Posts from July 2013
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25
How Do You Decide Whether to Add on to an Existing Home or Purchase a New One?
There are a few things to consider, including cost, individual needs, and what will add value down the road. Also important: your emotional attachment to the existing home.
As designer and builder Philip S. Wenz, the author of Adding to a House: Planning, Design & Construction, notes, an addition is much cheaper than building a new home and can offer a "new" home without the heartache of moving.
Other considerations:
Can you finance the home improvement with your own cash or will you need a loan?
How much equity is in the property? A fair amount will make it that much easier to get a loan for home improvements.
Is it feasible to expand the current space for an addition?
What is permissible under local zoning and building laws? Despite y...
17
Understanding the Difference: Home Equity Line of Credit vs. Second Mortgage
At some point in life-maybe your oldest is off for college or you're finally ready to put on that home addition-you may want to tap into the equity of your home. You have several options here, and two that are commonly confused are the home equity line of credit, and the second mortgage. Below, Michael Litzner, Broker of Century 21 American Homes gives us a breakdown of the difference. "A second mortgage is any loan that involves a second lien on the property," says Litzner. "You receive a lump sum at the beginning of the loan, and every month you pay down the principal and the interest." The second mortgage can be fixed or variable, and the available amount is often based on the difference between your home's current value and the outstanding principal balance on your first mortgage. "As second mortgages are subordinate to first mortgages--meaning your first mortgage gets paid off first should the loan default-they are riskier for lenders an...
12
Mortgage Rates Dos and Don'ts
Unless you are financially able to purchase a property outright, securing a mortgage is the only way to achieve home ownership. Here are some do's and don'ts when it comes to a mortgage. Do:
- Pay your bills on time and cut down on any debt. Credit scores are crucial. Your credit score will determine if you are able to get a loan and your
- Save now for a down payment. It's no secret that the more you are able to put down, the less you have to borrow. However, it is important to note that it may make more sense to pay off high interest debt first. In other words, pay off your credit card debt and settle for less of a down payment because your mortgage interest rate should be less on the property loan.
5
How-To: Win Your Bidding War
When entering a bidding war, you need to put your best foot forward. With multiple offers to consider, the seller needs to see that you're serious and ready to act fast. Below are a few tips to help you knock out the competition.
Be prepared. While it might seem smart to you to lay your offer on the table right away, don't do so unless you're fully prepared, pre-approved for a loan, and have all of your paperwork and finances in order. "Otherwise, the seller won't take you seriously and will pass your offer over for someone who has completed their homework," says Michael Litzner, Broker of Century 21 American Homes .
Be quick. "This may seem counterintuitive to being prepared, but it's important to act fast when you see a home you like, or it will go to another bidder," says...