how do i figure mortgage payments?
August 30, 2008
i used to have a card from a realtor to do this but have lost it.if you are going to tell me to use a mortgage calculator don’t waste my time i know how to do this.how is the payment figured multiplying the loan amount by interest rate to give you the monthly payment?
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how much do you make per hour and what price of house were you able to afford?
August 24, 2008
ive been wondering how much ppl can afford when they make ten,or twenty or forty dollars or more an hour.
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How do you figure amortization by hand, without the help of a mortgage calculator?
August 23, 2008
Is there a formula that I could simply plug the numbers into that would give me the amount of the payment for $137,500 with a 5.25% interest rate for 30 years?
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Short Sale offers, how much should I list my house for?
August 22, 2008
My house has been for sale for a year now and I can no longer afford to make payments. I want to try to do a short sale before I consider foreclosure, but the bank will give me no suggstions as to how much an acceptable lowball offer would be. I owe 165,000 on the house and want to get out of there asap!!! I was thinking 139,999, what do you think would be the lowest the bank would take?
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Mortgage calculator which includes mortgage deduction?
August 17, 2008
I’m looking for a decent mortgage calculator which factors in the mortgage deduction. Basically my goal is to be able to forecast my monthly payment as accurately as possible. Thanks!
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to afford this house about how much do you and your spouse need to be making?
August 14, 2008
to afford a house that is 292,000 how much income do you or you and your spouse need to be making in order to comfortably afford a house that costs this much…take into account having 2 cars and some student loan debt and maybe being able to remodel at some time to make some upgrades..thanks
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Foreclosure Home - Find Listings Tips
August 8, 2008
Buying a Foreclosure Home - Tips to Find Listings
When you’ve decided that you’re going to look into buying a foreclosure home, you might not know how to find foreclosure listings. Most realtors don’t list these on their websites in abundance or specialize in this type of home listing because the realtor is out to make as much money as they can. Because they make a commission on what the house sells for, it stands to reason that the real estate agent will want to sell homes listed for big money.
There are many services that specialize in foreclosure listings. Search online for foreclosure listings and add the name of your city, province or state and you can even search based on types of homes. Once you’ve found some websites with foreclosures as their specialty, you can often search based on a database with various criteria that you can set. There are free and fee-based foreclosure listings websites available to choose from.
FSBO - Pre Foreclosure Deals
August 8, 2008
FSBO: For Sale By Owner Pre-Foreclosure Deals
FSBO bypasses realtors and stands for “for sale by owner”. For sale by owner pre-foreclosure deals are another way to save money when looking for a house or property. Sometimes people are lining up to buy foreclosure deals, which can create a bidding war among interested parties. A solution to this problem is to get in there before the deal becomes a foreclosure deal. A pre-foreclosure deal happens at the eleventh hour but can be very worthwhile.
Short sales by owners facing potential foreclosure can be very motivated buyers who want to get out with their dignity and some money in tact. Many of them sell privately to try to get a deal before they lose their house and all their equity. You can make a great deal and get in before others are interested in bidding against you by looking for a “for sale by owner’ pre-foreclosure deal.
Home Shopping Tips
August 8, 2008
Home Shopping Errors That Can Lead To Foreclosure
Foreclosure is a four-letter word to those shopping around for their home or who have recently bought a property. There are things you can do before you buy to reduce your chances of foreclosure.
Buying more home than you can afford is the number one reason for a foreclosure. Just because the bank approves you for $300,000.00 doesn’t mean you should buy a house for $299,000.00.
Be very cautious about the size of your mortgage. Instead of going for the maximum allowance of what you are approved for, leave some breathing room. Live below your means instead of right at them.
A Rainy Day Fund
It’s also a good idea to work to keep at least six months worth of mortgage payments in the bank in case something happens to your income level so you have time to react. Keep this money in a high interest bearing account but ensure you can get to the funds easily if need be.
Fixer Upper - Instant Savings
August 8, 2008
Saving Money - Buying a Fixer Upper
One of the benefits of foreclosure homes is the financial benefit. There is big money to be saved on a home that’s discounted because the previous owner defaulted on their mortgage payments. Something to consider is a fixer upper house
When a home is not in the best cosmetic condition, you can save even more money on it. If the repairs needed are merely cosmetic and related to mild neglect, you can put a bit of time and effort and really turn a huge profit. Not only are you saving money because of the foreclosure status but also you can save money because the house needs some painting, gardening and TLC.
Be careful the house isn’t going to need massive repairs when looking at your budgeting for repairs. Consider how much money it will cost you to get the house in either livable or saleable condition and add that money, the time required to do the repairs and the sale price to determine if you’re getting a good deal. Chances are that you can get a great deal!
Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.