Home Real Estate
|
Mortgage Insurance - Your Friend Or Foe? |
|
|
|
|
Sunday, 21 September 2008 |
 During the subprime boom, most homebuyers stood clear of mortgage
insurance, even while getting 100-125% financing on their home. Now a
lot of them are facing foreclosure and wished they had dug deeper to
find out the pros and cons of Mortgage Insurance. However, with the
collapse of the subprime industry, anyone purchasing or refinance that
are borrowing 80% Loan-to-Value or higher, don't have a choice and are
required to get Mortgage Insurance.
What is the purpose of Mortgage Insurance? Simply put, this type of
insurance will pay the lender back in the even the homeowner defaults
on the mortgage.
Now let's look at the benefits that mortgage insurance has to offer for
the borrower. Mortgage insurance allows First Time Homebuyers that
don't have or don't want to put down a large 20% down payment to put a
3-5% down payment, while at the same time reducing the risk for the
lender. Now, that's a big chunk of change to keep in the borrower's
pocket, which can be used towards closing costs, remodeling or an
emergency fund. The average home price in my neck of the woods in
Florida is about $200,000. So that means a first time homebuyer would
need to have at least $40,000 as a down payment, if they were
considering buying a home and let’s not forget there is closing cost
associated with the loan, but I will leave that topic for another
article.
|
|
|
Friday, 25 July 2008 |
As the number of foreclosures continues to rise, buyers will find some
amazing “garage-sale” priced homes. While these deals may be hard to
pass up, buyers do have opportunities to buy homes through a "short
sale" before a home goes into foreclosure.
What is a "short sale?" A short sale is defined as the sale of a home
at a price less than the existing mortgage balance. The ultimate price
of a short sale lies in the willingness of the bank to negotiate terms.
This is a complicated process and, up until recently, rarely occurred.
Short sales are becoming more frequent and there are some great buys
because of it.
When you are looking to buy a home at bargain prices, consider hiring a
professional to help you. There are so many legal loop holes that the
average person could be taken advantage of during the negotiation
process. Make sure the professional you hire is experienced. A majority
of lawyers and real estate agents have little or no experience in these
types of sales. Choose wisely as it could save you thousands of dollars
in the long run and a lot of heartache.
|
|
|
Miami Beach a Buyer's Market |
|
|
|
|
Tuesday, 24 October 2006 |
|
It’s officially a buyer’s market in Miami Beach and surrounding South Florida communities, according to Alex Shay, a prominent Miami Beach real estate broker, whose award winning website, www.alexshay.com, features some of the jost beautiful residential real estate in the country. “The market was bound to change,” said Alex Shay. “Real estate prices couldn’t continue to climb at the rapid rate of the boom days of a couple of years ago, and this is how it should be. The luxury home market is just beginning to once again become balanced, and soon the buyers will be out again in droves, because Miami real estate is still undervalued, relative to real estate in other parts of the country,” said Shay. Nonetheless, real estate market conditions have been less than favorable lately if you are a seller in Miami. For example, according to data supplied by the Coral Gables, Homestead-South Dade, Kendall-Perrine, and Northwestern Association of Realtors or their MLS, in June of 2005, there were 3,261 single-family homes on the market in Dade County (which includes Miami, Miami Beach, and a number of surrounding smaller cities), with 1,196 sales. In January of 2006, there were 6,364 single-family homes on the market, with only 687 sales. In August of this year, there were 10,579 single-family homes for sale in Dade County, but there were only 705 sales. |
|
|
Foreclosures: A growing trend? |
|
|
|
|
Tuesday, 17 October 2006 |
|
During the course of the last year overall foreclosure numbers saw a steady rise in the United States. Analysts predict that with rising interest and inflation rates along with high housing costs, the future outlook of foreclosures remains substantial. In fact, many believe the foreclosure rates will reach record levels within the coming year or so. According to the U.S. Foreclosure Market Report, 92,845 properties nationwide entered some stage of foreclosure during July of 2006. This is a 5 percent increase from the previous month and an 18 percent increase since July of 2005. The report also indicates a national foreclosure rate of one new foreclosure filing for every 1,245 U.S. households. The Reasons Behind Foreclosures Why do so many consumers default on their mortgage payments? Clearly, people do not take out a home loan with the intention of defaulting the loan. As a Debt Management company, we understand that while high interest rates and inflation do have adverse effects on homeowners in general, personal matters such as those below play a much bigger role in foreclosure situations. |
|
|
New condo for Pembroke Park |
|
|
|
|
Sunday, 08 October 2006 |
|
The face of Pembroke Park is set to be a little brighter with the addition of the Pembroke Park Place The gated-community will comprise three mid-rise residential buildings, a 4,100 square-foot clubhouse and 7,000 square feet of separate retail space. The 168-unit project is designed to provide South Florida’s valued workforce with affordable and attainable for-sale residences, and marketing efforts will be aimed at targeting a demographic currently being priced out of the market. Prices for one-bedroom units will start from $166,000, for two-bedroom, $203,000, and for three-bedroom residences, $264,000. The developers will be aligning themselves with preferred lenders to offer a variety of unique financing options, one of which is a two-year rate lock option, with assistance from affordable housing programs available through the State of Florida. condominium, which will be built in a joint venture as affordably priced mixed-use development. Pembroke Park will debut as an affordably priced condominium community at 5400 W. Hallandale Beach Blvd.The 7.6-acre project will sit along Hallandale Beach Blvd., between 52nd and 56th Avenues and adjacent to Pembroke Park’s Town Hall. The developer is MG Pembroke Park LLC, a partnership between Roger Miller, managing partner of The Miller Group and Ken Gordon, president of AmeriBuilt Corporation. |
|
| | << Start < Prev 1 2 3 4 Next > End >>
| | Results 1 - 9 of 32 |
|
|
