage lender: 800-850=Excellent, 700-800=Great, 650-700=Okay, 600-650=Marginal, 400-600=Not good, Under 400=Help!
-The short story on how a credit score is determined. Payment history=35%, Amounts owed=30%, Length of credit history=15%, New credit=10%, Type of credit=10%.
Mark Nash's fourth real estate book, "1001 Tips for Buying and Selling a Home" (2005), and working as a real estate broker in Chicago are the foundation for his consumer-centric real estate perspective which has been featured on ABC-TV, Associated Press,CBS The Early Show, Bloomberg TV, Bottom Line Magazine.CNN-TV, Chicago Sun Times & Tribune, Fidelity Investor’s Weekly, MarketWatch, HGTVpro.com, MSNBC.com, Smart Money Magazine,The New York Times, Realty Times, Universal Press Syndicate and USA Today.
Mark is regular columnist for RealtyTimes.com, a contributing writer to BrokerAgentNews.com, PrincipalBroker.com and Realtor Magazine Online. His concise tip articles are syndicated on many real estate blogs including L..A.'s Best Real Estate Web log. He is a member of the National Association of Real Estate Editors, National Association of Realtors(R) and frequently speaks on residential real estate issues and trends through ExecutiveSpeakers.com.
Article Source: http://EzineArticles.com/?expert=Mark_Nash
-----------------------------
Technorati tags: refinance, mortgage refinance, loan quotes, homeowner loan, homeowner loans, homeowner loan, debt consolidation, mortgage loan.
I think you will find most informative the following excellent article by Mark Nash:
-----------------------------
Preparation is Key for Successful Mortgage Application
First time or repeat, the requirements for applying for a mortgage is constantly in the state of change. Take the time to be prepared before you meet with your mortgage banker or broker, otherwise you'll get into what I call the "document chase". This chase can be time consuming and frustrating for home buyers. Request your banker or broker to email or fax you a complete list of all the documents required to complete the application process.
Home buyers can be proactive when applying for a mortgage by following these simple tips by Mark Nash author of four books including his latest 1001 Tips for Buying and Selling a Home and as a regular columnist for RealtyTimes.com.
-Don't be alarmed or offended when asked to sign an Authorization to Release Financial Information Form. The mortgage lender will need this form to obtain your credit report, bank accounts, employment records, mortgage history and other loans and securities.
-If you are self-employed you might also be requested to sign a Tax Information Authorization form which allows the lender to request a copy of your tax returns.
-Prepare a list of your credit cards you have by type, interest rate balance due, available credit limit, and minimum monthly payments.
-Bring payroll stubs from last six months.
-Locate tax returns from previous two years.
-List your assets such as IRA accounts, securities, bank accounts, personal property such as jewelry and furniture. If you own other real estate bring addresses and fair market value information.
-Bring copies of divorce decrees, bankruptcy discharges, student loan documents, alimony and child support obligations.
-Create lists of employment and residences from the last two years. Mortgage providers want to see stability in both these areas.
-If you have an accepted offer to purchase a property, bring a copy of the contract and copies of any earnest money checks. Have available information of other parties and real estate agents connected with the contract.
-Do not deliberately falsify information on your loan application. All information will be verified through the trimerge credit report, and verification of employment and bank accounts.
-If your lender requires an application, credit check and an appraisal fee, bring these with you to the application meeting. They might not start processing your loan without them. Do not give the loan officer any money for a credit check or other fee until you are sure you want to work with this person.
-Do not give originals to mortgage lenders. Make photo copies and submit these.
-You are only required to list enough assets to show that you can qualify to borrow enough money to purchase the home you are seeking.
-Pull your own credit report before meeting with a lender. What the scores say to a mortgage lender: 800-850=Excellent, 700-800=Great, 650-700=Okay, 600-650=Marginal, 400-600=Not good, Under 400=Help!
-The short story on how a credit score is determined. Payment history=35%, Amounts owed=30%, Length of credit history=15%, New credit=10%, Type of credit=10%.
Mark Nash's fourth real estate book, "1001 Tips for Buying and Selling a Home" (2005), and working as a real estate broker in Chicago are the foundation for his consumer-centric real estate perspective which has been featured on ABC-TV, Associated Press,CBS The Early Show, Bloomberg TV, Bottom Line Magazine.CNN-TV, Chicago Sun Times & Tribune, Fidelity Investor’s Weekly, MarketWatch, HGTVpro.com, MSNBC.com, Smart Money Magazine,The New York Times, Realty Times, Universal Press Syndicate and USA Today.
Mark is regular columnist for RealtyTimes.com, a contributing writer to BrokerAgentNews.com, PrincipalBroker.com and Realtor Magazine Online. His concise tip articles are syndicated on many real estate blogs including L..A.'s Best Real Estate Web log. He is a member of the National Association of Real Estate Editors, National Association of Realtors(R) and frequently speaks on residential real estate issues and trends through ExecutiveSpeakers.com.
Article Source: http://EzineArticles.com/?expert=Mark_Nash
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Technorati tags: refinance, mortgage refinance, loan quotes, homeowner loan, homeowner loans, homeowner loan, debt consolidation, mortgage loan.
Sunday, June 11, 2006
Condominiums - Disadvantages of Ownership
Purchasing a new residence involves many issues and condos may be on your radar. Before you buy, keep in mind there are disadvantages to condominium ownership.
Condominiums – Disadvantages
Condominiums are simply a collection of units in a structure or structures. All property on the interior of the unit is yours with few limitations. Everything outside of the unit, however, is considered to be in the common areas and subject to administration by the homeowners association for condominium communities. As with any bureaucracy, this can lead to problems.
1. Parking – One of the biggest pet peeves with condominiums is parking. While this may sound petty, it becomes a big issue over time if a particular situation occurs. One would think a condominium comes with assigned parking. In many developments, however, this simply isn’t the case. Instead, parking is on a first come, first serve basis. Over time, this situation can become extremely aggravating. With guests in the neighborhood, you may eventually find it difficult to getting parking!
2. Restriction – Condominiums are all about uniformity. If you prefer to express your individuality, the rules of a condominium may drive you insane. Since people live close to each other in condos, there has to be a number of rules to keep the peace. Many condominium associations, however, seem to go overboard with rules and one can often feel like a prisoner. You may be restricted from having pets, particular types of material in your units, renting to others, making noise outside during certain times and so on. Before taking the plunge on a condominium unit, you absolutely must read the rules and regulations for the association.
3. Association Fees – Homeowners’ associations need money to keep the gardening up and so on. As a unit owner, you are responsible for paying monthly homeowners’ association fees. Before taking the plunge, you need to make sure you understand the current fees. You should also look back in time to see how much the fee has risen over time. Paying an extra hundred bucks or so a month probably will not kill you, but what if the monthly fee is five hundred dollars?
The decision to purchase a condominium can be a complex one. While there are distinct advantages, the devil is in the details. Make sure you understand what you are getting into before taking the plunge.
Raynor James is with the FSBO site - http://www.fsboamerica.org - FSBO homes for sale by owner. Visit our home buying page - http://www.fsboamerica.org/buyer.cfm - to view and buy homes, houses, condos, land and real estate.
Article Source: http://EzineArticles.com/?expert=Raynor_James
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Technorati tags: condos, real estate, real estate investing, condominiums.
Condominiums – Disadvantages
Condominiums are simply a collection of units in a structure or structures. All property on the interior of the unit is yours with few limitations. Everything outside of the unit, however, is considered to be in the common areas and subject to administration by the homeowners association for condominium communities. As with any bureaucracy, this can lead to problems.
1. Parking – One of the biggest pet peeves with condominiums is parking. While this may sound petty, it becomes a big issue over time if a particular situation occurs. One would think a condominium comes with assigned parking. In many developments, however, this simply isn’t the case. Instead, parking is on a first come, first serve basis. Over time, this situation can become extremely aggravating. With guests in the neighborhood, you may eventually find it difficult to getting parking!
2. Restriction – Condominiums are all about uniformity. If you prefer to express your individuality, the rules of a condominium may drive you insane. Since people live close to each other in condos, there has to be a number of rules to keep the peace. Many condominium associations, however, seem to go overboard with rules and one can often feel like a prisoner. You may be restricted from having pets, particular types of material in your units, renting to others, making noise outside during certain times and so on. Before taking the plunge on a condominium unit, you absolutely must read the rules and regulations for the association.
3. Association Fees – Homeowners’ associations need money to keep the gardening up and so on. As a unit owner, you are responsible for paying monthly homeowners’ association fees. Before taking the plunge, you need to make sure you understand the current fees. You should also look back in time to see how much the fee has risen over time. Paying an extra hundred bucks or so a month probably will not kill you, but what if the monthly fee is five hundred dollars?
The decision to purchase a condominium can be a complex one. While there are distinct advantages, the devil is in the details. Make sure you understand what you are getting into before taking the plunge.
Raynor James is with the FSBO site - http://www.fsboamerica.org - FSBO homes for sale by owner. Visit our home buying page - http://www.fsboamerica.org/buyer.cfm - to view and buy homes, houses, condos, land and real estate.
Article Source: http://EzineArticles.com/?expert=Raynor_James
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Technorati tags: condos, real estate, real estate investing, condominiums.
Saturday, June 10, 2006
San Jose California Real Estate
San Jose, California, is located in Santa Clara County and is in the heart of Silicon Valley. With a population of 894,943, San Jose is a vibrant, thriving metropolitan community. Culture, arts, and technology dominate here as evidenced by the innovative Tech Museum, the San Jose Museum of Art, and the Children’s Museum. Additionally, a campus of the California State University calls San Jose home. The newly developed Santana Row, a pedestrian arcade of upscale restaurants and designer shops combined with luxury apartments reflect the city’s trend-setting and upwardly mobile lifestyles.
San Jose Homes
San Jose properties pool is 276,417 residential properties including San Jose new homes. The median age of real estate in San Jose is 1972. The average household size is 3.62 people. 5% are one bedroom homes, 20% are 2 bedroom homes, 37% are 3 bedroom homes, 30% are 4 bedroom homes, and 6% are 5+ bedroom homes. Architectural styles of home vary in San Jose. Victorians, craftsman bungalows, and condominiums abound in this historic and contemporary city.
San Jose Mortgage Statistics
Homes With No Mortgage 17%
Homes With Mortgage 83%
First Mortgage Only 61%
First & Second Mortgage or HELOC 22%
San Jose Area Real Estate Tax
San Jose Real estate Tax: Median Real Estate Taxes (2000) were $2,423 compared to 1999 Median Family income $ 74,813. Compare to USA median yearly Real Estate Tax $1,300 and USA median Family Income $42,000 (1999).
San Jose School District: Children make up 26.4% of San Jose population. San Jose has 236,124 under 18 years old residents, or 0.55 kids per one worker, or 0.85 kids per one household.
San Jose Real Estate & San Jose Homeownership
There are 49755.06 or 18% one person households, 77396.76 or 28% two person households, and 46990.89 or 17% three person households in San Jose, California. The median residents’ age is 32.6. Senior citizens (65+) make up 73,860 or 8.3%% of San Jose population.
There are 427,984 workers (over 16 years of age) in San Jose working in all sectors of industries. The technology field, however, dominate. While public transport is available, 90.45% of workers drive to their place of employment. Approximately 4.08% of workers in San Jose take public transportation. An estimated 1.44% walk to work.
Median San Jose homeowner's housing expenses are 22.3%
Crime in San Jose (2003), crimes per 10,000 residents per year
Violent Crimes 37.75
Robberies 9.11
Aggravated Assaults 25.2
Property Crimes 231.84
Burglaries 37.03
Larceny-Thefts 153.86
Motor Vehicle Thefts 40.94
Invest in San Jose Properties
When making a decision about buying real estate in San Jose California area, you should consider following statistical data:
Near Medium City
Near Large City
San Jose Zip Codes 95101, 95102, 95110, 95111, 95112, 95113, 95116, 95117, 95118, 95119, 95120, 95121, 95122, 95123, 95124, 95125, 95126, 95127, 95128, 95129, 95130, 95131, 95132, 95133, 95134, 95135, 95136, 95137, 95138, 95139, 95140, 95141, 95142, 95148
San Jose Area Codes 408
White population 47.49%
African-American population 3.5%
Asian 26.86%
American Indian & Alaskan
Hispanic (of any race) 30.17%
Median Family Income (1999) $ 74,813%
Population Below Poverty Level 8.7%
Jennifer Hershey has more than twenty years of experience as a loan officer. She is the owner of http://www.explainingmortgages.com/, a real estate and mortgage resource site devoted to making mortgage terms and products easy to understand.
Article Source: http://EzineArticles.com/?expert=Jennifer_Hershey
Technorati tags: condos, condominiums, real estate, real estate investing, california, san jose.
San Jose Homes
San Jose properties pool is 276,417 residential properties including San Jose new homes. The median age of real estate in San Jose is 1972. The average household size is 3.62 people. 5% are one bedroom homes, 20% are 2 bedroom homes, 37% are 3 bedroom homes, 30% are 4 bedroom homes, and 6% are 5+ bedroom homes. Architectural styles of home vary in San Jose. Victorians, craftsman bungalows, and condominiums abound in this historic and contemporary city.
San Jose Mortgage Statistics
Homes With No Mortgage 17%
Homes With Mortgage 83%
First Mortgage Only 61%
First & Second Mortgage or HELOC 22%
San Jose Area Real Estate Tax
San Jose Real estate Tax: Median Real Estate Taxes (2000) were $2,423 compared to 1999 Median Family income $ 74,813. Compare to USA median yearly Real Estate Tax $1,300 and USA median Family Income $42,000 (1999).
San Jose School District: Children make up 26.4% of San Jose population. San Jose has 236,124 under 18 years old residents, or 0.55 kids per one worker, or 0.85 kids per one household.
San Jose Real Estate & San Jose Homeownership
There are 49755.06 or 18% one person households, 77396.76 or 28% two person households, and 46990.89 or 17% three person households in San Jose, California. The median residents’ age is 32.6. Senior citizens (65+) make up 73,860 or 8.3%% of San Jose population.
There are 427,984 workers (over 16 years of age) in San Jose working in all sectors of industries. The technology field, however, dominate. While public transport is available, 90.45% of workers drive to their place of employment. Approximately 4.08% of workers in San Jose take public transportation. An estimated 1.44% walk to work.
Median San Jose homeowner's housing expenses are 22.3%
Crime in San Jose (2003), crimes per 10,000 residents per year
Violent Crimes 37.75
Robberies 9.11
Aggravated Assaults 25.2
Property Crimes 231.84
Burglaries 37.03
Larceny-Thefts 153.86
Motor Vehicle Thefts 40.94
Invest in San Jose Properties
When making a decision about buying real estate in San Jose California area, you should consider following statistical data:
Near Medium City
Near Large City
San Jose Zip Codes 95101, 95102, 95110, 95111, 95112, 95113, 95116, 95117, 95118, 95119, 95120, 95121, 95122, 95123, 95124, 95125, 95126, 95127, 95128, 95129, 95130, 95131, 95132, 95133, 95134, 95135, 95136, 95137, 95138, 95139, 95140, 95141, 95142, 95148
San Jose Area Codes 408
White population 47.49%
African-American population 3.5%
Asian 26.86%
American Indian & Alaskan
Hispanic (of any race) 30.17%
Median Family Income (1999) $ 74,813%
Population Below Poverty Level 8.7%
Jennifer Hershey has more than twenty years of experience as a loan officer. She is the owner of http://www.explainingmortgages.com/, a real estate and mortgage resource site devoted to making mortgage terms and products easy to understand.
Article Source: http://EzineArticles.com/?expert=Jennifer_Hershey
Technorati tags: condos, condominiums, real estate, real estate investing, california, san jose.
Friday, June 09, 2006
Claim Your Free Real Estate Investing Course
A free real estate investing course -- "5 Insider Secrets to Investing in Real Estate With Zero Down and No Credit Check!" -- is offered now and it’s worth snapping up.
The five-part course covers:
* How to get sellers to call you and beg you to take their property...
* How to never risk your money by making a zero down offer...
* A simple strategy to find investors eager to buy your properties now...
* How to sell your property for 10% over value... fast
* How to easily lease option your properties for more profits...
In the first part, you will learn about making thousands of dollars in a few short weeks with this technique.
Folks, this really is a no-brainer! Go claim your free course at Free real estate investing course.
This really is a free real estate investing course.
------------------------------------------
Technorati tags: real estate, real estate investing, real estate investing course, free, free real estate investing course.
The five-part course covers:
* How to get sellers to call you and beg you to take their property...
* How to never risk your money by making a zero down offer...
* A simple strategy to find investors eager to buy your properties now...
* How to sell your property for 10% over value... fast
* How to easily lease option your properties for more profits...
In the first part, you will learn about making thousands of dollars in a few short weeks with this technique.
Folks, this really is a no-brainer! Go claim your free course at Free real estate investing course.
This really is a free real estate investing course.
------------------------------------------
Technorati tags: real estate, real estate investing, real estate investing course, free, free real estate investing course.
Thursday, June 08, 2006
Condominiums - Advantages of Ownership
Condominiums tend to be a love it or hate it subject with property owners. Here are the advantages of owning a condominium.
Condominium – Advantages
Condominiums provide a unique living opportunity in the United States, one that many people have jumped on in this hot real estate market. Although not for everyone, condominium ownership does have some distinct advantages over stand alone homes.
1. Condominiums are cheaper than stand alone homes. Universally, you will find the lack of a yard makes condominiums a cheaper buying option when compared to the rest of the real estate market. This makes condominiums a good real estate option for first time buyers, as they are often able to get into one when they otherwise would not qualify for a loan for a tradition home.
2. Condominiums are also excellent options after the kids are gone. Once kids are out of the home, you’ll find the space in your home is no longer necessary. Many parents will downsize to a condominium and use the cash windfall from a home to take early retirement. This trend is occurring with greater frequency as the baby boom generation begins to retire.
3. Condominiums are also excellent options for people that travel a lot. If you have to travel for work, you know the problems that can arise from having a home sitting empty for weeks or months on end. Burglaries, graffiti and so on are natural results of leaving a home empty. With condominiums, it is much harder for someone to tell if a person is home or not. This makes condominiums very popular with pilots and certain sales people.
4. A detached home requires a lot of maintenance to keep it in good shape. A condominium also requires maintenance, but the homeowners’ association is responsible for the upkeep. Generally, the constant attention provided through the homeowners’ association makes condos a better long term maintenance option.
Condominiums are not for everyone, but they have definite advantages over detached homes in certain situations. While guidelines are a solid method of determining if a condo is a good option, you really need to consider your personal circumstances to determine the best choice for you.
Raynor James is with the FSBO site - http://www.fsboamerica.org - FSBO homes for sale by owner. Visit our home buying page - http://www.fsboamerica.org/buyer.cfm - to view and buy homes, houses, condos, land and real estate.
Article Source: http://EzineArticles.com/?expert=Raynor_James
Technorati tags: condos, real estate, real estate investing, condominiums.
Condominium – Advantages
Condominiums provide a unique living opportunity in the United States, one that many people have jumped on in this hot real estate market. Although not for everyone, condominium ownership does have some distinct advantages over stand alone homes.
1. Condominiums are cheaper than stand alone homes. Universally, you will find the lack of a yard makes condominiums a cheaper buying option when compared to the rest of the real estate market. This makes condominiums a good real estate option for first time buyers, as they are often able to get into one when they otherwise would not qualify for a loan for a tradition home.
2. Condominiums are also excellent options after the kids are gone. Once kids are out of the home, you’ll find the space in your home is no longer necessary. Many parents will downsize to a condominium and use the cash windfall from a home to take early retirement. This trend is occurring with greater frequency as the baby boom generation begins to retire.
3. Condominiums are also excellent options for people that travel a lot. If you have to travel for work, you know the problems that can arise from having a home sitting empty for weeks or months on end. Burglaries, graffiti and so on are natural results of leaving a home empty. With condominiums, it is much harder for someone to tell if a person is home or not. This makes condominiums very popular with pilots and certain sales people.
4. A detached home requires a lot of maintenance to keep it in good shape. A condominium also requires maintenance, but the homeowners’ association is responsible for the upkeep. Generally, the constant attention provided through the homeowners’ association makes condos a better long term maintenance option.
Condominiums are not for everyone, but they have definite advantages over detached homes in certain situations. While guidelines are a solid method of determining if a condo is a good option, you really need to consider your personal circumstances to determine the best choice for you.
Raynor James is with the FSBO site - http://www.fsboamerica.org - FSBO homes for sale by owner. Visit our home buying page - http://www.fsboamerica.org/buyer.cfm - to view and buy homes, houses, condos, land and real estate.
Article Source: http://EzineArticles.com/?expert=Raynor_James
Technorati tags: condos, real estate, real estate investing, condominiums.
Wednesday, June 07, 2006
Learn About Mortgage Refinance
Paying for your mortgage monthly is a big burden. This is because mortgage fees are exorbitant. You will need to refinance your mortgage if you have your home loan and you are giving your best to pay your mortgage. Maybe you have plenty of high interest rate debts like credit card debts which can give some relief in making things a lot easier.
Paying your loan with your present lender is called mortgage refinance. There are reasons why people are doing it. Changing the type of the loan is one among these reasons. If you have your home loan and your house have a higher value, you may take advantage of it by doing a mortgage refinance. Basically, you need to consolidate your debts for you to get a lower refinancing. Mortgage refinance can be your most viable solution.
In the first place mortgage refinance is different from application for mortgage. In applying for mortgage, you will need to accomplish your financial records and earn details as well as reports for your credits. You will need to have a list of all your debts and assets as well as verify your employment and produce financial accounts. You also need to have a copy of your bank accounts and statements. If you own a house, you need to show a copy of the land title to prove you are worthy of the risk.
You will need to have a detailed list of your current monthly mortgage fees as well as your mortgage balance. It is also necessary to show your property tax and the status of your insurance. You need to give all the needed information of your previous lender so your new lender can coordinate with him for your mortgage refinance.
You will still need to pay the money needed, as it involves a lot of fees to take out your previous mortgage. You will need to pay the fees for the following:
* discount points
* legal service fees
* appraisal costs
* prepayment penalties
* title insurance fees
* loan origination fee
* title search
* application fee
To make your mortgage refinance a lot easier, you need to pay all these fees. Then you add all these fees to your new loan balance. To make sure that your negotiation will be successful, you need to ask about the possibilities of availing huge discounts on the aforementioned payments.
by Khieng 'Ken' Chho - Online Morgage Refinance Resources. For related articles and other resources, visit Ken's website: http://morgagerefinance.1w3b.net/
Article Source: http://EzineArticles.com/?expert=Khieng_Chho
Technorati tags: debt consolidation, mortgage refinance, loan quotes, homeowner loan, homeowner loans, homeowner loan, refinance.
Paying your loan with your present lender is called mortgage refinance. There are reasons why people are doing it. Changing the type of the loan is one among these reasons. If you have your home loan and your house have a higher value, you may take advantage of it by doing a mortgage refinance. Basically, you need to consolidate your debts for you to get a lower refinancing. Mortgage refinance can be your most viable solution.
In the first place mortgage refinance is different from application for mortgage. In applying for mortgage, you will need to accomplish your financial records and earn details as well as reports for your credits. You will need to have a list of all your debts and assets as well as verify your employment and produce financial accounts. You also need to have a copy of your bank accounts and statements. If you own a house, you need to show a copy of the land title to prove you are worthy of the risk.
You will need to have a detailed list of your current monthly mortgage fees as well as your mortgage balance. It is also necessary to show your property tax and the status of your insurance. You need to give all the needed information of your previous lender so your new lender can coordinate with him for your mortgage refinance.
You will still need to pay the money needed, as it involves a lot of fees to take out your previous mortgage. You will need to pay the fees for the following:
* discount points
* legal service fees
* appraisal costs
* prepayment penalties
* title insurance fees
* loan origination fee
* title search
* application fee
To make your mortgage refinance a lot easier, you need to pay all these fees. Then you add all these fees to your new loan balance. To make sure that your negotiation will be successful, you need to ask about the possibilities of availing huge discounts on the aforementioned payments.
by Khieng 'Ken' Chho - Online Morgage Refinance Resources. For related articles and other resources, visit Ken's website: http://morgagerefinance.1w3b.net/
Article Source: http://EzineArticles.com/?expert=Khieng_Chho
Technorati tags: debt consolidation, mortgage refinance, loan quotes, homeowner loan, homeowner loans, homeowner loan, refinance.
Tuesday, June 06, 2006
Real Estate Investing: TV-Promoted Programs vs. Tasteful Rehabilitation (a review)
Real estate investing knowledge gained through televised investment programs promoted by infomercials or through mentoring is not the be-all, end-all solution that the real estate gurus would have you believe.
"Real estate investing is truly a great way to make a fortune," says Professor Jeanette Joy Fisher. Moreover, Professor Fisher says, "Real estate infomercials do great harm to beginning investors, who waste hundreds of dollars on old information."
Ms. Fisher has an interesting book, "Doghouse to Dollhouse for Dollars: Using Design Psychology to Increase Real Estate Profits," that seems to provide an approach to buying and reselling properties. The "before" versions of the property being rehabilitated she calls "doghouses." The "after" versions are called "dollhouses," and the examples seem to bear that out.
The book consists of eight chapters and an appendix:
Chapter One - Discovering the Possibilities
Chapter Two - Credit Help
Chapter Three - Financing Your Doghouse
Chapter Four - Finding Your Doghouse
Chapter Five - Planning During Escrow
Chapter Six - Transformation Psychology
Chapter Seven - Selling for Maximum Profit
Chapter Eight - Holding for Your Future Income
Chapters two and three address useful information on improving your credit and getting a real estate loan.
You can find links to read more about Ms. Fisher’s approach to rehabilitating properties in her article, "Real Estate Investing: Infomercial and Mentoring Scams," at EzineArticles.com.
Technorati tags: real estate, real estate investing, real estate loan.
The Doghouse/Dollhouse book provides you with some inexpensive advice on real estate investing.
"Real estate investing is truly a great way to make a fortune," says Professor Jeanette Joy Fisher. Moreover, Professor Fisher says, "Real estate infomercials do great harm to beginning investors, who waste hundreds of dollars on old information."
Ms. Fisher has an interesting book, "Doghouse to Dollhouse for Dollars: Using Design Psychology to Increase Real Estate Profits," that seems to provide an approach to buying and reselling properties. The "before" versions of the property being rehabilitated she calls "doghouses." The "after" versions are called "dollhouses," and the examples seem to bear that out.
The book consists of eight chapters and an appendix:
Chapter One - Discovering the Possibilities
Chapter Two - Credit Help
Chapter Three - Financing Your Doghouse
Chapter Four - Finding Your Doghouse
Chapter Five - Planning During Escrow
Chapter Six - Transformation Psychology
Chapter Seven - Selling for Maximum Profit
Chapter Eight - Holding for Your Future Income
Chapters two and three address useful information on improving your credit and getting a real estate loan.
You can find links to read more about Ms. Fisher’s approach to rehabilitating properties in her article, "Real Estate Investing: Infomercial and Mentoring Scams," at EzineArticles.com.
Technorati tags: real estate, real estate investing, real estate loan.
The Doghouse/Dollhouse book provides you with some inexpensive advice on real estate investing.
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