Date Archives: July 2013

Coldwell Banker American Homes Blog Home

Subscribe and receive email notifications of new blog posts.




rss logo RSS Feed
Area Information | 27 Posts
BPT | 10 Posts
Buying | 6 Posts
Homeowners | 17 Posts
Real Estate Blogs | 319 Posts
RREIN | 62 Posts
Uncategorized | 148 Posts
Buying a Home | Home Purchase Guidelines | Long Island Homes and Property | Real Estate for Long Island | Energy Efficient Homes | Homeowner Tax Credits | Tax Credits for Home Energy Efficiency | Adjustable Rate Mortgages | Mortgages for the Long Island real estate market | The Right Mortgage for the Right Home Buyer | Real Estate Question of the Day! | Real Estate - scams and mortgages | What you need to know about real estate | Home Purchase Savings | Interest rates offer greatest leverage | Tax credit vs mortgage interest rates | Assisted Living | VA Special Pension | home loans | Home mortgage rates | Another Interest Rate Drop | Mortgage Interest Rates | Defending homeownership | Is now the time to buy a home? | Real Estate - still a great investment | Long Island condo & co-op | Long Island Homes for sale | Long Island Properties | Negotiating house purchase price | New construction on Long Island | Real Estate transfer fees | buy your home through a short sale purchase | selling short with the banks approval | Short sale home purchase | $2000 home buyer grant | New York State home buying grants | home list price vs. home sales price | negotiate a new home sales price | New York State STAR tax exemption | STAR tax exemption for New York homeowners | Buyer Brokerage | Real Estate Representation | Seller Agency | Tips for improving your credit score | Home and property appraisals | Homeowner Tax Advantages | Home Purchase Track | Owning a home vs. Renting | 55+ Adult Community | Senior housing | The Season's at East Meadow | co-op | Condo's | Homes | land for sale | Why Now is a Great Time to Buy a Home on Long Island | Homeownership | Open House weekend | home buying process | mortgage prequalification | Real Estate Investment Tips | Tips to Flip your real estate | Home Shopping Checklist | Look for a house with a checklist | ips to purchasing a short sale home | Short sales: How to purchase | Cut energy costs for your home | home energy efficiency | Loan application mistakes | mortgage loans | mortgage home loans | What home loan is right for you? | house hunting | Hunting for a home | Common Home Defects | What to look for when buying a home | first time home buyers | The 1st time home buyers guide | mobile based home search | Mobile phone users - coupons | smart phone applications | Housing Market Recovery Bright Spots | Natianal Housing Market Report | Home Closing - contract to closing | Home purchase timeline | 203k home mortgage program | Home Improvement Funding | Myths of the real estate market | The Home Buying Process | narrow down your home search | The Best location for your home purchase | buying a home? protect your credit! | credit protection | Home value pitfalls | home closing steps to take | New home closing | Home Styles | Popular Homes | best interest rates | credit scores | Create Energy within Your Home with Feng Shui | Feng Shui within your home | consumer confidence | home buyers more confident in housing market | Real Estate market impact | Rent verse Buy | Renters Outspend Owners on Housing | Benefits of home buying | Winter shopping for homes | Consumers confidence in home ownership | Homeownership attitudes | Real estate tax advantages & tips | Tax tips for homeowners | job opportunity | real estate agent | real estate career | rental agent | 1st time home buyer tips | priorities for home buyers | make moving fun for family | Moving for the family | Buy a foreclosure | REO purchase tips | Tips to buying a foreclosure property | Use a real estate agent to buy a home | Use a real estate agent to sell a home | Why use a real estate agent | Home Buying steps | Home Buying tips | Stepr to take prior to buying a home | home loan good faith estimate | Tips to your home loan mortgage | FICO Scores | How FICO scores are calculated | Your FICO score | Invest in a home | tax refund - invest it in your home purchase | VA Loan | The Home Buyers Wish List | Home buying expectations | real estate market report | Bidding on real estate properties | purchase offers for your home | home mortgage | downsizing your home | moving to a smaller house | Jumbo Loans for Home Purchase | Mortgage Money Lesson | newlywed home purchasing tips | The perfect wedding gift... a new home | Avoid these home buying mistakes | common mistakes when buying a home | Good News for Housing | Home Price Index | Bank fees for the homeowner | understanding banks and their fees | Home Inspections for your new home purchase | What to know about home inspections | Fire safety for your home | Is your home fire safe? | Home Mortgage programs | LTV | Mortgage loan to value | Mortgage relief for disaster challenged areas | Location | Property location - real estate | buying a short sale property | short sale tips | buying a home - best investment? | When is the best time to buy? | New Years resolutions | Resolutions: a Reality for Realty's | Get a mortgage after foreclosure | mortgage financing - after foreclosure | Is it a good time to buy a home? | What age is old enough to buy a home? | Buy a short sale property | Short Sale real estate properties | Home property tax deductions | real estate tax deductions | Real Estate License School | Apartment Rentals | House Rentals | Real Estate Rental Agent | House Hunting Tips | Simple house hunting tips & ideas | Mortgage advice - current trends | mortgaging & refinancing in 2013 | Good credit score = best equal rates | How to build up your credit score | lease - option to buy | Rent with option to buy | Avoid Home Improvement Blunders | Home improvements ideas for the property owner | Home Buyers - What do you really want? | Needs & wants of home buyers | mortgage loans for new home construction | New construction home loans | Home Buyers - Price & proximity to work | Key Concerns for the home buyer | Impressive mortgage applications | Keys to getting your mortgage approved | Home buying mistakes to avoid | Home purchasing blunders to avoid | New homes vs older homes | to buy or not to buy a home | pet friendly rentals | Pets or no pets - apartment rentals | tips for home purchasers | Flipping houses | home flpipping 101 | spec houses | home buyer how to's | how to be a better home buyer | Mortgage amortization | A happy home | What makes you really happy? | Low housing inventory | Low inventory housing market | Home prices on the rise | Rising property values | Home buyer tips to open houses | Open House etiquette | Winning a home purchase bidding war | Home mortgage rate tips | mortgage tips for the new home owner | Home Equity Line versus 2nd Mortgage | buy a new home or expand your current home | Home improvements vs. new home purchse | Mortgage Rate Lock | Residential home mortgage rates | Improve your economic profile for home mortgage | Personal Finance | Costly problems for new home buyers | New home buyers avoid costly problems | Handy man special | The home fixer-upper | How to refinance | Refinance - without perfect credit | Debt to Income | Tackling Debt | Seasonal real estate trends | The fall season housing market | Factor in home repairs in your mortgage payment | Home repairs for new home purchasers | Home sellers negotiation techniques | negotiations for home buyers & sellers | The home buying process - stress free | The process of buying a home | Recently Read | Saved for Later | Great Neck | Massapequa | Huntington | Ronkonkoma | Brooklyn | East Meadow | Coldwell Banker American Homes | Local Attractions | Home Improvement | Interior Design | Queens | Fresh Meadows | Long Beach | Local Businesses | Farmingdale | Home selling | Suffolk County | Nassau County | Wantagh
July
25

  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.Construction Workers Looking at Roof 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 your deep yearning for a new sunroom or garage, you will need to know if your town or city will allow such improvements. Are there affordable properties for sale that would satisfy your changing housing needs? Explore your options.  Make sure your decision is one you can live with – either under the same roof or under a different one.
July
17

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 LitznerBroker 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 and often come with higher interest rates," says Litzner. betterRate A home equity line of credit (HELOC), like a second mortgage, lets you tap up to about 80 percent of the appraised value of your home, minus your current mortgage balance. The way the money is distributed, however, is much different than a second mortgage. "Similar to a credit card, you are given a limit and are able to borrow up to that limit for a certain period of time, which can be anywhere from 5 to 20 years," says Litzner. However, because it is set up as a line of credit, you will not be charged interest until you actually make a withdrawal against the loan, although you will be responsible for paying closing costs. Unlike a second mortgage which can be fixed or variable, a home equity line of credit is always adjustable.  "It's of the utmost importance that you understand the terms of the loan," says Litzner. "If, for example, your loan requires that you pay interest only for the life of the loan, you will have to pay back the full amount borrowed at the end of the loan period or risk losing your home." So which option is better for you? A HELOC is best if your monetary needs will be spread out over a length of time, like if you're renovating your home or paying for a college tuition.  A second mortgage is probably best if you need all of the funds at once, as it's a fixed-rate. For more information on taking out another loan, please contact at  1-800-270-6318. Century 21 American Homes is one of the fastest growing real estate brokerages serving Long Island, Queens and Brooklyn. To find out more about an exciting career in real estate contact us at careers@c21amhomes.com.
July
12

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
interest rate.
  • 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.
  House and Keys in Female Hands
  • Shop lenders. Compare interest rates and closing costs, such as application fees and appraisals. Learn about the different types of mortgages before meeting with lenders.
  Don't:
  • Don't make any large purchases or career changes right before the closing. Your lender will recheck your employment status and credit profile again shortly before the closing.
 
  • Get pre-approved for a mortgage, not just pre-qualified. This will expedite the home buying process and give you negotiating strength and credibility. Sellers will sometimes accept lower offers from qualified buyers, who can show they can close the deal.
 
  • Don't get in over your head. Borrow what you can afford, not what the lender is willing to lend. Scrutinize your budget and factor in property taxes, utilities and maintenance.
July
5

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 .j0341925 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 Litzner. This is why it's important to get your finances in order before you even begin searching. That way, you can put an offer in right away when you find a good fit. Don't overbid. Offering more than the home is listed for may seem like a way to get a leg up on the competition, but overbidding and exceeding the home's appraised value can decrease your chaces of a loan--and the seller (or their agent) knows that. "If you overbid, be sure you can afford the excess cost flat out," suggests Litzner. Don't underbid. "In a bidding war, your offer needs to be just right," says Litzner. Just like the seller won't take you seriously if you overbid too much, they surely won't consider your lowball offer if they have offers from many other buyers. To find your "Goldilocks" price point, figure out the maximum you can afford, and then offer that. Get under their emotional skin. Last year, everyone was back to writing "love letters" to the sellers of a home they were crazy about. Now, you can one-up everyone and really stand out from other offers by making a video of you and your family talking about why you love this home, and why you can see yourself in it. "Does that third bedroom look perfect for your new baby? Then get her on the camera. That basement office perfect for running your business? Talk about that," Litzner notes. For more information on buying a home, please contact Century 21 American Homes at MLitzner@C21AmHomes.com, 1-800-270-6318, or Century 21 American Homes. Century 21 American Homes is one of the fastest growing real estate brokerages serving Long Island, Queens and Brooklyn. To find out more about an exciting career in real estate contact us at careers@c21amhomes.com.

Login to My Homefinder

Login to My Homefinder