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Bonnie Fagoh
November 2004
Buyin' or Sellin'....Call Bonnie Helen! (Fagoh)(813) 390-7606
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Should I Take My Home Off the Market During the Holidays? When you look at your calendar you may find the months already overloaded with seasonal obligations -- shopping, entertaining, children's pageants, charity work, decorating the house, and so much more. If you are also trying to sell your home, you are under extra pressure to keep your home in "showtime" condition. And that could be the last thing you need before the holiday spirit is broken. It is understandable why you would be tempted to take your home off the market during the holidays. And the list of justifications is long. If you are too busy, buyers may be also, and you may find your efforts unrewarded by enough
Mortgage Rates U.S. averages as of October 28, 2004:30 yr. fixed: 5.64%15 yr. fixed: 5.01%1 yr. adj: 3.96%30 yr. jumbo: 6.98%-->
View current rates
showings. And what if you do get an offer? You may be faced with the possibility of packing and moving during the busiest time of the year. Besides, you can give your house a rest, and it will have better momentum after the holidays.
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Wondering What Your Home Is Worth?Let me show you.
Interest Only Loans: The First-Time Home Buyer First let's define: An interest-only loan is mortgage that allows the borrower to pay only the interest charged for a particular period. This makes for a considerable lower payment because the principal balance is not curtailed. Check out the difference: The principal and interest (P&I) payment on a $300,000 loan amortized over 30 years at six percent is $1,799 per month. If you were to pay only the interest on the same loan, the payment would drop to $1,500. Interest-only loans are widely available these days because lenders react to market demand. The plain fact is that i/o loans have grown considerably in popularity. If you examine what has transpired in the housing market over the last few years, it's no wonder i/o loans are a big hit. Consider the following:
The upward spiral on home prices has made housing less affordable. An i/o loan allows a buyer to afford a bigger loan to buy a more expensive house.
The rock-bottom interest rate environment encourages an interest-only mentality. People are thinking, "Why
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Home Equity Credit Lines Booming With Home Values With home values ballooning upwards in dozens of markets across the U.S., an already-popular real estate finance tool has begun to produce loan origination volume that is off the charts. New home equity credit lines taken out at banks and mortgage companies soared by 77 percent during the first half of 2004, according to a new study by the Mortgage Bankers Association of America. Dollar volume of new credit line applications jumped by 106 percent -- more than doubling within a six-month period. According to MBA researchers, the average credit line limit at application increased from $71,932 at the beginning of the year to $83,630 by July -- a 16.3 percent jump. The average initial drawdown on the line at settlement rose to $45,884 at mid-year versus $42,523 at the beginning of the year. What's going on here? Are American homeowners turning into equity line junkies, hocking their houses to the hilt? Hardly, say mortgage market economists and financial analysts. With the average US home's market value up by 44 percent during the past 60 months alone, according to federal government data, homeowners recognize that they have comfortable equity cushions to tap if they choose to. Many owners in California, the
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Don't Judge TileBy Looks Alone Tiling your floor? Don't fall victim to its pretty looks alone or you may have to pay to re-do it in a short period of time. Tile may look beautiful but if it is not durable, its looks will quickly fade as chips, cracks and other unsightly marks begin to appear. Special care must be given when choosing floor tile. If you're in the market consider whether it's a bathroom or a high traffic area such as the entryway that's going to be tiled. Is it outdoors or indoors? Many people lay down tile only to have it lift or fade. Choosing the right materials and the right people to do the job can save money and stress. "If someone is looking for something that's really easy maintenance then a
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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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Bonnie Fagoh E-mail: bonniefagoh@century21beggins.comWeb: http://www.tampacostalhomes.com/ Cell: 813-390-7606
Century 21 Beggins Enterprises 6542 U. S. Hwy. 41 N.Apollo Beach, FL 33572
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