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From the monthly archives:

March 2010

Should I Refinance or Get a HELOC For Home Improvements?

by Jonas Kruckeberg March 28, 2010

For homeowners interested in making some property improvements without tapping into their savings or investment accounts, the two main options are to either take out a Home Equity Line of Credit (HELOC), or do a cash-out refinance.
According To Wikipedia:

A home equity line of credit is a loan in which the lender agrees to lend a [...]

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Calculating The Net Benefit Of A Refinance Transaction

by Jonas Kruckeberg March 28, 2010

Calculating the net benefit of refinancing can be a challenging task if you do not understand what to calculate. We are going to focus on the net benefits of refinancing from the standpoint of lowering your interest rate.
Although there are several reasons to refinance, lowering your mortgage rate to save on interest payments over the [...]

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Understanding the Difference Between an Appraisal vs Neighborhood Listing Prices

by Jonas Kruckeberg March 28, 2010

Why is there such a difference between what my appraised value is and the price similar homes are selling for on my street?
It’s a great question, and you don’t have to be a mortgage professional or a real estate agent to understand the answer.
The distinction lies in the purpose of the two valuations and who [...]

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Making Sure Your Cash-To-Close Comes From The Proper Source

by Jonas Kruckeberg March 28, 2010

Providing proper asset documentation and the actual source of the funds is a critical element of the loan closing process.
There’s nothing worse in a real estate purchase than making it all the way through the hoops and hurdles just to have a loan denied after the final documents have been signed due to the borrower [...]

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Talk the Talk – Know the Mortgage Lingo at Closing

by Jonas Kruckeberg March 28, 2010

What the heck are they talking about?
Many borrowers go through the closing process in a haze, nodding, smiling, and signing through a bunch of noise that sounds like Greek.
Even though you may have put your trust in your real estate and mortgage team, it helps to understand some of the terminology so that you can [...]

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Five Myths About Home Values

by Jonas Kruckeberg March 28, 2010

A few years ago, when home values were just going up, most homeowners did not question appraisals much.
It was the best of times.
Over the past two and a half years, home sellers and even listing agents quite often question and pick apart appraisals.
It was the worst of times.
A Tale of Two Housing Markets, if you [...]

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How Do Mortgage Companies Value A Property That Has Not Been Built Yet?

by Jonas Kruckeberg March 28, 2010

It’s obviously easier to picture the process of estimating value on an existing property in a neighborhood that has a history of home sales, but the task of determining the value on new construction projects does pose some challenges.
Appraisals on homes that haven’t been built yet generally require the contractor and home buyer to supply [...]

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HOA Hurdles to be Aware of When Looking at New Properties

by Jonas Kruckeberg March 28, 2010

A Home Owner Association (HOA) can have a huge impact on your life when you buy a home in a PUD (Planned Unit Development) or Condominium Project.
According to Wikipedia:
A homeowners’ association (abbrev. HOA) is an organization created by a real estate developer for the purpose of developing, managing and selling a development [...]

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Assembling Your Home Buying Team – Knowing The Players

by Jonas Kruckeberg March 28, 2010

Buying a new home is literally a team sport since there are so many tasks, important timelines, documents and responsibilities that all need special care and attention.
Besides working with a professional team that you trust, it’s important that the individual players have the ability to effectively communicate and execute on important decisions together as well.
Real [...]

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What You Need To Know About The Home Inspection Process

by Jonas Kruckeberg March 28, 2010

Congratulations on finding a house!
You now have ten (10) days from when you signed the purchase and sales agreement to have a home inspection.
Chances are your real estate agent made the offer contingent upon a satisfactorily home inspection and obtaining mortgage financing.
What Is A Home Inspection?
According to Wikipedia, a home inspection “is a limited, [...]

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