"There are five distinct strategies that can help home owners, buyers, and sellers successfully navigate today's turbulent mortgage and housing markets," said Gibran Nicholas, chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers.....Source...RISMEDIA..read ariticle here..
1. Understand and Utilize the New Tax Credits. more info..
Many home owners are not aware that the latest government stimulus package gives them a special tax credit of up to $1,500 for making certain home improvements. Also, if you are buying a primary home and you have not owned a primary residence in the last 3 years, you may qualify for the new $8,000 first-time-homebuyer tax credit.
2. Consider Paying Points for Your Mortgage Transaction
Mortgage "points" are upfront fees that you pay in order to lower your mortgage interest rate. more info..
3. Carefully Structure Your Real Estate Short Sale Transaction
"If you are selling your home as part of a short sale transaction, make sure to negotiate for a release and full satisfaction of the mortgage from your lender. Depending on the laws of your state and your individual circumstances, lenders may be able to wait a year or two for you to improve your financial situation, and then file a deficiency judgment against you to try and recover the money that you still owe them. The only way for you to avoid this risk is to have the lender not only release the mortgage lien, but also agree in writing to a full satisfaction of the mortgage."
If you are a buying a home as part of a short sale, Nicholas advises you to take steps to make sure the deal is closeable. "It is estimated that approximately 30% of short sale listings are not closeable deals because the lender simply won't approve it. In most of these cases that aren't closeable, the first or second mortgage lender is expecting home sellers that have money to contribute something to the deal. One way to avoid getting caught up in the middle of this is to have your Realtor verify the status of the seller's hardship package with their lender." more info..
4. Utilize the Special Options Available for Seniors Age 62 or Older more info..
5. Carefully Interview Your Mortgage Professional.
The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way.
Rececent blogs....
