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Is it Possible to Trade Up Without Equity?Is it Possible to Trade Up Without Equity?Is it Possible to Trade Up Without Equity? In times of steadily rising home prices, it's possible to use the equity accrued in an existing home for a down payment on a larger, more expensive home. Let's say you bought a home for $200,000 with a 20 percent cash down payment of $40,000. Ten years later, the home is worth $275,000. Your... |
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Should I Buy Now or Wait to Save a Larger Down Payment?Should I Buy Now or Wait to Save a Larger Down Payment?Should I Buy Now or Wait to Save a Larger Down Payment? Coming up with enough cash for a down payment and closing costs can be a hurdle for many buyers, particularly first-time home buyers. But, there are ways you can buy a home without much cash on hand. For example, there is a new first-time home buyer 95 percent loan program. It's... |
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What Are Debt-to-Income Ratios?What Are Debt-to-Income Ratios?What Are Debt-to-Income Ratios? If you talk to a lender about what size mortgage you can afford, you're bound to run into the term ratios. Don't let the lingo put you off. A ratio is simply a relationship between two variables. It's a rate or a percentage. For example, let's say that one of every two voters favors a tax cut. In... |
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What Are the Hidden Costs of Home Ownership?What Are the Hidden Costs of Home Ownership?What Are the Hidden Costs of Home Ownership? Most home buyers think first of the monthly mortgage payment when they consider how much they can afford to pay for a home. They frequently forget about the cost of home maintenance. Some homes cost more to maintain than others. But all homes need to be attended to on a regular basis to keep... |
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What Happens to the Real Estate Market When Interest Rates Rise?What Happens to the Real Estate Market When Interest Rates Rise?What Happens to the Real Estate Market When Interest Rates Rise? Ideally, homebuyers would like to buy when rates bottom out, and just before they move up again. Unfortunately, interest rates often aren't at their lowest when buyers are eager to buy. For instance, mortgage rates recently increased to above 8 percent for fixed-rate... |
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What is a Review Appraisal?What is a Review Appraisal?What is a Review Appraisal? There are two parts to the home mortgage approval process. One part is to make sure the buyers are qualified to carry the financial burden of the mortgage payments. The other is to make sure the property is acceptable to the lender. The property is usually the lender's ultimate security. The lender wants to make... |
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What is Negative Equity?What is Negative Equity?What is Negative Equity? Equity is the difference between the value of your property and the amount you owe on it. If your home is worth $250,000 and the liens against it total $150,000, you have $100,000 in equity. When the liens total more than the property value, you have negative equity. What can cause negative equity? If the amount of.. |
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What is the Best Way to Handle Defects Discovered During Escrow?What is the Best Way to Handle Defects Discovered During Escrow?What's the Best Way to Handle Defects Discovered During Escrow? Most home purchase contracts include an inspection contingency. This contingency permits the buyers to inspect the property within a certain time frame-often 10 to 14 days following contract acceptance. Depending on how the inspection contingency is worded, the buyers may be... |
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