Entries for October, 2010

What is a Mortgage Origination Fee?

A mortgage origination fee is a charge for work involved in preparing and servicing a mortgage application (usually 1% of the loan amount).  This fee can vary from lender to lender and is negotiable.

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What Are Discount Points?

Discount points are fees paid to the Lender in order to lower your mortgage interest rate.  Each point equals 1% of the total loan amount.  For each point paid on a 30 year mortgage, typically lowers the interest rate by 0.125 percent.  (for example: a 6.5 % rate would be lowered to 6.375% if one [...]

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How Can I Find Out How Much Homes Are Selling For in a Certain Neighborhood?

For the most accurate information, contact our Real Estate Agent.  Your Agent will be able to give you a list of recent sales for a particular neighborhood.   Your Agent can also set you up on your own Listingbook account, where you will be able to see recent sold homes.

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How Do I Select the Right Real Estate Agent?

When you are looking to purchase or sell a home, you need to find a great Agent.   You may want to ask your friends and family if they know of someone to recommend.   If not, you may want to create a list of local Agents and talk to each of them.  Your ideal Agent will [...]

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How Do I Begin The Process of Buying a Home?

First start by thinking about your situation.    You should answer the following questions: Could I afford to purchase using cash or would I need a mortgage loan? If I were to need a mortgage loan, how much could I afford? Do I know my credit score? Do I have any outstanding large debts? Do I [...]

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Should I Consider Purchasing a Home Warranty?

A Buyer and Seller have the option to purchase a home warranty.   This warranty is separate from your homeowners insurance.   The warranty is usually for a specific period of time (ie: 1 year) and usually covers unexpected repairs on appliances or home systems.  These warranties are popular because they offer protection during the time immediately [...]

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Do I Need an Attorney to Purchase a Home?

Laws vary by State so your best bet is to ask a local Real Estate professional.   Here, in Florida, it is not required to hire an attorney in order to purchase or sell a property.   However,some states do require that you hire an attorney.   An attorney can review contracts, make you aware of special considerations and assist [...]

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Do You Know How to Calculate for Absorption Rate?

The Absorption Rate is the ability of the real estate market to absorb or sell all of the houses for sale in a given amount of time. Here is how to calculate the Absorption Rate: Determine the number of  homes sold in a defined area over a specific period of time-  say 12 months Divide the [...]

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Can I Make a Lowball Offer on a Bank Owned Property?

The answer is: ” it depends”.    Typically for a bank owned property that just hit the market, the Seller (bank) will be looking to get 94% of the list price.   If you submit a lowball offer at this time, the Seller may outright reject your offer. Most often, time on the market drives the price [...]

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Are You Aware of The FHA Loan Requirement Changes?

Anyone interested in acquiring an FHA loan should be aware of several changes to FHA loan requirements now in effect. One of the most important changes to FHA loan requirements is the credit scores. New FHA borrowers must have a minimum credit score of 580 to qualify for the FHA’s most favorable down payment plan, currently [...]

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