Posts Tagged real estate agent
Top Home Mortgage Loan – Main Navigation
Posted by Top Home Loans in Off-Topic on November 28, 2008
Top Ten Most Popular Articles
- Top 10 Most Expensive Houses For Sale in Canada Right Now
- How to Buy a House without a Buyer’s Real Estate Agent, Part 1: Myths
- 10 Steps to Buying a House without a Buyer’s Real Estate Agent
- The Dow Jones Industrial Average Retrospective Part 1
- Monthly, Semi-Monthly, Bi-Weekly, or Weekly Payments; What is the Best Option for you?
- The Importance of the Mortgage Pre-Approval
- The Landlord’s Market, and What you Can do to Capitalize on this Emerging Market
- How to get a Mortgage if you are Self-Employed
- What Factors does a Bank look at when Approving a Mortgage?
- How to Hire a Discount Real Estate Agent to get the Most Value
The Home Buyer’s Toolkit
- The Benefits of Buying a Resale Home
- Are you Financially Ready to Own a Home?
- Renovate or Relocate?
- Mortgage Life Insurance
- Your House, Your Investment
- The Lowest Mortgage Rate is Not the Best
- The Professionals you Need with your Home Purchase
- The Truth of Power of Sale
- The Lawyer in the Mortgage Process
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Housing Prices Falling; Sooner or Later?
Posted by Top Home Loans in Economy, Mortgage News on August 31, 2010
On the news, radio, and newspapers everyone is talking about how house prices are expected to drop from 10% to 20%. At first it was stagnant growth, but now it is a bubble that is expected to burst over the next term of the economy; however, when can we expect housing prices to fall?
House prices aren’t like grocery store prices or stock prices. A house is only worth what a person is willing to pay for it. Since your house is not sold frequently, it is difficult to tell how much it is worth. When people list their property, they rely on the advice of a real estate agent to them how much they think that their property is worth. If the real estate agent is wrong, then no one will show up. If the real estate agent lists too low, then too many people will show up.
The fact is that now, no one is showing up to buy houses.
When people stop buying, people have to offer lower house prices to get people to buy. Lower prices can inspire people to buy even if they did not consider it before in the past.
How much is the difference between property values today and values if property values decrease by 20%?
A house today that would cost $600,000 would cost only $480,000 if the market dropped 20%. The difference is over $120,000. If you bought a house for $600,000 and the house dropped by that amount, would you want to stay in the market? Most likely not.
Usually, price increases tend to take years to increase; however, house bubbles bursting take a short amount of time. It can only take a time less than a year to drop into lower values. With the herd mentality, once some people get scared, then everyone becomes scared. Expect that once house prices start dropping, that they will drop fast.
When do you expect house prices to bottom out? When will you be buying a house? Leave your response in the comments below.
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The 10 Mortgage Choices you Shouldn’t Need to Decide
Posted by Top Home Loans in General Banking, Mortgage Advice on August 23, 2010
When buying your own house, it is a complicated event. Which neighborhood, what type of house, what design are you looking for, how many bedrooms? So many questions that you need to answer to your real estate agent; however, with your mortgage broker, it should be easier. Here is a list of ten difficult questions your mortgage broker should be answering for you.
1. Fixed or Variable Mortgage Rates – Your mortgage broker knows you, they know the mortgage market, and they know where mortgage rates heading. The mortgage broker knows how to answer this question the best.
2. Short-term or Long-term – Your mortgage broker knows if now is a good time to stick with a long-term rate or to wait for something lower. Your mortgage broker should be able to easily make this decision for you.
3. Amortization – Your mortgage broker knows how much money you can put towards your mortgage without breaking the bank. Leave this decision to your mortgage broker.
4. Payment Frequency – Should you pay weekly or monthly? Should you be accelerated or not? Your broker will know how to optimize your mortgage payments for you.
5. Bank Account – Which bank account is best to have your mortgage payment coming out of? Ask your mortgage broker! He should know right away which account is best to avoid missed payments.
6. Down Payment – How much should you put as your down payment on your mortgage? Your mortgage broker will know the minimum and maximums. Tell your broker how much money you have, and they will make the optimal decision.
7. Options on your Mortgage – Do you need a basic mortgage with no options? Do you want prepayment options and lump sum payment options? Your mortgage broker will know what loan repayment option will work better for you.
8. Refinance – Should you refinance or wait for a better time? Do you need to refinance? Your mortgage broker will tell you if now is a good time to refinance.
9. Sell your Property – Your mortgage broker will know the peaks and the troughs of the mortgage market? They will know when is a good time to buy and sell. Ask them first before you make a decision on your property.
10. Changing Careers – Before deciding on a mid-life crisis, you may want to check with your mortgage broker. Your mortgage broker will tell you if doing that is sustainable, and what to expect from the future of your mortgage.
Choosing what property to buy is a difficult decision. It can take weeks, months, or years to find a house that suits your needs. The best thing to do is to find a broker that will answer all the questions for you so you don’t have to. The less hard decisions that you will need to make, the more comfortable the process will be.
Did you make a lot of decisions on your mortgage? Did you make wrong choices? Leave your response in the comments below.