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Is Now The Time To
Buy?
Given
the terrorist attacks in September, massive layoffs, and
declining corporate profits it's not unreasonable for
would-be purchasers to ask if now is the time to buy real
estate.
The answer is this: If you're looking for that first
house or if you've thought of moving up, now is as good a
time as any to get into the marketplace, and perhaps a
better time than seen in recent years.
But how can this be? Let's look at several key issues.
Interest Rates Are Down: If rates for 30-year,
fixed-rate mortgages are at 8 percent -- about where they
were a year ago according to HSH Associates, a
eading financial publisher -- your monthly payment for a
principal and interest on a $200,000 mortgage would be
$1,467.53. Add in, say, $350 for taxes and insurance and the
total monthly payment
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Mortgage Rates
U.S. averages as of October 25, 2001:
30 yr. fixed: 6.64%
15 yr. fixed: 6.13%
1 yr. adj: 5.25%
Get today's rates
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A Dozen Ways To Make
Your Home Show Better
We
all have had the experience of someone important coming to the
house, and whether the visitor is an in-law, old friend, or
business associate you know the drill: Have the house in "show"
condition.
For home sellers the situation is much the same: First
impressions count and while you may not be able to tell a book
by its cover, you'll likely pay more for a book if the cover is
inviting, alluring and attractive.
If your home is for sale or soon to be for sale, in
addition to a general cleaning there are 12 steps you can take
to benefit from that all-important first look:
Start with the outside. Mow the law, prune bushes, remove
dead branches and get rid of outdoor furniture you don't intend
to move.
Paint the front door and lintels, or at least clean them up.
Check for leaks. A drip may not seem
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How To Profitably
Refinance
For
homeowners who thought the federal tax refund checks were a nice
surprise, you may be a candidate to save a lot more than a few
hundred dollars. Interest rates have dropped to levels not seen
in quite a while so it may pay to pull out your mortgage note
and do a bit of comparing. But before you jump on the
refinance bandwagon, here are a few "dos and don'ts" that should
help in your search for the best re-fi option.
Refresh yourself with the exact terms of your current
mortgage. Know your rate, mortgage balance, monthly principal
and interest payment, possible pre-payment penalty, and the
remaining term. A loan officer will have trouble giving you the
best advice if he or she doesn't know your current situation.
When you get a new mortgage each monthly payment is divided
between interest costs and principal reductions. At first, most
of the payment goes to interest, but over time more and more of
the loan is devoted to principal. Refinancing starts the process
from scratch, which again means most of the monthly payment goes
toward interest. This is not necessarily a bad thing if
refinancing means lower monthly payments. As well, in the usual
case
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Has Your Credit Changed?
It's
a combination car, pick-up truck, and SUV. You really want it. The
features are great, the style is the latest, and it's affordable --
after the downpayment the cost is only $300 a month.
"Would you buy this car today if I can include the genuine
wood grain, rubberized, side moldings?" asks the salesman.
Before emitting a strong "yes" stop and consider what's about
to happen. You will be increasing your debt load and monthly
payments, things which make mortgage lenders edgy. If you want to
buy a home in the coming months, you need to carefully consider your
financial choices.
The issue here is not cars. If you need a car for safe
travel, then safety comes first. But if you merely want a new
car -- or super-duper music system, an antique guitar, a trip
abroad, or anything else that increases your monthly costs and is
not absolutely and unquestionably necessary, then you should think
about mortgages, debt, and ratios.
Daily News and Advice
Read about the events shaping the Real Estate
market today, find current interest rates, or browse the
extensive library of advice and how-to articles written by some
of the top experts in Real Estate. Updated each weekday.
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