Can I Pay Someone to Just Repair My Credit?
July 15th, 2009
Categories:Home Buyer Education
Need Help with Credit Repair?
We’ve all seen the countless ads for companies offering to fix your credit for low fees.
The truth is those companies can’t deliver and often you don’t find out until after you have paid them hundreds or thousands of dollars in fees.
The Federal Trade Commission, (FTC) states “self help is the best way to go when repairing credit.”
The truth is that no one can legally remove accurate and timely information from a credit report. Which means if you’re guilty of paying the credit card two weeks late every month, no one can fix that problem and it will be on your record for the next 7 years.
No-Cost Investigations
As a consumer, you are entitled to a no-cost investigation of your credit report. Think about it from this angle, credit card companies (at will) flag your account as late, past due, etc. They often report those issues without notifying you or giving you a chance to set the record straight. In which case you are entitled to a no-cost investigation of Read the rest of this entry »
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The 8 Phases of Stress for Homebuyers
July 14th, 2009
Categories:Home Buyer Education
Recently a buyer reminded me of our initial conversation when I explained to him the three most stressful life experiences.
Top Three Most Stressful Life Experiences
- Death
- Divorce
- Moving
The client had already been through a divorce, so I don’t think he took me very seriously. After all how stressful can buying a home be?
There are eight phases of stress when it comes to home buying.
- Deciding to Move
- Getting Qualified for the Loan
- Finding a Home
- Crossing Your Fingers for Acceptance
- Dreaded Inspection Period
- Loan Docs and Closing
- Moving In
- (gotta reach the bottom of the article)
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Encumbrancing with Liens and Easements
July 11th, 2009
Categories:Home Ownership
What is an Encumbrance?
An Encumbrance is a claim, charge or liability that attaches to real estate. An encumbrance does not have possessor’s interest in real property. Instead it is a right or an interest held by someone other than the owner of the property.
There are two main types of encumbrances:
- Liens
- Encumbrances
Liens
A lien is a charge against the property that secures debt for Read the rest of this entry »
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Big 3 – Loan Programs
July 8th, 2009
Categories:Home Buyer Education
In the world of lending there are countless factors involved in a securing a loan for a home purchase. Other articles will delve deeper into the intricacies involved with obtaining a loan. This article will give you an overview of the three main loan programs available. When you begin researching loan programs, be sure to contact a mortgage professional for more information and the latest market updates and changes.
FHA-Insured Loans
An FHA loan is a loan insured by the Federal Housing Administration. The FHA was created in 1934 to increase home construction and reduce unemployment through loan insurance, which essentially lowers the risk to the lenders creating the loan.
During tough real estate times, FHA loans step in the spotlight and become more important as they allow homeowners to Read the rest of this entry »
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Taking a Closer Look at Home Inspections
July 7th, 2009
Categories:Home Buyer Education
You’ve found the house you want to call home and you’ve come to agreement with the sellers on the terms of the contract. Now its time to do your due diligence and make sure the home is in good shape.
Depending on the home and its condition you might have more than one inspection performed. No matter what, the first inspection performed should be by a home inspector.
A good home inspector will give you an understanding of the home’s condition and point out any issues that could use a specialized home inspection. They will put their findings in a report and often summarize the entire report with an executive summary.
Each finding by the home inspector should include:
- An explanation of the condition (issue)
- An assessment (severity) of the condition
- What could happen if the condition is ignored
- A picture of the condition
4 Areas of a Home Inspection
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Fact or Fiction: 1% Down FHA is Back?
July 6th, 2009
Categories:Real Estate News
Believe it or not, it appears the 1% FHA Loans are coming back. Well, more like crawling back.
Last Friday I received a completely random phone call from Robert Spector with The Lending Company. He ran across an post I wrote about 9 months earlier when a private investor offered a 1% down program. The program was immensely successful. However, it didn’t stay on the market long because the investor only had a limited amount of funds to support the program.
It appears The Lending Company is the first lender to have access to a new 1% down program offered by the H.O.M.E. Gift Program. While other lenders say they have similar programs coming, Read the rest of this entry »
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Lease – What to Know
July 5th, 2009
Categories:Home Buyer Education
This article will cover an array of information regarding leases and is meant to help renters understand specific lease terminology and their rights as tenants. Arizona’s Residential Landlord and Tenant Act can be found in PDF format in the resources section towards the bottom.
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Types of Leases
There are several types of leases available. Below is a list of the leases available in both the residential and commercial industry. Each type of rent will calculate the rent amount in a different manner.
Read the rest of this entry »
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