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Loan Blog

You may find the qualifications for a home loan too daunting. The lenders are going to want to see solid income, a 20 percent down payment, and stellar credit. Few people coming out of the recession even qualify, despite the fact that mortgage rates are low and now may be a good time to buy. The other options that you have are to build your own or to remodel the home you already have instead. But, will it be easier to get financing for these projects? The answer can vary depending on the size of your project and your budget. (more…)

Banks are eager to find customers who want to refinance their homes right now, but not everyone can qualify. If you thought that you could not refinance because closing costs would cost too much or you have less than 20 percent equity, you might be surprised to find out how low those banks will go.

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More house does not necessarily mean a better life. Some people are challenging the ideal of the 2,000 square foot home, going as far as to live in a very tiny house of only 168 square feet.  In Virginia, a family of four has learned that sometimes downsizing can mean upgrading your quality of life.  This may have begun as the average recession nightmare with the loss of a 1500 square foot home due to financial troubles, but it’s turning out to be a financial windfall for a couple that’s eager to share just how living small can be one way to take control of your finances and plan for a better future. (more…)

It’s a surprising fact that the cities that boomed the most before they crashed are the ones that now have the fastest rent increases with the cheapest home prices available. In Sarasota, Florida, rents have risen 12.9 percent in the last twelve months while home prices have stagnated at record lows. And, they’re not alone. All over the country, many cities have experienced record rental rate growth, even as homes languished on the market being priced lower and lower as no one stepped up to buy. (more…)

The mortgage on a house is just one of the costs of owning a home. On top of that, you have property taxes, maintenance costs, costs to run the household, and costs to finance the loan or sell the property. No matter what stage of homeownership you are in, there will be additional costs, and it’s a good idea with today’s unsteady job market to get a handle on those costs and rein them in wherever possible. (more…)

Purchasing a home is one of the biggest decisions you’ll ever make. You don’t just buy a home that you want to live in for a few years, you buy a house that you will live in for decades. Before you even think about beginning your search, you need to have a very clear idea of what you are looking for or your search will be futile. Real estate agents can guide your search, but ultimately the decision will fall to you. This guide will help you narrow down your list of desirables and help you find properties that are right for you. (more…)

A small, modern kitchen with popular stainless steel appliances. (Photo credit: Wikipedia)

When the housing market is in the doldrums and people are afraid they might lose their jobs, they refuse to spend money on their houses. That’s what happened during the Great Recession all homeowners, not just those underwater, choosing to not maintain or improve their properties, causing a huge drop in home improvement projects. (more…)

Houses aren’t the only properties you can sell. Every piece of land has value, and each is sold in slightly different ways. Normally, a section of land is zoned for a certain type of construction. For example, only homes or other dwellings can be built in areas that are zoned ‘residential’. Each different type of property has it’s own caveats when it comes to the market. (more…)

Even today, flipping houses can be a very lucrative business – if you know how to do it right. The process of flipping a house involves purchasing a neglected home, fixing it up, and then putting it on the market at a marked-up price. If you want to flip houses, you have to become a specialist in cosmetic upgrades and minor repairs that enhance the curb appeal of a home. Flipping houses also involves having access to startup capital and knowledge of carpentry or good contractors that will be able to make the upgrades/repairs at a good price. Here’s some tips to get you started. (more…)

From time to time banks come into possession of homes or other real estate which have been run through the entire foreclosure process. These properties, fittingly, are called bank owned properties. These properties were foreclosed upon but did not sell at the foreclosure auction; therefore they remain in the possession of the bank which financed them. Homes do not sell at auction when the minimum bid on the property is higher than it’s current market value. A majority of foreclosed homes being auctioned are not good deals because of their market value. With some investigation and good negotiation, you can work out a deal with banks that are sitting on unsold properties.

Get In on the Action

If you are looking to capitalize on a bank owned property, there are a few things that you should keep in mind. First, remember that the representative you deal with is almost never the final decision maker, and any negotiated price must be taken to their superior for approval. Frequently, the proposed price will percolate through several of the bank’s employees before it is approved. An offer may be tentatively approved but also come with the disclaimer, “subject to corporate approval.” In this case, you will usually be told how long you should expect to wait before you’ll hear back from them. Dealing with banks can be complicated, if you wish to avoid a lot of the red tape and ensure that the process goes smoothly, work with a real estate agent who is familiar with buying bank properties.

Make Your Offer

When making an offer, it is extremely important to present the offer as professionally as possible. This means having your ducks in a row and making sure that your loans and other commitments are ready to go. The bank will sell the property as-is, leaving you responsible for any necessary repairs, so hire a property inspector to examine the home ahead of time.

If you have crossed all of your t’s, dotted all of your i’s and the bank finds your offer to be fair then you will be the proud owner of your new home at a great price. Whether you are hoping to flip the house or actually live in it, you’ll have gotten a great deal on a great property.