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5
Learn Your Loans: Construction Loans
Those interested in buying a home know that a mortgage may be involved. But what about if you plan to build your new home? The majority of us can't afford the costs of building a new home outright, and getting a mortgage for a home that doesn't technically exist yet can be a difficult process. This is where a construction loan comes in.
"A construction loan is a short-term loan that you can use to front the cost of building your home," says Michael Litzner, Broker of Century 21 American Homes. "These loans are set for a specific length of time, typically around one year."
When construction on your home is complete, the homeowner then refinances by applying for a new loan to pay off the initial construction loan. "These second loans are called 'end loans,'" Litzner explains.
While construction loans are helpful, they can be difficult to get. Below are some of the strict qualifying requirements that must be met before you can be considered.
5
What do Home Buyers Really Want?
Many in the housing industry are wondering not only what today's home buyers really want, but also what they are ready to leave behind in light of current economic realities. A new study recently released by NAHB, What Home Buyers Really Want, was designed to answer these questions, and more specifically, to provide the most current and accurate information on buyer preferences so that NAHB members can deliver the home (and community) that today's buyers want and are willing to pay for.
So what do home buyers really want? The first answer is energy efficiency. Four of the top most wanted features involve saving energy: 94 percent of home buyers want energy-star rated appliances, 91 percent... 1
Avoid These Common Home Improvement Blunders
Consumer complaints and lawsuits regarding home improvements are on the rise according to Ripoff Reports; a homeowner that does not do their homework before embarking on a project could find themselves with poor workmanship, inferior products, health and safety issues or even legal problems.
So what's a homeowner in need of a fix up to do?
"Start by reviewing the three most common mistakes people make when embarking on a home improvement project," says Dave Harrison, chief marketing officer of Champion Windows, Sun-rooms, Roofing and Home Exteriors, one of the nation's leading home improvement companies.
No.1: Buying Only on Price
Your home is probably one of the most expensive items you own, so making improvements is not the place to budg...
18
Buying 101: Lease Options
With the market on the upswing, many are stepping up to the home-buying plate. However, for those interested in buying that are not quite financially ready, a lease option may be an ideal alternative.
"A lease option is an agreement between a renter and a landlord in which the renter signs a lease with an option to purchase the property," explains Michael Litzner, Broker of Century 21 American Homes. Lease options, also known as "rent-to-own" options, usually last from one to three years, although periods vary from option to option. The option only binds the seller, who cannot sell the property to anyone else during the agreed upon lease option time period; the tenant has a choice to make a purchase or not. "If the tenant does not purchase the property at the end of agreed upon time, the option expires, a...8
Seven ways to build up your credit score to be eligible for the best interest rates
Credit score requirements for loans are higher than they have been in the past, so a good credit score is more crucial than ever. In today's economy most lenders are looking for credit scores of 720 or higher to secure a low mortgage rate. Here are seven ways to build up your credit score so you can enjoy the best interest rates available. . Request your credit reports and assess the situation. Credit bureaus (www.experian.com, www.transusion.com, www.equifax.com) are required to provide you with a free credit report every year. Nationwide consumer reporting companies get their information from different sources, the data in your report from one company may not reflect the same data in your reports from the other two companies, so request all three. • Check to verify all of the information is correct. If there are any errors, contact the bureaus immediately. • Your payment history accounts for 35% of your score, so make sure payments are on time every month. • The amount owed is...