Month: December 2018

You have finally found the property of your dreams.  The contract has been signed and you are now in the process of finding exactly how you will be living and paying off the property for the next few years.  Your lender may have already contacted you and given you the options.  When the question comes up of what kind of loan you want, be prepared for the answer that will benefit you the most.  

One of the major types of loans that you may be offered is an interest only loan.  This loan is great for some that are getting involved in a home, but for others may not be as beneficial.  This loan works by first paying off the bank interest that is added as a percentage to your loan.  After the interest is completely paid off, then you start paying off the house itself.  

If you are looking at an interest only loan, you will want to make sure that the standard interest rates at the time are in the lower percentage.  Interest only loans will have two types of interest rates that may be applied.  The first is a fixed interest rate, which will mean that the percentage you pay will stay the same the entire time that you have the loan.  The second will be a variable interest, where it will fluctuate according to the economy.  This type of interest rate is good if you want to pay higher or lower amounts at different times, but not good if your paycheck doesn’t have the same flexibility.  

The interest that you get with an interest only loan will be determined by the lender and how they decide to set up your loan.  It may also be determined by the amount of the down payment that you make and specific rules that are set to the loan.  Before signing the papers, make sure that you know how all of these apply and what it means.  

If you want to make sure that you get the best deal, then it will be important to know what the individual rules are.  By doing this, you can ensure that your payments are beneficial to you as well as everyone else.  One place to investigate is with the possibilities of an interest only loan.

Showing a home has the potential for all kinds of danger to both real estate agents and those who are selling their homes by owner. You always want to be safety conscious from the moment that you make the decision to sell. 

For starters, be careful what you put in your listing. You won’t want to advertise that your home can’t be seen by neighbors or from the street – even if that’s the case. This acts like an invitation to thieves or people intent on doing harm to others. You have to make sure that you lock up all your valuables and never keep any cash lying around. 

You also have to make sure that you don’t leave any documents within easy access that thieves can use for the purpose of identity theft. Savvy thieves often work homes in pairs. One will distract the owner while the other one will look through personal belongings for anything of value. For your safety’s sake, you have to know how to protect yourself and by following a few safety guidelines, you can stay safe while you’re showing your home. 

Always schedule the home showings. You don’t want people stopping by your house, saying that they saw the house for sale and asking if they can come in and view the property. Instead, tell them that your home viewings are by pre arranged appointments only. You need to have an email or a phone number set up specifically for people to leave their contact number. 

Have a show buddy. Never show your house if it’s just you alone. 

Don’t arrange to show your home when it’s dark outside. If the person who wants to see the house says that’s all the time that he has, then he’ll have to move on. Someone who’s truly interested in the home will make arrangements to show up during the daytime. 

When you’re showing your home, you’re showing it to strangers and you don’t want to be caught unprotected – so don’t allow people to crowd you or walk behind you. You stay behind them. 

Make sure you have a fully charged cell phone in your hand and know ahead of time how you’re going to react if something does happen. Plan to be able to dial the police or know how you’re going to get out of the house. If you don’t have a home alarm that you can set off, use a car alarm key that will sound if you press the button. Ask questions when someone calls you wanting to see the home. 

Ask what they’re looking for in a house, if they’re working with a real estate agent, and leading questions like what type of financing they’re looking for. People who seem cagey can set off red flags. 

Remember to always trust your instinct before showing your home. If you get a bad vibe about someone, don’t make the appointment or don’t let them into your home.

Investments, terms for loans, processes, and other parts of real estate can often be overwhelming to someone who hasn’t received a degree in real estate.  If you are looking for definitions and actions behind those definitions, then don’t forget about getting the right appraisals.  This will help you if you are looking for the right market for your home. 

An appraisal consists of a professional opinion that is made about a property.  Included in this opinion are several factors that allow for this statement to be made.  Overall, the appraisal will lead to the conclusion of what the market value is.  If the market price can not be defined easily, then someone can look at the different parts of the property and determine what they believe the market price should be.  Usually, this will be done by an inspector looking at the various mechanics that may have been swept underneath the rug.  

An appraisal is a necessary requirement when one is looking into selling a home or having the property insured or financed.  It may use several external resources and definitions of what market value may include in relation to the opinion being made in order to determine the price value of a home.  When getting an appraisal, you can expect that the estimates will be based on the various factors that are related to the market at the time.  Instead of just examining the parts of the property, an appraiser will also examine the neighborhood and see what everything else is worth in relation to the property.  

By appraising a property, you will know how much the home is worth in relation to your own needs on the property and in relation to everything around it.  By observing the standards that are set both inside and outside, you will have the ability to know when the timing is right to get involved with your piece of real estate.