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Bankruptcy and Buying a Home – 3 Benefits to Buying a Home After Bankruptcy

If you have filed bankruptcy recently, you may wonder if you can get approved for a home loan. You may also wonder if buying a home after a recent bankruptcy is a good idea for you.

While a bankruptcy can make getting approved for a mortgage loan more difficult, it is still possible to get approved for a mortgage loan. In fact, there are more and more bad credit loan programs coming out all the time. Subprime lenders are focusing more on helping individuals with poor credit achieve home ownership. This is happening mostly because bankruptcies are still on the rise and there is an increasing number of people with bad credit who are looking for home financing.

Here are some reasons to consider home ownership after a bankruptcy:

1. Increase Your Credit Score – When you make your payments regularly, you improve your credit rating. Once your pre-payment penalty period is over, you should be able to refinance your mortgage loan for a much lower interest rate. After your bankruptcy has been discharged for over 2-3 years, you should have a much easier time qualifying for a lower interest rate mortgage loan.

2. Accrue Equity In Your Home – If you are just making rent payments, you are throwing your monthly payments away. When you own a home, over time, home values increase and you are working toward owning an asset.

3. Take Out An Equity Loan To Consolidate Debt or Get Needed Extra Cash – Once you have bought your house, as soon as 6 months or so later, you might be able to take out an equity loan on your home and consolidate any other debt that you might have since your bankruptcy or debt that could not be included in your bankruptcy. Taxes and student loans will not be discharged in a bankruptcy. You may also want to use the extra cash to invest in a business venture or for needed home improvement.

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Before Buying, Know What You Want In Your New HOME!

Since, for most Americans, their house, represents their single, biggest, financial asset. Therefore, doesn’t it seem, to make very little sense, that, when people are ready to purchase their first HOME, or upgrade to a new one, they appear to often, do so, in a rather, haphazard manner. Wouldn’t it make more sense, if, before buying any specific home, we took the time, and fully considers, what we, personally, sought, and hoped for, in the place, where we will hang our hat? Obviously, we need to consider, economic and financial considerations, so we avoid the so – called, Money Pit, where we become house – rich, but overwhelmed by the obstacles and challenges. However, unless, we, also, fully consider, what we are looking for, and might make us happy/ satisfied, it doesn’t make sense, to proceed. With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, using the mnemonic approach, what this means, and represents, and makes sense, to consider, from the beginning of the house hunting.

1. Happiness/ healing/ heart; heating: Living, where you do, should bring you happiness, and self – fulfillment! It should bring you, a healing heart, and spirit! However, major systems of a house, must function effectively, and easily, such as heating, air conditioning, and other major and minor systems, which might impact, your enjoyment of the particular home!

2. Objectives; option; organized; opportunities: Before you begin, take an introspective, objective look. and fully consider your personal objectives, needs, goals and priorities. Which home options, might be most useful, in making you more fulfilled, and happy, living in a specific home? Observe how it is organized, and consider, if, it serves your needs, as is, or, might be easily adaptable (in a somewhat, inexpensive way), to do so! Consider, your immediate, as well as longer – terms needs, and purposes, and whether, you desire, to live there, for a temporary, or a longer period. Recognize those opportunities, this house might present, to serve your needs, in terms of the interior, exterior, neighborhood, school system, and other conveniences.

3. Motivating; meaningful; manageable: Is this house, manageable, or, would it overwhelm you? Is it worth, the effort? What is most meaningful to you, when you consider making this type of significant commitment? Your home must be motivating and inspiring, to your life, as a whole!

4. Energy/ energize; efforts; emphasis; excellence: Be realistic, but seek a degree of excellence, rather than settling, merely for, good – enough! What do you consider, your major emphasis? Is this prospective place, worth your efforts? Will it energize you, and meet your needs, goals, and aspirations, providing you with extra energy?

A house may not be a HOME. When it’s time to purchase one, seek a house, which you’ll make, a home, of your own!

Is Buying a "Fixer-Upper" a Good Investment?

Should you spend less money buying a fixer-upper, or more money buying a fixed-up house? That is the question. While there are no simple answers to those questions, here are some tips that you should consider when making your choice:

1. Do the math.

One of the keys to determining whether or not to purchase a “fixer-upper” is to determine the cost of fixing it up. Get a professional appraiser to handle the task, to get an accurate assessment. The cost of fixing the house will vary, depending on the current state of the house. After the appraisal, you will have some concrete data to make a wise decision about whether you should fix up the house, or make it someone else’s headache.

2. Choose houses that need minimal repairs.

Fixing up a house does not have to require revamping it completely. It is advisable to look for houses that need a fresh coat of paint (interior or exterior), new carpeting, some basic plumbing, and so on. On the other hand, if a house needs major repairs then make sure that it is at a rock-bottom price, and suits your long-term housing plans.

3. Consider how much time and effort you have.

The amount of repair-work a fixer-upper needs can vary quite significantly. So besides determining how much work is needed, consider how much time and effort you are willing to spend. If you need a livable house sooner, then it might be a bad option. If you do not have the energy to do the needed repair-work on the house, then you should probably buy a new house instead.

4. Learn the housing trend in the area.

Fixing up a house in a good location is one thing. Fixing up a house in a bad location is not such a good idea. So before deciding whether or not you should buy a particular fixer-upper, determine if the house’s value would generally rise or fall afterwards. If the latter would happen, then you might decide that the funds needed to repair the home would not be worthwhile. On the other hand, if the houses in the neighborhood are generally appreciating in value, then it might be money well spent.

5. Consider your long-term housing plans.

Do you want to live in your next house for years or decades? Fixing up a house can be a lengthy and difficult process. The time, effort, and money required might be too much if you are not planning to live in a particular house for several years. Then again, the investment could be worthwhile if the repairs needed for a fixer-upper are basic ones.

6. Get thorough and multiple appraisals.

This is crucial when considering whether or not to buy a fixer-upper. Consider getting at least three appraisals, and then calculating the average of them. Besides getting multiple appraisals, you should always get thorough ones that include the roof, soil, and so on. Make sure when comparing appraisals that you compare apples with apples.

Is buying a fixer-upper the right option for you? The above tips will help you to make the best decision.

Cesspool Inspection When Buying a House

People who look for new properties are concerned about the aesthetics of the house or the landscape, but only a few consider asking about the septic tank or cesspool. However, cesspool inspection is important when obtaining a property. Cesspool services are necessary in many cases. You have to learn the value of cesspools in homes.

A lot of home buyers are not too concerned about cesspools. Knowing whether the cesspool is in good condition and functional is important whenever you are about to buy a property. You have to ask your realtor about this, and he or she should be able to give you an answer. A realtor who does not know the condition of a property’s cesspool or septic system cannot be trusted.

The problem with cesspools is they are buried underneath the ground, so you cannot be sure if the one in a prospective property is in good condition. A specialist should be called to do an inspection. There are companies that offer cesspool services including inspection. Keep in mind that an inspection is just an inspection. The service specialist will not fix problems unless you specifically ask him to do so. You probably will not need cesspool repair unless you really are planning to move into the property. If a property you are looking into has damaged cesspool, you can consider a repair service. If not, you can look at another property.

Cesspool inspection is a dangerous task if you are untrained. This is why it has been stressed that only a trained professional should do the task. You may only do as far as removing the cover. The next step should be reserved for the trained professionals.

How would you know if it needs service? A faulty cesspool may leak and cause contents to pollute the surrounding soil. In this case, foul odor will diffuse from the ground into the air. If the area smells like rotten eggs, the pit must be damaged. Water leaking from the pit will also saturate the ground around it. Look for signs of sogginess. You would also know if the cesspool is draining properly if the leach field has green grass. If not, the drainage lines must be clogged.

Cesspools should be checked regularly for signs of clogging or leaks. Settling solid matter and scum may build up and block drainage pipes. Such event poses problems in the future, but this may be momentarily un-obvious. Ask the realtor if it has been checked in the past year. You don’t want to buy a property and then spend your bucks getting the troublesome pit serviced.

Supposing you have bought the property and then sometime in the future you encounter a problem with the cesspool, what would you do? In this case, you can contact a septic plumber or a cesspool cleaner to find out what the problem is and fix it. Cesspool and septic tank services may be available in your area. Be careful when checking out your cesspool on your own. The gas build-up is toxic and flammable, not to mention extremely sickening.

Buying A House In A Recession Time – Pros and Cons

Buying a house in a recession time has both pros and cons, and both of these aspects should be examined before this move is made. During a recession the US economy is down, the housing market and home prices are depressed, and there are high unemployment numbers. Consumers tend to become nervous about making big purchases or long-term financial commitments, and lenders require great credit to even consider a mortgage loan. With all of this it can make sense for some individuals to purchase a home during these economic times, as long as the pros outweigh the cons. A careful evaluation should be done to examine the individual situation, and this can help determine whether the advantages of buying a home during tough economic times are worth the drawbacks.

Pros: There are many advantages to buying a house during a recession. As long as you have a 700 or higher credit score and can provide a 20% down payment most lenders will offer a mortgage. In a recession housing values often plummet, and this means that you can get a home for much less now than you could five years ago. There is a wide range of homes on the market, and these include foreclosures as well as private sellers. The current mortgage rates and interest rates are incredibly low, and the homes on the market are priced at fantastic savings in many cases. Another pro is that first time home buyers can take advantage of tax credits worth thousands of dollars. In addition to a large number of foreclosures many home owners have found themselves underwater, and may be extremely motivated to sell. The housing market is a strong buyers market right now, making it an ideal time to buy for many.

Cons: While there are many benefits to buying a house during a recession it is important to remember that there are also drawbacks as well. During a recession the future economic outlook is not clear, and there is a lot of uncertainty. Home prices could continue to fall after the home is purchased, causing you to lose value and equity quickly. You could end up losing your employment if your employer downsizes or closes the doors, and this could make it impossible for you to stay current on the mortgage payments. In tough economic times many people move to a better location, and if you have purchased a home this may be difficult to do. The rising cost of fuel and food may make finances tight, and this could result in foreclosure in the future.

Buying a house during a recession will make sense for many people. You can get a larger and higher priced home for less thanks to dropping home values, but this could also be a drawback as well after you have made the purchase. This method can be very beneficial for many, but it is not right for everyone. For some individuals the drawbacks of this purchase and the uncertainty caused by the poor economy mean that now is not the time to purchase a home.

What Most Home Buyers Seek?

Why do people purchase a home, of their own, and does it correspond with, why they should? Before you commit, to investing, in what, for most, is their single, biggest, financial asset, it’s important to focus on what you actually seek, need, and hope to achieve, by buying a house! Open – your eyes, and consider, what you might need, to make this, one of the best personal decisions, and serves the best interests of you, and your family! With that in mind, this article will attempt to briefly consider, examine, review, and discuss, what this means, and represents, and why it should make a difference, for you.

1. Price and costs: While most want to live, in the nicest house, they can. and proudly, show – it – off, to their friends and family, what good is buying a home, if it makes your life, more stressful, etc? Objectively, and introspectively, consider, the impact of reducing your other assets, because of the amount of your down – payment. Will this create stress? How much are the monthly carrying charges, and can you, not only afford it, but do so, within your personal comfort zone? Do you have the necessary reserves, for contingencies, including; short – term employment gaps; necessary repairs; desirable renovations and/ or alterations, etc? Don’t become, house – rich, but hurt yourself, in terms of stress, etc!

2. Size and features: How many rooms do you need, and how does compare with what you want? What are your present needs, in terms of size and number of bedrooms, bathrooms, etc, and what do you anticipate in the short – term, and longer – term future? Are you ready, willing and able to maintain, and care for, whatever house, you purchase? Will you personally do the work, or will you hire someone else to do so, and if you will, how will that impact your overall budgeting, etc? Don’t overlook what most homeowners state, are the most important areas of a house, including the kitchen area, bedrooms (size and number), and bathrooms (number, location, etc)!

3. Intentions: Are you planning to stay, at the specific location, short – term, or the longer – run? Know what you seek, and plan accordingly. If you are buying, for now, and willing to move, when your needs, change, consider resale value, and emphasize present needs. Otherwise, look at the bigger picture!

4. Comfort zone: Know what makes you comfortable and happy, and do what’s best for you. People differ, and so, don’t try to Keep up with the Jones’, but, rather, do, what makes you happy, comfortable, and meets your personal needs, goals, and priorities!

A wise, aware home buyer, is, generally, the individual, happiest, with their decisions! Be prepared, and proceed accordingly, and smartly!

Mortgage Loans For Your Dream Home

Mortgages can be interpreted as loans granted with collateral for mortgage property owned by clients submitted to lenders. This means, when the bank or financial institution approves the application for your home loan, the bank will buy the house you expect and the bank as the lender has the right to own your home. Well, the point is, the bank has rights to your home because the bank holds the homeownership document. How can you fully own a property? Of course, you have to pay the cost of purchasing a property that has been done by the bank in installments accompanied by interest. A loan whose ownership documents are suspended by a bank or financial institution is called a mortgage loan.

A mortgage loan is also understood as a long-term loan agreed in a written agreement containing a legal value, wherein the agreement includes the loan nominal, interest rate, term, monthly installment fee, and guarantee. As a loan agreed upon with a guarantee of immovable property, a mortgage loan has important consequences to consider. If the loan is not repaid when it is due, the lender has the right to confiscate or sell the property used as collateral. Well, to avoid the risk of foreclosure, it’s better to process the home loan correctly through a mortgage advisory like mortgage advisory singapore. This home mortgage company will help every client get a home loan easily and without hassle.

Mortgage loans are applied in the real estate and property business to date. In its application, mortgage loans are always accompanied by interest. Customers must pay this interest every month, if they cannot pay or are late, the customer will be fined. Installment payment with interest is an agreement between the customer and the lender; if the customer or lender cannot fulfill its obligations then one of the parties can sue legally. For example, when a customer has paid off repayments along with interest, the lender is required to provide ownership documents, as well as when the customer cannot repay the loan, the bank or financial institution has the right to confiscate or sell the property.

All clients certainly expect their process of buying a home through a mortgage loan to run smoothly, so it is advisable to work with home loan brokers. You can search for them on the internet or narrow your search at mortgage advisory singapore. Not only private buyers but also real estate and property investors need the services of a mortgage loan broker. A savvy investor will hire a mortgage loan broker to find a good interest rate before buying a property. The problem is, not all mortgage loan brokers can work well, you need to pay attention to several things before using their services. First, make sure the broker has a good understanding of the lines of credit and loan repayments. Next, make sure they are also able to make a good credit report and can find a bank or financial institution quickly to apply for a loan on your behalf.

Don’t forget to peruse the customer testimonials page on their website. Read customer reviews one by one, make sure all clients give positive responses. Although many mortgage loan brokerage companies come up with the best vision and mission at the moment, there is no harm in prioritizing loan broker services that have decades of experience in handling mortgage consolidation and loans for all types of property. Finally, look for brokers who prioritize your expectations and are able to make loan closures quickly.

Why Do You Want To Buy A House?

There is no such thing, as a one – size – fits – all reason, or set of reasons, individuals decide, and/ or desire, to buy, a home, of their own. Some do it, because of family needs, others may want to own pets, etc, and others, decide it makes more financial sense to own (than continue renting), and/ or want to live, somewhere, where they might put, their personal seal, on the accommodations, or seek a specific lot of land, etc. These are just, a few of the reasons, but to ensure, one purchases, when it serves their best – interests, and does so, intelligently, and in a focused manner, prospective homeowners should clearly know their personal reasons, thoroughly, and in a somewhat, objective way.

1. Can you afford owning?: Owning a house of your own, requires accepting a far greater degree of personal and financial responsibility, than renting. Renters don’t have to worry about most maintenance items, especially major expenses, etc, but that, all, changes, when one owns. Start by thoroughly considering your present finances, including savings, earnings, debt, and preparedness. Will you qualify for an affordable mortgage? Have you saved, and accumulated significant reserves, in order to be prepared, and ready, for any foreseeable possibility? Wise homeowners put together reserves for repairs, renovations, upgrades, and maintenance, etc, in addition to possessing a mortgage reserve, of approximately 6 – 9 months, equivalence. Since, for most, the value of your house, represents your single – biggest, financial asset, doesn’t it make sense, to proceed wisely, and in a focused way?

2. Area/ neighborhood: When you rent, your lease is for a finite period, so it is rather easy, and straight – forward, to relocate to another locale, if you discover you, either don’t like the particular area, neighborhood, region, or house, or if your life circumstances, change, such as employment, etc. Obviously, since selling a house, is a little more complicated, timely, and less predictable, this should be one consideration, before proceeding.

3. Really want to own a pet or pets: Only a minority of rentals, permit individuals to own pets, and, even, then, must be clearly specified, and is often limited. For true pet lovers, who simply don’t want to be without a beloved pet, it might be one reason to purchase a house.

4. How much land do you want/ need? Some love having a larger lot, either for flowers, gardens, etc. Others want to have place for patios, pools, or convenient places for their pets, to roam. However, others do not want that type of responsibility, and/ or can’t afford to maintain these (Isn’t that one reason, some prefer condominiums?). While some want large lots, others seek somewhat less. Know thy self!

5. Mortgages: Most home buyers purchase houses, with the aid, of a mortgage loan. One consideration is how much you qualify for, and perhaps, equally important, is how much you will feel comfortable paying. Remember, your payment includes principal, interest, real estate taxes (and other escrow items including insurance, etc). Don’t become, house – rich, and life – poor!

Before buying your home, fully consider your needs, desires, wants, and means, and proceed, wisely, and in a way, where ownership will be a pleasure, rather than a stress! Will you proceed wisely, or impulsively?

Avoiding the Emotions When Buying a Home

When you are buying a home it is easy to let your emotions drive you. This is good sometimes, but there are times when this can be a very bad thing. Wrong decisions can easily be made when you are letting your emotions take over. The last thing you want is regret when you are buying a house. It is a decision that will take you until you get your next home, so it is a big one. Making rational decisions is usually the best option. There are three emotional pitfalls that people easily fall into when buying a home. This article will list and detail those pitfalls and tell you why these things should be avoided.

You often hear home owners talking about how they fell in love with their house. This may be the case, but this can easily be turned into a pitfall. It is easy to fall in love with a great house and then not be able to afford it. This can crush the home buyers experience and change their attitude for the rest of the shopping period. This is something you want to avoid. One way to avoid this is by getting pre-approved. If you do this, then you know what your price range is from the start. You can then shop in that range and never have to fall in love with a home you cannot afford.

After you find the dream home that you can afford, you can make an offer on it. But what if someone else wants the same house? They may make an offer that is better than yours and it can turn into a bidding war very easily. This can end up with you paying more than the home is actually worth. If you let your emotions drive you through the bidding war then this is an easy pitfall to get into. You either have to be logical about it, and do the numbers yourself, or have someone tell you when you should stop. The bidding war can be bad if you let your emotions take over. You do not want to pay more for the house than you have to.

Another pitfall comes in the form of repairs. If you are buying a home that is pre-owned, then there may be repairs that need to be done. This can be a good thing, but you need to look at yourself and ask if you can really do everything. Just because you are in love with a house does not mean it is best for you right now. Having a home that needs repairs will be very bad down the line and you want to fix everything as soon as possible. If you cannot do this, then the home may not be right for you.

These three things are crucial to remember when you want to buy a home. When you fall in love with a home, then you know it. But, being rational about everything is definitely a good thing to do. Remember to avoid these things and you will be fine.

Is There A Perfect Time, To Buy, A House?

As someone, who has been a Real Estate Licensed Salesperson, in the State of New York, for over a decade, as well as having, also, had a considerable degree of experience, in financial sales and advising, as a financial planner, and Registered Representative, Supervisor, Manager, and executive, I have often, been asked, when/ if, there is a perfect time, to buy. Whether this is related to buying stocks, bonds, or other investments, or buying a home, the attempt to market – time, has rarely worked, consistently. While, with other investment, a disciplined approach, works best, in most cases, in buying a house, the best approach, is probably, proceeding, in a well – considered, introspective, objective manner, and honestly knowing and understanding your personal needs, goals, priorities, comfort zone, and personal finances. With that in mind, this article will attempt to review, consider, and briefly discuss, how, although, there is no perfect time, it is wise to consider, when it’s best, for you.

1. Personal needs, goals, priorities: Why do you want to buy a house? What about a particular house, attracts you? How many bedrooms do you need, and how many would you prefer, and why? How about bathrooms? What do you seek in your kitchen, and why, and what do you actually, need? Are you able to look past the staging, etc, to determine the difference between quality, and perceptions?

2. Comfort zone: Sit back, and look, objectively, and introspectively, so you know, why you want a house, what you can afford, and what amount of monthly payment, might conform with your personal comfort zone. You don’t want to end up, house – rich, and unable to proceed, with less stress, etc! A wise home buyer, finds a house, which exceeds his needs, meets some of his wants/ dreams, and does so, without excess stress, tension, and/ or, hassle!

3. Personal finances: Do you know, what you can afford? Many factors should be considered, including, down – payment, reserve for items such as contingencies, repairs, renovations, utilities, etc. Simply because you have the down – payment, and qualify for a mortgage, doesn’t necessarily mean, you will be well – served, by the financial necessities of home ownership! Know yourself!

4. When matters!: Certain factors are extremely important. What are the present mortgage interest rates, and how large, a mortgage will you need? Understand, small changes in these rates, matter! What about supply, and demand? Don’t purchase something, you aren’t satisfied with, either to Keep up with the Joneses, or to take advantage of the present market, because if you do, you might be disappointed, in the long – run!

Be a smart home buyer. It’s not about trying to buy at the perfect time, but finding what you need, not over – paying, discovering something, you’re pleased with, and being able to afford it!