Now more than ever, buyers need to be aware of buyer closing costs on the purchase of a home. Here's an updated detailed look at many of the closing costs you might have to pay as a buyer when you buy a home. If you are charged a closing cost that isn't on this list, please add it in the comments section.
Why do celebrities like Michael Jackson and Angelina Jolie rent houses instead of buying homes? In some cases, they sometimes rent even while they own one or more houses around the world. For the most part, we tie big-name celebrities like Michael Jackson and Elvis Presley to the estates they owned. But there are real reasons to rent a house rather than buy a home, and not just if you're a celebrity. Here's why some celebrities rent and why you might want to rent rather than buy a house
Why do celebrities like Michael Jackson and Angelina Jolie rent houses instead of buying homes? In some cases, they sometimes rent even while they own one or more houses around the world. For the most part, we tie big-name celebrities like Michael Jackson and Elvis Presley to the estates they owned. But there are real reasons to rent a house rather than buy a home, and not just if you're a celebrity. This blog looks at the reasons why celebrities rent and why you might also want to rent, and points you to a ThinkGlink.com story on the subject with more rent vs. buy resources.
Today on the Ilyce Glink Show, we discussed refinancing your mortgage, and how in my mind, a successful refinancing focuses on the refinancing trifect...
Today on the Ilyce Glink Show, Ilyce discussed refinancing your mortgage, and how a successful refinancing focuses on the refinancing trifecta: Can you shorten the length of your mortgage term? Can you lower your monthly mortgage payment? Can you lower your mortgage interest rate? Ilyce also discussed the "Cash for Clunkers" program, and took more questions from callers about FHA loans and property identification numbers, state and federal home buyer tax credits and mortgage prepayments. One caller wants to buy rental property but needs help fixing them up. Ilyce recommends checking out Angie's List for contractor reviews. For more show notes and links to helpful resources, check out Ilyce's blog.
Transferring home ownership between family members can be problematic. Often, family members help each other out with a signature or by putting their name on the mortgage. However, you need to consider more than just a quit claim deed to transfer a title. Who is responsible for mortgage payments? Whose credit score will be affected by thy home loan? What happens if someone passes away? Who will inherit the property?
In the new world of real estate there are many changes to keep track of, but there are also some key parts to the home buying process that haven’t changed. Real estate agents are still a good deal for home buyers. You’ll get the best home loan rates and save money if you shop around. Home repair and maintenance will always be a big expense for homeowners. And location, location, location is one of the most important things to look at when buying a home.
Many home sellers on the market are struggling to sell their first home before it's time to move into their new house. You may find yourself carrying two mortgages, or trying to pay off either a home equity line of credit (HELOC) or a primary mortgage. If you have good credit and are employed, you may be able to refinance one of the loans to reduce your monthly payments. If your second home is now your primary residence youre chances of refinancing that home are much better. Talk to local banks and credit unions to see if they can help refinance your second home mortgage.
How does a reverse mortgage work? A homeowner can take out a loan based on the equity in their home, and the loan becomes due when the home is sold. Usually FHA’s home equity conversion mortgage (HECM) program is loaded with insurance to prevent any loss in case the value of the home drops. However, pitfalls with reverse mortgages can range from life expectancy issues to home value calculations. And any of these pitfalls can cause problems down the line with reverse mortgages.
Seller closing costs generally come as a surprise to home sellers, particularly when home sellers find out that they’ll have to pay anywhere between 2 to 7 percent of the sales price in fees and costs. Here's an updated list of closing costs you may incur when you sell a house.
