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Archive for June, 2010
More Home Warranty Questions Answered
Many people know that a home warranty is a good thing and can save you peace of mind and money in the future. However, many people may not know what home warranties do not cover, or if the struggling economy has affected home warranty policies at all. Here are some important home warranty questions and their answers. This way you and your family can really feel safe and secure in your home now and in the future.
Ask your real estate agent for advice
It is part of a real estate agent’s job to know about home warranties and coverage. If they cannot help answer all your questions, they will most likely be able to put you in contact with someone who can. They are an excellent resource.
Benefits of a warranty
Some of the benefits of a home warranty may include but are not limited to:
- Repair or replacement coverage for most major appliances and home systems, including plumbing, heating, and electrical
- Technical support and professionals
- New owner peace of mind and protection for sellers until the home is sold
- Things Not Covered by a warranty
Certain things that a home warranty may not cover include:
- Preexisting conditions such as poorly maintained systems, mismatched fixtures, poorly installed fixtures
- Pet damage, lightening strikes, and graffiti
- Anything outside the perimeter of your home
Home warranty changes in the current economy
More people have realized the benefits of having home warranty coverage and more people are getting or renewing coverage in the last year. This is most likely because people have come to realize that it does really save money and time.
Read over warranty terms and agreements carefully
This is important so that you can be sure that all the coverage you are entitled to is included and paid for. It is also a good idea to realize what is not covered and take out additional insurance coverage as needed.
Home warranties really do have many benefits. They can save you money and time on repairs and put owners at ease and it may help increase the value of a home later if you decide to sell. This will help make sure that you know all you can about warranties and their coverage, in case it is needed in the future.
Number of Views :101Tips for fighting higher interest rates for buyers
With the economy and housing market still struggling and many people struggling to make their payments and stay away from foreclosure, many people cannot afford the slightest increase in their rates. However, this unfortunately still keeps happening to many homeowners because they did not know how to fight for lower interest rates in the first place. Here are some tips and advice to get you started, and help make sure you truly are paying the lowest rate possible.
Ask your real estate agent for advice
If you are buying a new home, especially these days, it is important to make sure you get the best deals possible. A real estate agent can help answer your questions or put you in touch with someone who can. They are a great first resource for information.
Ask for the maximum rate you can afford
By doing this, if rates rise while you are looking for a home, then you are covered because you can still afford that rate. This will also allow you to qualify for a smaller loan at a higher rate, saving you money and frustration later on.
Gives you a more competitive edge
If you are competing with other buyers for the same house, but the seller knows that you are willing to accept a rate higher than the average or going rate, and then they also know you are less likely to cancel if the interest rate does increase. This means that you are more likely to get the home over other buyers that will be forced to cancel.
Paying Points may make sense
If you are buying a home and planning to stay in it for a long time, long enough to break even on the loan, then paying points to lower the interest rate may be a good idea. Points paid on some mortgages can also be considered a tax deduction in some areas.
Lock in a rate when you can
Homeowners can wait around for better interest rates, but buyers can not because they are under purchase contract deadlines, and most sellers especially in this economy are not willing to grant an extension. It is best to lock in a rate while you can. This way you know what you can afford.
The economy and the real estate market are both struggling. This is causing many people to save every penny they can. This is why it is more important than ever before to get the best interest rate possible if you are going to buy a new home. This way you will feel more secure and have fewer payment worries in the future.
Number of Views :85Most Improved Housing Markets So Far This Year
Many housing markets are still underwater and struggling due to the economy, lost of jobs, interest rates, and foreclosures. However, despite what many people may think, the housing market is actually improving in some areas. The housing market in these areas is not what it used to be before things crashed but it is still an improvement, and may give many people facing foreclosure and other rough times the hope needed to hang on a little longer.
Ask you real estate for advice
If you are thinking about buying or selling your home, it is best if you ask your real estate agent how your housing market is improving and when it is expected to improve even more. This way you can get the best deal possible. They are a great information resource.
Denver, Colorado
In this area, the first quarter home prices have increased by 5.8 percent. The foreclosure rate is only 1.9 percent. They delinquency or late payment rate is only 5.7 percent, compared to 34.3 percent last year and the unemployment rate is only 7.8 percent.
Boston, Massachusetts
In this area, home prices are up six percent. The foreclosure rate is only 2.1 percent compared to 32.8 percent last year, and the delinquency rate is only 7.2 percent compared to forty-three percent last year. The unemployment rate for this area is also only 7.9 percent.
Washington, D.C.
In this location, home prices have seen an increase of 5.6 percent. The foreclosure rate is only 2.3 percent, compared to 28.6 percent last year and in recent years. The delinquency rate is also only 7.9 percent compared to 40.3 percent in previous years and the unemployment rate is only six percent.
Cincinnati, Ohio
Home prices in this area made a comeback in March and April and are up 4.7 percent. The foreclosure rate is also only 2.4 percent, compared to 26.2 percent last year and in previous months. The delinquency rate is 6.4 percent up from 29.5 percent recently and the unemployment rate is only 10.2 percent.
These improvements may not seem like very much when you compare them to prices before the housing market crashed, but compared to what many homeowners, buyers, and sellers are facing now, these are some real improvements and can give many of us hope that the improvement process may be slow, but it is happening.
Number of Views :117More Tips Concerning Home Inspections That Buyers and Sellers Should Know
Whether you or buying a home or selling a home, you want the home to look its very best and to pass all the tests, including a home inspection. Even though, most people may know why home inspections are important, many people do not know exactly how inspections work and what is all involved in the home inspection. Here are some tips for home inspections, so that everyone can be more informed when buying or selling a home.
Ask your real estate agent for advice
As a real estate agent, it is part of their job to know about the home inspection process or be able to give the information of a home inspector that can help you. They are an excellent resource for questions and contact information.
Home inspection clauses should be included in a sale agreement
This is a good idea because if you are buying the home, you will avoid problems later on that may cost more than you expected. If you are the seller, you will be able to know what problems or issues need to be fixed before trying to sell your house.
Home inspector do not “fail” a house based on inspection
The purpose of a home inspection is to determine the condition of the home at the time of that inspection and not to give the house a passing or failing grade. They only identify areas that may need to be repaired or updated for safety reasons.
It is recommended that buyers and sellers be present at the home inspection
This is because the home inspector will allow both a buyer and seller to observe the different operating systems of the house and why some repairs or updates may be needed. They will also be able to answer many questions that may come up.
Even experienced homeowners and other experts should get a home inspection
Home inspectors require constant testing and retesting of their skills to make sure they are fully aware of any problems and issues that may come up during a home inspection. They also have years of experience inspecting buildings daily and they know exactly what to look for.
Many of us may know how important home inspections are and we may have even done one or two or maybe even several. However, home inspections can all be different depending on the home and also new technology. This is why it is important to know more about how the process works. This way everyone can feel more safe and secure.
Number of Views :156Tips for finding out if Home Improvements are really for you
With the economy struggling and many people wanting to save as much money as they possibly can, many people are updating their homes by themselves. However, if you are not really the “do it yourself” type, you may end up spending more money in the long run and wasting precious time as well. Here are some ways to find out if improving a home yourself is really the best idea for you.
Ask your real estate agent for advice
Now, I know many of you are probably wondering how a real estate agent can help with this but, many real estate agents know what kinds of home improvements homeowners will like and because of this they may have home improvement contacts of their own and they may be able to help you figure out if it is better to “do it yourself” or hire someone to help you. They are a great resource.
Do you know how to do the work?
This is the first and possibly the most important question to ask before you take on any project this big. Take the time to read some books, watch some videos, and even read some information online. If you realize that the project may be too big for you, do not be afraid to get some help.
Is the time involved a problem for you?
If you have many other commitments, then you may not want to take a project this big, but if you have plenty of time, then it may be possible. Just make sure you carefully plan out how much time it will take and allow extra time for any problems that may come up.
How much will it cost?
Materials cost money no matter what kind of project you are doing and sometimes in the middle of a project you may find other things that you need money for. It is important to carefully plan it out and make sure you can truly afford to do the project yourself.
How physical will the work be?
It may be easy to read about something in a book or watch a video, but once you start the project you may realize how hard it may actually be on your body. If a project seems like it might be too much work or too hard on you physically, you may want to hire some help.
If you were able to answer all of these questions without any problems or concerns, then doing home improvement projects yourself may be just the right thing for you. If you had some concerns, then you may want to consider contacting someone else for some help. You may still be able to help and you will be able to enjoy the finished product with peace of mind and less stress now and in the future.
Number of Views :127Recent News about Good Faith Estimates for Buyers
When everyone goes to buy a home especially in this kind of market lately, we all want to make sure we are getting the best deal possible, that we ask all the questions we can, and we get as much information as possible. One way to make sure you are getting on the information possible is to make sure that you know about any recent changes dealing with buying or selling a home. Here are is some recent news about good faith estimates, which were originally designed to help buyers and even sellers, learn more about mortgages.
Ask your real estate agent for advice
It is part of a real estate agent’s job to know about changes when it comes to buying and selling and this includes any mortgage changes. They may be able to answer your questions or put you in contact with someone who can. They are an excellent resource.
Good Faith Estimates may not be completely accurate
Some of the pages in the good faith estimate given to borrowers include a lump sum amount of the loan and settlement costs as well as other charges; it does not break down each cost so it can be better understood.
Transfer Taxes may not be disclosed properly
All of the transfer taxes are on the good faith estimate even if a seller paid for part or all of it. This means the buyers’ estimated settlement taxes could be higher than they thought.
Some lenders are just offering buyers a worksheet instead of a good faith estimate
This means that they offer the buyer no protection and the Department of Housing and Urban Development says they cannot be used in place of good faith estimates by lenders.
New Good Faith Estimate better explains Interest Rates
The new good faith estimates provide a tradeoff table which allows a borrower to be able to see what they interest rate would be, if you had paid a higher loan fee instead of a lower one. The lower the fee is, the lower the rate will be.
As you can see, some of the changes to the good faith estimate are a good thing and some of them still need some work. However, this information can help you start to figure out your financing options for your new home. It also may help you to ask more questions and provide you with more peace of mind in the future.
Number of Views :204Some Not Worrying As Much about Foreclosures
The real estate industry and housing market is still struggling and many people are faced with not being able to pay their mortgage and then facing foreclosure because of it. Many people have to move and find new places to live and work. However, for some people, foreclosure has just become the way things are and some couples are choosing not to worry about it as much as they used to anymore.
For some people, not having to pay their mortgage has allowed them more money and free time for other things, such as spending time with family and friends, or even going on a vacation. Instead of leaving and being ashamed of facing foreclosure, many people have started to see it as a time to focus on other things and enjoy life.
Some people have even thought of a homemade loan modification system or plan which allows them to bring their payments to zero. Then, they can use the money the save to get back on their feet, or stick together and get by. This system does not beg a lender, but allows the homeowner to have a say, by allowing them to just stop making their payments and let the banks deal with the houses if they become a problem.
More than 1.7 million people have been faced with foreclosure and the process to help get people out of these situations has become slower and slower, so many people are deciding the “free rent” system works best for them. It allows them to relax, save money, and enjoy the little things. Many homeowners did not ask for this, but many have also decided that they are going to make the best of the situation and do what they can for their families.
Number of Views :134Tips for Spotting Problems in a Property before Buying It
At one time or another, we have all been there. You may go to buy a house, think it is the perfect one for you, buy it, and then realize the roof is bad or there are some electrical problems you did not see before buying it. With the housing market and economy being rough, it is more important these days to make sure you get your money’s worth when buying a home. Here are some tips for spotting problems in a property before you decide to buy it.
Ask your real estate agent for advice
It is a part of a real estate agent’s job to disclose certain information to you about the house, so it is important to ask them any questions you may have about the property before buying it. However, it is also good to know they may only be required to tell you certain things, so a little research on your own may be good too.
Hire your own inspector before agreeing to buy the house
Even if the seller has done through own inspection and offered you many details, make sure your own inspector does an inspection as well. Your inspector may catch other things that the first inspector did not.
Ask the seller for additional information regarding the property
It is important that you ask the seller any additional information you may need to know about the property before you buy it. This may be hard especially if there are many offers but it is important to make sure you get the house that is right for you.
Ask for any construction documents or plans if they are available
If they are available, it may be a good idea to ask the seller for these documents. It will help tell you if the house was built properly and up to all codes and safety laws. If the seller does not have these documents, ask if they can give you the name of someone who would.
Ask for permits and check history
These permits and the history of them will let you know if and when the seller or the property may have had their house updated or even repaired. Permits for work also require approval, so check to see if the work done was properly approved.
These tips may seem like too much to ask a seller before buying a home or even too much to expect, but when you are planning to live in a home for a year or more, checking these things out in advance can help save you time and money in the long run. It can also help provide you and your family with peace of mind in a new home.
Number of Views :162Energy Efficient Mortgages
The FHA is offering a new mortgage geared for the eco-centered home buyer. These energy efficient mortgages may allow you to finance “green” improvements to your new home without paying anything out of pocket.
Although taking out this type of mortgage may cost you more on a monthly basis, you will be able to save on your monthly utilities, making up most of the difference. The changes made to your new home can lower your heating and cooling costs, and reduce energy usage. These improvements will also lead to a higher sales price when you move.
Energy efficient mortgages can be used to replace windows, improve insulation, install or repair duct systems, purchase energy efficient appliances, perform weatherization and buy a new water heater, amongst other possibilities. Any updates that will significantly improve the energy efficiency of home. The loans are available through the FHA, Fannie Mae or Freddie Mac, and through VA loans.
There are some things to be aware of when looking at energy efficient mortgages. Depending on whom your lender is, you may have a time limit for when the work has to be done. Some lenders will give you up to 90 days, others give you 14. You also might have to have the home inspected to see how much improvements will actually help the home. There is also a cap on how much you can take out, based on the work that needs to be done and the cost of the home.
If you’re considering an energy efficient mortgage, the best time to apply for one might be after the new Cash for Caulkers program passes the Senate and is signed by the President. This program will give homeowners a 50% rebate on any “green” home improvements. The money you get back can go towards other home improvement projects, new furniture, or even paid back to your lender, reducing your overall mortgage. The Cash for Caulkers bill is expected to pass later this year.
Number of Views :201