Equity. It’s the difference between your home’s value and the amount you still owe, or simply, your stake in the property. As an extremely valuable tool, equity can provide a cushy nest egg for the future or even cash to put down on your next home. Equity good.
The same way you shop for the best home, you need to shop around for the right mortgage lender. This is how you find a bank offering the lowest rate and fees. But in the search for a mortgage, some borrowers play favoritism.
A mortgage refinance involves paying off a current mortgage loan and replacing it with a new one. Refinancing often results in better terms, which can save you thousands over the life of your loan.
When you go to buy your first home, you may be asked if you want to enroll in an escrow account. Depending on your loan program or lender, you may be required to have one.
As a real estate agent, you have freedom to choose niches or areas of specialty. Some agents aligned themselves as a high-end luxury realtor, whereas others focus their efforts on finding new listings. You can employ various strategies to grow your business, such as setting yourself up to become a neighborhood expert.
If you're bidding on a house that didn't receive any other offers, the seller will most likely give your offer strong consideration, especially if he’s motivated and ready to move. As long as your offer is reasonable and far, you’re practically guaranteed the house. But it's a different story when there are multiple offers on the table.
Some borrowers consider a mortgage refinance at some point during their home loan terms. This is often the case when a borrower wants to take advantage of lower rates.
A lot of factors come into play once you're ready to buy a house. You need sufficient income to support a mortgage payment and cash in reserves for the down payment and closing costs. If you're getting a loan from a bank, your credit also matters.
If you don’t incorporate the Internet in your marketing strategy, you're missing out on an opportunity to increase exposure and gain more clients. Whether they’re looking for a home or a real estate agent, some buyers and sellers begin their search online.