There are a lot of different types of homes available, and it is important for people to understand the differences. When people are considering purchasing a house, particularly a rental property, it is easy to get overwhelmed by the different houses available. Some of the most common options include manufactured homes, mobile homes, and modular homes. What are the differences? A Mobile Home A mobile home is a home that has been built with axles directly underneath the house. The axles make it easier to transport the home from place to place. The axles stay on the home even if people live in … [Read more...]
Offering Asking Price: Is This Offer Competitive In The Current Market?
The current real estate market is incredibly competitive, and a lot of potential homeowners are wondering how they can separate themselves from the crowd. In the past, many people would think about how much under the asking price they could offer and still get the house. Now, it appears that the market has flipped. It is not unusual for a seller to have dozens of offers on the first day, so what do potential buyers need to do to be competitive? Houses Are Selling Quickly The current market is highly abnormal. According to statistics that have been published, the average house receives close to … [Read more...]
A Guide To Investing In Real Estate Rentals
If you are thinking about purchasing an investment property, you probably understand this is a great way to diversify your investments. On the other hand, you also need to understand how to evaluate potential rental properties and how to make sure you can generate enough income to cover the overhead expenses related to the property. What do you need to know? Pay Down Personal Debt First Before you decide to take on a second mortgage, you need to pay down as much of your existing debt as possible. If you have unpaid medical bills, student loans, and car loans, you need to pay down the step … [Read more...]
Understanding Your Debt To Income Ratio: What It Means
If you are looking for a home, you might need to finance it using a lender, such as a bank or a credit union. There are a number of factors that will influence whether your mortgage application is approved. Then, these same factors will play a role in the terms the lender might offer you. One of the most important factors is called the debt to income ratio, or DTI. It is important to understand how this will impact your mortgage application. What Is A Debt To Income Ratio? Your DTI is important to the lender because this allows the lender to figure out the likelihood of you paying your … [Read more...]
Common Fees During Refinancing
As interest rates fluctuate, you might think about refinancing your mortgage. This is the cost of taking out a new home loan to replace the one you currently have. If you get a significantly lower interest rate, you could save tens of thousands of dollars over the life of the mortgage. On the other hand, you need to think about potential expenses you might incur during the refinancing process. Because you are taking out another home loan, you may need to pay closing costs a second time. What are some of the most common expenses you might have to pay? The Mortgage Application Fee One of the … [Read more...]
