Posts Tagged money
You Should have an Inspection Done on your House
Posted by Top Home Loans in Property Management, Real Estate on September 5, 2010
Everyone thinks that you only need to do an inspection on a property when you are looking to buy or sell a property only. The fact is that you should have an inspection done on your property more frequently than that. In fact, you should get an inspection done on your property every couple of years. The reason is that there are usually a lot of wear and tear problems that happen to houses. If they are not serviced quickly when they are small problems, then they can expand to become major problems.
By servicing small problems, this can save you hundreds, if not thousands, of dollars over the course of your mortgage. If you are able to take care of all problems when they are small, then this will save you on major problems in the future. Solving a lot of these problems can also save you on utility costs. For example, if you have leaky windows or doors, then you could be losing a lot of energy out of your doors and windows. By having these problems fixed, then you can save yourself a lot of money on maintenance fees and utility costs.
How often do you have an inspection done on your property? How much do you pay for your inspection? Leave your response in the comments below.
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Have Mortgage Rates Bottomed Out?
Posted by Top Home Loans in Mortgage Rates on September 3, 2010
Recently mortgage fixed rates have dropped to levels that many would have never thought that we could reach. Mortgage interest rates generally stay a lot higher than where they are currently, but recently they have dropped to levels that are consistently low. This is due to extremely high levels of demand for bonds and bond equivalents.
But is this the market of the future?
Investors love security and they love solid returns on investments. Bonds are providing security, but they are not providing good returns for investors. Bond rates cannot stay low forever, and soon investors will move from bonds to equities. The more money that leaves bonds, the greater the rates will increase.
How long will we have low interest rates?
No one knows how long rates will stay low, but one thing is for sure: if mortgage rates go down, they will eventually go back up again. If you have a high mortgage interest rate, it is always a good idea to get something lower to protect your investment. Securing low rates is what everyone should be doing. If your mortgage rate is above a certain threshold, then it would be a good idea to lower your mortgage interest and get a good rate.
We can help with that.
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Being Approved is not always a Good Thing
Posted by Top Home Loans in Economy, Mortgage Advice on August 26, 2010
It is said that it is everyone’s dream to own their own home; a place to call their own. However, could home ownership become a nightmare instead of a dream?
Michelle was in love with the dream of owning her own house, so she started, at a young age, taking the steps to home ownership. The first step she took was to get a career and save some money for the down payment. When she was finally prepared to buy a house, she phoned the bank to get a mortgage pre-approval.
The mortgage specialist she spoke with was very nice and personable. The processed seemed to be very easy, and she was able to get all the answers to all the questions that she had. She was advised to make her offer conditional upon financing when she found a house. Michelle had got a pre-approval easily and was ready to go house shopping.
She found a Realtor and went house shopping for a number of weekends. She made an offer in on a home and her offer was accepted by the seller. She was so happy, that she rushed home and called her bank right away.
The mortgage specialist requested a risk of documents that she would need to proceed in order to proceed with the mortgage application. Michelle was able to collect all the documents with ease, and before she knew it, her mortgage was approved.
Everything was ready to go for Michelle.
Once Michelle moved into the property, she ran into many problems. The first problem was that the house needed thousands of dollars of repairs. Michelle didn’t have this kind of money, so she had to borrow it to repair her house. Michelle was finding the mortgage payments difficult to manage as well.
Michelle didn’t have furniture, so she had to buy things for her new house. The fees for this new property were starting to add up. She also found out that she had a tax bill worth several thousand that was outstanding. This needed to be paid right away.
Michelle was forced to charge all these expenses to her credit cards. Before Michelle knew it, she didn’t have enough food to eat. Michelle was living from pay to pay without a surplus.
Michelle, eventually ended up selling the house and going back to renting. Michelle lost over $50,000 on the transaction.
Think about your decision quite a bit before you make the decision. Don’t let others make the decision for you.
Did you lose money on your mortgage? How did you keep your head up? Leave your response in the comments below.