Entries from Searchlight Crusade tagged with 'planning'

Second Trust Deeds: Home Equity Loans and Home Equity Lines of Credit

A Home Equity Loan, or HEL (pronounced "heel") is a one time loan, much like a car loan. You get the money all at once, pay it back so many dollars per month, and when it's paid, it's over....

Cash to Close - A Basic Primer

Cash to close has always been an underwriting standard, but more people are running into it as a reason why they cannot buy that property, why their buyers cannot perform, and why they can't get that refinance approved. With...

Pay a Prepayment Penalty Now or Wait to Refinance Until It Expires?

The original article was written when rates were higher. Rates are lower now so the answer is slightly different, the thought process to make that decision is the same. I have an adustable rate mortgage (5.875) which is set to...

If You Need A Loan To Buy A Home, You Need A 60 Day Escrow

Minimum Time was, a few short years ago, when I could reliably do a purchase money loan in two and a half weeks. That has now changed. There are three separate delays of one to two weeks that have been...

Should You Pay Off Your Mortgage Faster?

I have to admit to being conflicted. The numbers say no. The psychology says yes. Let's examine both. Most first mortgages out there are between six and seven percent, and tax deductible at a marginal rate of about 28%. If...

Using the Real Estate and Mortgage Information Found Here

The inspiration for this article came when I checked my referral logs and found an article where somebody was essentially saying "If you want to be depressed, go read this site and then go rent somewhere for the rest of...

Pocket Listings: Out of Sight, Out of Mind

Every so often, you will see references to a "pocket" listing. These are usually bad for owners, and usually bad for buyers, but good for agents. A "pocket listing" is one where there agent keeps the listing "in his pocket"...

Fixed rate, Balloon, ARM and Hybrid Loans

One of the things that always seems to be aiming to confuse mortgage consumers is advertising based upon whether the loan is fixed rate, and for how long. First, I need to acquaint you with two concepts: amortization and term....

Finding or Creating a "Green" or Eco-Friendly House

With the current popularity of pursuing a "green" lifestyle and some sustainability (garden plot, edible landscaping, micro-orchard, etc.) in one's yard area, I value your input about what to look for in an older subdivision with larger lots that aren't...

Buying Off A Prepayment Penalty At Loan Inception

Been reading some of your informative tips. I am looking at refinancing and getting a $378000 mortgage. Now in the case of having a 3 yr prepay penalty, vs paying 1.5% in points to make it a 1 yr...

Real Estate: Getting From Where You Are To Where You Want To Be

When I'm driving, and get to busy main streets, I hate turning left onto major streets unless there's a light there. Traffic is coming hard both ways, usually at high speeds, and with only intermittent breaks in each direction. If...

The High Cost of Waiting To Buy A Home

(Note: This is a repeat and 100% financing is not currently available unless you are one of those with a VA loan available to you - but the article is still valid for those who have the required down payment...

Save For A Down Payment or Buy Now? (Part 2 of 2)

(click for Part 1 of Save For A Down Payment or Buy Now?, which deals with the basic question of how well saving for a down payment increases affordability) As an alternative strategy, suppose that instead of waiting to buy...

Save For A Down Payment or Buy Now? (Part 1 of 2)

An email asked a question I should have thought to answer a long time ago, and the answer may surprise a lot of folks. I've been vaguely aware of this for a couple of years, but I was amazed how...

Buying or Selling Subject to Existing Deeds of Trust

This is something that often happens with highly appreciated properties where the owner can no longer keep up the payments, they get hit with a notice of default, and along comes Joe or Jane seemingly riding to the rescue on...

Being Realistic Saves Money on your Mortgage

If you haven't heard about the thirty year fixed rate mortgage, welcome to planet Earth and I hope we can be friends. The thirty year fixed rate loan seems to be the holy grail of all mortgages. It's what everyone...

Buy Now vs. Wait: Some Practical Hypotheticals

The original appeared in April 2006, but has been updated for changes I am hoping to buy in the (city) area and am reviewing the possibilities. While I fear that the local market may be peaking, I intend to live...

Top Ten Reasons You Bought The Wrong House

A while ago, I wrote Top Ten Reasons Your Home Isn't Selling. It was well received so I thought I'd take it from the buyer's perspective. Once again, I'll try to inject as much humor as I can. And...

Real Estate "Pig In a Poke"

Over five hundred years ago in Europe, there was a con game that was more practiced than any other con game in the history of the world. It was simply the thing to try on the new rube in...

One Loan Versus Two Loans

One of the questions we ask all the time is whether to do your financing as one loan or two loans. Until comparatively recently, one loan was the default option, but people have been learning that splitting their home financing...