Archive for November, 2011

What To Put Down To Get A Good Mortgage?

Typical advice given to middle age people would be to reflect on their increasing cash liquidity safety rate of return and tax deductions and also planning for retirement. Perhaps they should sit down with a financial planner to discuss their total investments.

Before applying for a mortgage you should work on eliminating a good majority of consumer debts to lower your debttoincome ratio improve your credit score and increase your cash flow.

If you saved enough to put down a large down payment let’s say 20 percent you should first check how much you could afford in monthly payments. The reason behind this is to leverage and keep funds liquid for other purposes.

Remember there is no rate of return in equity. The least amount you put as a down payment the higher the rate of return will be. Usually it is good advise to tell clients never to put a big down payment if they can afford a higher loan amount.

Typical advice given to young couples varies depending on how much money you have to contribute and the type of financing you obtain. Some lenders want you to put down 20 percent or you may qualify for 0 percent financing requiring you to cover only closing costs and incidentals.

Five percent down is the minimum many lenders will accept. Don’t have that much? You could borrow that money from someone but that means more money to pay back and great overall cost because you pay interest on that also. If you don’t put down a minimum down payment the lender considers you a risk.

However they will give you the loan if you will pay your own insurance. Typical advice given to those without money to put down is well; you most likely can get a zero percent down loan. Think twice before doing it and here are some of the reasons.

You are more likely to lose your home because you didn’t have the financial discipline to save or are not making enough money for your home. The less you put down the higher your monthly payments will be making the entire matter worse.

If you put nothing down that means you will have to settle with a smaller home and soon out growing it. Also it will be more difficult to find lenders because of the risk they will be taking on. In the end it is a personal choice and the money that you have saved.

If I had it all I would put a large amount down to have a smaller monthly payment and qualify to receive a lower interest rate. Therefore be able to put more into personal savings monthly and reach my goals by keeping my funds liquid and plan for a richer retirement. Well I can dream!

About the writer:  Court provides information about consolidating private student loans and helps people refine their internet marketing company.

What To Look For When Buying Real Estate In Waxhaw Nc

Buying real estate is a tricky business and buying real estate in Waxhaw NC is no exception. When you’re looking to purchase a home a storefront or an apartment complex in this quaint country community there are a few things you should know before you sign on the dotted line.

Waxhaw located about 30 miles away from Charlotte NC is a living breathing piece of history. Originally settled by the Waxhaw Indians and established by ScotIrish and German immigrants in the 1700s Waxhaw has grown and transformed from a small coastal community into one of the largest dining centers in the state. Visitors and residents alike will be able to enjoy its vast array of bistros fine dining restaurants and good ol’ fashioned soul food as well as the swiftly growing industry that has taken Waxhaw from a small dot into a central tourist location in the suburbs of Charlotte.

Its location makes it a prime location for investors to purchase residential and commercial real estate but before you sign on the dotted line you should be familiar with the guidelines for purchasing real estate. A good investment will appreciate rather than depreciate recouping your investment and providing you with either a solid return or a residual income. In other words when you buy real estate in Waxhaw NC you want to make sure you’re not buying a pig in a poke!

The first thing you need to do is decide what kind of real estate you’re looking for. Do you want to own a home? Establish a business? If you’re looking to start a commercial endeavor is your target market present in Waxhaw? How close to the center of the city’s major industry do you think you will need to be to ensure that you are able to attract enough consumers to stay in business?

Once you know what you’re looking for you want to make sure you get a good deal on it. With commercial real estate you’re going to find yourself paying commercial rates but if you’re looking for a private residence you can exploit the resources available to you. Foreclosures and preforeclosures offer a tremendous chance to purchase real estate in Waxhaw NC at a competitive price. The bank and the owners are eager to get rid of the properties at a price considerably lower than it would be sold for on the open market which means that the savvy homebuyer can get a house at a price they can easily affordand the savvy investor can buy a house fix it up and sell it at market value for a profit.

Finally when looking for a great deal on real estate you should contact a realtor familiar with the area in and around Waxhaw NC. It’s a little known fact that not all real estate for sale can be found on public forums. There are a number of properties that are listed through real estate agencies that you’re never going to find on the Internet or by browsing the classifieds.

A good agent will be able to help you find the commercial or residential real estate that will meet your needs allowing you to enjoy the small town hospitality of Waxhaw NC for years to come.

About the writer:  Keith Lutz is a REALTOR servicing the Charlotte Real Estate market and surrounding areas. For elite service in finding the perfect Charlotte Home contact Keith or visit online at www.lovingcharlotte.com

What To Look At When Buying Real Estate Bargain Properties

When looking into real estate investing home foreclosures and bargain properties are typically the place to look at first. While you do want to save money on a home and possibly fix it up you also do not want to purchase a home that is irreparable. Here are a few essential principles to keep in mind when buying real estate bargain properties.

The first thing you want to look at is the overall price. You want to make sure to never buy for less than the market price until you know why it is at the price it is. Find out what the sellers motivation was for cutting the price. If it is not because they are in financial problems or are moving chance are there may be something wrong with the property.

The next thing you want to focus on when buying real estate is the terms and conditions. If you know what you are doing you can pay full price and use this to negotiate lower interest rates or a smaller down payment as an investor. What you will find is that over time the rental cash flow will far outweigh the initial payment due to the generous terms given.

Something that every investor must know is the local market. If you can learn the local market and understand it better than the seller bargains are bound to emerge. You want to know from research that upgrades enhanced security or location next to a park can up the price and a lack thereof can decrease the price.

As mentioned above fixeruppers and foreclosures are something many investors start with. These are the houses that are going to need repairs to some degree. What you need to do is discount the costs of the repairs so they are still profitable in the end.

With some small repairs like painting basic flooring and minor landscaping profits may be there. However profits are more significant with homes that are extremely distressed. The reason for this is because the home will be selling for far less than it would if it were in decent shape. You will find that the seller may ask for 50 percent of the market value so that you can take over and repair it as much as you want.

Buying real estate bargain properties can be a great way to make a large profit. If you take the time to do your research and select the property carefully you can make a great deal of money.

About the writer:  Peter Vekselman has been successfully investing in real estate since 1996. He has completed over 1000 real estate deals owned a construction company been a private lender and owned a property management company. Peter currently works with clients all over the US helping them achieve riches in real estate www.CoachingByPeter.com .