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Chalet For Sale on Beautiful Ruth Road Madison
For More Information visit : www.MadisonVaRealEstate.com
Thursday, March 6, 2008
From Renter to Owner
Today's real estate market provides an excellent opportunity for renters to turn their monthly payments into equity. While rising slightly, interest rates now are still much lower than in the past ten to twenty years, and home prices in many areas are adjusting back down to reflect reasonable levels of appreciation.
It's critical to begin taking those first steps towards home ownership, and here are some reasons why.
Money paid for rent goes into the pocket of the landlord, while money paid for a mortgage goes toward equity in the home. In other words, you keep the money you pay for your home, as its investment value increases with every payment.
Over the last decade, the cost of rent has increased an average of 3% each year. At that rate, payments of $1,000 per month would total $137,567 over ten years, with no accumulation of equity or wealth.
If you could put $10,000 down on a $210,000 home today and pay $1,100 per month, your equity would total $138,521 over that same ten-year period. That's your money! This calculation assumes a 30-year fixed rate loan at 6.5% and an annual appreciation of 4.5%.
So sit down and do the math, and then contact a local real estate agent to discuss your best options for home ownership. It’s never too late to start building your future!
For More Information on Area Properties visit my site at : www.MadisonVaRealEstate.com
It's critical to begin taking those first steps towards home ownership, and here are some reasons why.
Money paid for rent goes into the pocket of the landlord, while money paid for a mortgage goes toward equity in the home. In other words, you keep the money you pay for your home, as its investment value increases with every payment.
Over the last decade, the cost of rent has increased an average of 3% each year. At that rate, payments of $1,000 per month would total $137,567 over ten years, with no accumulation of equity or wealth.
If you could put $10,000 down on a $210,000 home today and pay $1,100 per month, your equity would total $138,521 over that same ten-year period. That's your money! This calculation assumes a 30-year fixed rate loan at 6.5% and an annual appreciation of 4.5%.
So sit down and do the math, and then contact a local real estate agent to discuss your best options for home ownership. It’s never too late to start building your future!
For More Information on Area Properties visit my site at : www.MadisonVaRealEstate.com
Thursday, February 14, 2008
Financing for Renovations
There are all sorts of loans for all types of homes, including "fixer uppers". Lenders can offer attractive terms to buyers who want to renovate their purchase. One well-known lender offers three different types of renovation loans. The most popular requires a down payment of only five percent.
When applying, borrowers submit architectural drawings of the proposed improvements. A completed home value is determined and financing terms are offered, with interest rates usually coming in just above those on conventional loans.
Payments can be separated into six parts during the renovation, with disbursements issued at the completion of each stage of the project, similar to a construction loan. Some lenders will even roll the first six months of interest into the total loan amount, freeing you from making payments while you're heavily involved in your improvement project.
With so many financing options out there, start the discussion with a real estate agent who is experienced in matching homes to buyers and buyers to loans!
When applying, borrowers submit architectural drawings of the proposed improvements. A completed home value is determined and financing terms are offered, with interest rates usually coming in just above those on conventional loans.
Payments can be separated into six parts during the renovation, with disbursements issued at the completion of each stage of the project, similar to a construction loan. Some lenders will even roll the first six months of interest into the total loan amount, freeing you from making payments while you're heavily involved in your improvement project.
With so many financing options out there, start the discussion with a real estate agent who is experienced in matching homes to buyers and buyers to loans!
Advantages of using and Agent
If you expect top dollar in today's market, you can count on a real estate professional to provide services critical to successful marketing, such as putting your home on the Multiple Listing Service and other web sites.
The agent handles all aspects of the sale, from preparing your home to attract buyers, to negotiating the purchase offer. Your property can be marketed effectively through online advertising, targeted mailings, print ads and personal networking,
When the purchase offer comes in, other experts in the office do their part to help the entire process move along smoothly to a satisfying conclusion. Your agent will want to sell your home for the highest price possible in the shortest time possible. A listing that stays on the market too long can get stale and not bring the desired price.
Price your home competitively from the start, present it in the finest manner possible, and market it through the expertise of a professional supported by a network of experts.
The agent handles all aspects of the sale, from preparing your home to attract buyers, to negotiating the purchase offer. Your property can be marketed effectively through online advertising, targeted mailings, print ads and personal networking,
When the purchase offer comes in, other experts in the office do their part to help the entire process move along smoothly to a satisfying conclusion. Your agent will want to sell your home for the highest price possible in the shortest time possible. A listing that stays on the market too long can get stale and not bring the desired price.
Price your home competitively from the start, present it in the finest manner possible, and market it through the expertise of a professional supported by a network of experts.
Thursday, October 25, 2007
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Know The Score
You hear it everywhere: exotic loans, FICO scores, default risks, rising interest rates. Sounds like a lot of gloom and doom, doesn't it? While lenders are generating hot and heavy business, the truth is that it's still an excellent time to purchase a home. It's also time to educate your self about the economics behind securing a home loan.
The rate you are offered on a mortgage is largely based on your FICO score. What is FICO? It simply stands for Fair Isaac & Company, who developed our modern credit scoring models. The highest possible “score” is 850, and you'll need a rating of 620 or above to be considered for the best interest rates.
Higher income does not necessarily generate a higher score. Your payment history does have significant impact, however. If you have a higher credit score, you're probably in a position to accept a “prepayment penalty,” which is imposed when a loan is repaid early. But many borrowers who accept this “penalty” will end up paying a lower interest rate.
Be cautious out there - with so many types of loans available, you'll find some are a good fit for you and some are downright unwise. Real estate agents and mortgage specialists work together to determine the best avenue for you to follow, leading right up to the front door of your new home!
www.MadisonVaRealEstate.com
The rate you are offered on a mortgage is largely based on your FICO score. What is FICO? It simply stands for Fair Isaac & Company, who developed our modern credit scoring models. The highest possible “score” is 850, and you'll need a rating of 620 or above to be considered for the best interest rates.
Higher income does not necessarily generate a higher score. Your payment history does have significant impact, however. If you have a higher credit score, you're probably in a position to accept a “prepayment penalty,” which is imposed when a loan is repaid early. But many borrowers who accept this “penalty” will end up paying a lower interest rate.
Be cautious out there - with so many types of loans available, you'll find some are a good fit for you and some are downright unwise. Real estate agents and mortgage specialists work together to determine the best avenue for you to follow, leading right up to the front door of your new home!
www.MadisonVaRealEstate.com
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