If the near record low mortgage rates being advertised everywhere has you wondering whether now might be the time to consider refinancing your mortgage, here are some things to keep in mind:
First, use a good mortgage calculator to see how much you might save by refinancing to a lower rate. If you can save a significant amount each month, then consider how much you'll have to pay in closing costs to refinance. If you find that you'll save a considerable amount on the monthly payment in addition to factoring in your closing costs, then proceed with the type of mortgage you might want to consider.
Keep in mind if you currently have an FHA loan, FHA Streamline guidelines have changed, so you may have to do an FHA inspection whereas previously it was not required.
The next thing you have to consider is how long you’ve been in your current home. Lenders review your record of payment and the length of stay before approving your mortgage refinance. Also, keep in mind that the more you owe, the higher your refinance cost may be, due to fees, interest, and possible penalties.
Finally, don't forget about the appraisal process. Many property values have dropped recently, so make sure this won’t affect your refinance amount.
If you still have quite some time left before your home is paid off, refinancing now and locking in a lower rate can easily save you thousands in the long run.
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Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.
We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.
We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at http://bestbuyersbroker.com or http://bestbuyerbroker.com.
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Depending on which news channel you turn to these days, you'll hear good news, and bad news, about the real estate outlook.
Probably the most upbeat forecast of all the real estate news circulating these days comes from the country's top group of forecasters, the National Association of Business Economists, which has a great track record in predicting trends and market turns. After its latest survey of members released recently, the association said the following: "The good news is that the deep and long recession appears to be over, and with improving credit markets, the U.S. economy can return to solid growth next year without worrying about inflation."
The consensus forecast from the business economists is for the Gross Domestic Product, GDP, that's the main measure of the economy's output and activity — to grow by 2.9 percent, and for new housing starts to jump by an impressive 38 percent.
That is good news because home resales tend to be closely tied in with GDP: If the overall economy is flush and growing, that supports higher home purchases and sales.
The big negative everywhere is jobs. The recession may be ending in some areas, but not in job losses, with unemployment currently hovering right at the 10 percent level, which is a big factor holding back the real estate housing recovery.
The biggest plus for housing right now is the continued low interest rates, and the first time buyer tax credit still in existence for a few more weeks, unless it is extended by Congress, which is what many in the real estate sector are crying for to keep the uptrend from stalling out.
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Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.
We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.
We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at http://bestbuyersbroker.com or http://bestbuyerbroker.com.
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Just as federal officials seek to wind down many bailout programs, the Obama administration has announced yet another initiative to prop up the housing market.
Administration officials unveiled a plan to aid state and local housing finance agencies, which provide mortgages to first-time and lower-income homebuyers and enable the development or rehabilitation of rental properties. Officials declined to put a pricetag on the program, but said there would be no cost to taxpayers.
The measure will enable housing agencies to lend to hundreds of thousands of families and enable the development or rehabilitation of tens of thousands of rental units. The agencies operate in all 50 states and in many cities.
Congress is considering extending the $8,000 tax credit for first-time homebuyers, which ends November 30th.
The credit will have been used by 1.8 million homebuyers, at least 355,000 of whom would not have bought a house without the tax break, by the end of November, according to estimates by the National Association of Realtors.
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Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.
We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.
We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at http://bestbuyersbroker.com or http://bestbuyerbroker.com.
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In today's crazy Long Island area real estate housing market, making rational decisions based on sound information is a must! In reality, emotions often take over, and sometimes, it's all you can do not to lose all conscientiousness when you think you have found that dream home. But if you'll follow these buying strategies, you should find yourself in complete control of the home purchase.
1 - Work out your finances first. Paying cash? Getting a mortgage? Find out what you can afford and check out all your various options.
Meet with whatever experts you need to in order to have all your facts - a lender, your tax advisor, etc. Knowing exactly what you want to and can spend will eliminate time spent looking at properties you can't have (or have no business trying to obtain).
When you find the right property you can make a "clean" offer without a financing contingency. Sellers are more likely to respond favorably to clean offers without a bunch of financing contingencies.
2 - Unless you really want to own two properties, sell first, then buy. The property you want may or may not take a contingency offer. So unless you are prepared to own both (and you have to plan for a worst case scenario) you are wasting your time with the offer if you still have a home to sell.
Second, if you are emotionally attached to what you want to buy you won't be as objective on selling your home. You may take less than it's worth just so you don't lose the other home. There's nothing wrong with that as long as you understand the financial implications.
3 - Use a real estate professional who knows the market. That may sound simple in this age of the internet, when buyers have access to the same data the agent has. The difference is the ability to interpret that data.
Full-time real estate professionals do more than just show homes and write contracts. They study market trends and observe area fluctuations. You are thinking about your needs now. But your agent is thinking about both now and in the future when you are ready to sell again and looking for your future resale opportunities.
In addition, the internet is an increasingly non-objective source of information. Many websites do not display all the properties for sale in a given area because of contractual conflicts. And most new communities are not listed at all in any search vehicle. A real estate professional should be able to show you all the homes that fit your needs.
4 - Don't get pressured into making a decision. When you find the right home you will know it.
That doesn't mean look at 100 homes before you make a decision. Sometimes it's the first home you see. But don't let an agent, a seller, or a spouse, push you into something you don't feel good about.
5 - You can't have it all. Decide what is most important in your next home and put it into perspective. If it's location, or price, or view, or square footage, or school districts, or amenities, or whatever.
Remember — some things can be changed. Floors, kitchens, landscaping, etc. are all changeable. So if they are not perfect, they can be worked out. But location, view, amenities, etc. are there forever. Not muching changing that part of the purchase.
No matter what your budget, everyone has to make compromises. So decide what truly matters to you and put that at the top of your list. Give in on what doesn't matter as much.
If you have other questions or comments about this list of Home Buying Strategies, just use the 'comment' link below and we'll get back to you with answers.
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Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.
We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.
We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at http://bestbuyersbroker.com or http://bestbuyerbroker.com.
******************************************************************************************
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Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.
We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.
We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at http://bestbuyersbroker.com or http://bestbuyerbroker.com.
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We are an Exclusive Buyer Agent protecting home buyers in Queens and Long Island assuring they get a better home at lower cost with much less stress than usual. Never a conflict of interest.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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