All Posts Tagged With: "financing"
Up or Down — How To Measure Your Local Real Estate Market
The past year has seen a slowdown in real estate markets across the country — and an outright slump in many. But such terms as “slowdown” and “slump” are relative and should be used with care — as should “boom” and “hot”. Given the localized nature of real estate, it pays to ask if there [...]
20Sep2008 | Peter G. Miller | 0 comments | Continued
Taking A Call From A “Helpful” Lender — And Giving Back
Recently a mortgage lender who called to say my monthly payment is late. “Late,” I said, “What do you mean by late? Do you mean I owe you a late penalty?” “Well no,” said the distant voice on the phone, “you don’t owe a late fee but we have yet to receive this month’s payment.” [...]
20Sep2008 | Peter G. Miller | 0 comments | Continued
Real Estate Settlements: Public Cheated Out Of $10 Billion — Per Year!
It was in 2002 when HUD Secretary Mel Martinez told the world that consumers could save as much as $10 billion a year by making the settlement process more competitive. Martinez — now a Republican senator from Florida — offered a simple proposal: Instead of buyers and sellers purchasing settlement services one transaction at a [...]
19Sep2008 | Peter G. Miller | 1 comment | Continued
What rules prohibit discrimination in real estate sales and financing?
The federal Fair Housing Act is the major legislation prohibiting discrimination in real estate — it provides that there can be no offer to sell, rent, buy, or exchange property that contains any preference, limitation, or discrimination based on race, color, religion, sex, national origin, handicap, or familial status, or an intention to make such [...]
1Sep2008 | Peter G. Miller | 0 comments | Continued
Is the interest on 125 percent financing deductible?
This is a somewhat complex question. Interest on loans secured by real estate is generally deductible if the acquisition mortgage value is not more than $1 million. Interest is also deductible for home equity loans (second loans) up to $100,000. With 125 percent financing you have a loan that is worth more than the house [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
Should we use 125 percent financing to pay off credit card debt?
If the idea is to finance a home and at the same time re-finance credit card debt at a lower rate then one could make the argument — at least as far as it goes — that this is a marginal financial strategy. However, a 125-percent mortgage (or any mortgage) does not limit the ability [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
What is 3/2 mortgage loan financing?
There are a number of loan programs directed toward first-time buyers that allow the purchase of property with as little as 3 percent down. The way they work is that a purchaser puts up 3 percent of the sale price and another party puts up 2 percent. Who puts up the additional 2 percent? Programs [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
Can I Get A Loan For Raw Land?
Buying land, and later building on it, is generally a process with three financing needs. First, money is needed to acquire the land. Second, money is needed to construct “improvements” such as a home. Third, owners will want long-term financing once construction is completed. It’s usually best for borrowers to obtain acquisition, construction, and permanent [...]
30Aug2008 | Peter G. Miller | 0 comments | Continued
What are the pros and cons of owner financing?
There are several potential pros and cons for sellers, at least. You will get a steady monthly income. You won’t have to worry about the buyer qualifying for financing, or as much financing. Tax obligations may be stretched out in certain cases — see a tax pro for details. But, it could also happen that: [...]
26Aug2008 | Peter G. Miller | 0 comments | Continued
Your Real Estate Questions Answered
Would you like to share your question in newspapers nationwide? Would you like to potentially reach huge numbers of readers? This site receives numerous real estate questions from visitors, so in an effort to answer some of the inquiries we receive we’re going to take selected questions and use them in columns and articles. Please [...]
23Aug2008 | Peter G. Miller | 8 comments | Continued
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