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| Financial Freedom Through Real Estate |
| This is a Mortgage and Real Estate Blog that covers important real estate related strategies, laws, and wealth building techniques. This blog features several topics that will cover the homebuying, refinancing, and real estate investing process. The Goal is to help build your wealth! |
| Language: English |
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| Total Unique Visitors: 245179 |
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| Is Now the Best Time to Acquire a Rental Property? |
| 2009-04-11 15:11:39 |
In the last few weeks we have witnessed an encouraging uptick in the stock market and housing markets. It may be a sign of a bottoming out process, but who knows. One thing that is certain, mortgage rates have never been this low since we began tracking mortgage rates. Sub 5 percent mortgage rates on 30 year fixed loans are literally unheard of, but we are now experiencing them. Couple that with a more affordable housing market and this may be an opportune time to consider picking up a rental property. Such a move may payoff for you in five years and beyond, once we get out of the financial mess we are currently in. A rental property near major transportation and employment hubs will set you up for when the economy turns around. Homes located in these areas will be in higher demand. Since ...
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| HouseWealthy.com has been redesigned |
| 2009-02-23 18:59:40 |
The main website for this blog www.housewealthy.com has been totally redesigned. In addition to covering real estate wealth building topics, it will also offer discussions, forums, tools, methods, and techniques for gaining financial self-sufficiency through utilizing residual income and renewable energy. Everyone wants control of their financial well being, but the means to gain control seems to be more elusive than ever. The path to fiscal stability is moving further out of reach. One thing the recent financial turmoil should be teaching us is that we can no longer depend on our employer, 401ks, or stocks to take care of us. We must become "HouseWealthy", which means we must create and grow our wealth in-house and not be solely dependent on the increased risk of outside sources. Please visit the newly redesigned main website (www.housewealthy.com) and leave us a comment. You can also register and post a question or tip for other users to answer or comment on.
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| How to be Financially Self-Sufficient in Today's Uncertain Times |
| 2008-12-12 16:52:05 |
We have gone through some of the worst financial conditions that have been seen in the last 70 years. Everything from stocks, home values, savings rates, consumer spending, and all types of businesses have suffered greatly from the recent events. There seems to be absolutely nothing that is considered a good investment these days. In the past, if one investment sector had a downturn, there was always another that would pick up the slack. For example, when stocks plunged from a combination of the tech bubble and the 9/11 terrorist attacks, the real estate boom picked up the slack and money funneled into that sector. Initially, as real estate quickly cool in 2007, the thought was that stocks could start to pick up some of the slack. That line of thinking did not work this go around, as...
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| Is real estate investing coming back? |
| 2008-05-05 07:51:39 |
I have been on the lookout for some new real estate investments during the last few months. Most of the time, I have been met with unrealistic prices and expectations from the sellers. They still dream of the good ol days of 2005, where they could pick a number out of the sky and watch multiple bids come in. But now, things seem to be slowly coming back to earth. Whether it be a short-sale, or more favorably a seller that just needs to get out of a property, prices are starting to get to the levels where investors can consider coming back in and establishing sound rental properties. Based on the dynamics of the still depreciating market, rehabbing may be a little ways off, but rentals are starting to look attractive. I looked at a few houses this weekend in the D.C. metro area and af...
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| 2008 Spring Real Estate Market |
| 2008-03-13 12:53:48 |
For the past couple of Spring seasons, the real estate market has been in a slow, steady decline. Prices stopped rising at the breakneck pace that we have become accustomed to during 2001 - 2005. Based on that frame of reference, any reversal in appreciation started to look like the deal.But something seems different about the coming Spring of 2008. I am beginning to see price reductions unlike what has occurred in the past 2 years. It seems like the true reality of the real estate market is finally starting to sink in. I have witnessed price reductions of 25% to 50% of previous purchase prices, which was usually during 2005 - 2006. You may be wondering how a homeowner is able to take such a hit to unload a home. Well, it is not the homeowner directly taking the hit. These steep di...
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| Jumbo Loan Rates Set to Fall |
| 2008-02-16 12:41:58 |
Congress has just passed their economic stimulus plan that is supposed to put money in everyone's pocket so they can go out and boost the economy. This is the highlight of the plan, but it also covers another important provision that will be good news for homeowners and potential homebuyers. The conforming loan limit that is insured by Fannie Mae and Freddie Mac is $417,000. Fannie and Freddie are the government companies that buy and package mortgage backed securities from banks. Any loan amount over $417,000 is considered a jumbo loan and is not insured by these entities. Ever since the subprime fallout, these jumbo loans have become expensive and average about 1.25 percentage points higher than conforming loans. Wall Street is very reluctant to purchase these securities since Fann...
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| 2008 Refinance Boom May Be Looming |
| 2008-02-02 09:47:29 |
With the slowing economy, talks of recession, the tick up in unemployment, and the volatile stock market, the 30 year fixed rate mortgage has slowly continued to drop. A couple of weeks ago, the Feds finally took steps to combat the signs of recession by cutting the Fed rate by a combined 125 basis points. Usually the Fed funds rate has little to do with fixed rate mortgages, but it usually does not take long for fixed rates to follow the trend. Long-term mortgage rates are already low and may go lower. Usually when the economy faces a possible recession, these rates drop. We all remember what happened to rates from 2003 – 2005, after the 2001- 2003 recession. So, if history is any indication, there is a good possibility that rates can fall further. This is good news for potential ...
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| Home Staging Helping Today's Home Sellers |
| 2008-01-10 09:53:56 |
In order to sell a home in this market you must have a property that is in good condition and well priced. But one area that is often overlooked is presentation.Professional home stagers have been receiving more business and have helped increase the likeliness of a home selling. Prospective buyers want to be able to picture themselves in a home. A house with too many personal items or unique features will make it hard for a buyer to see themselves in the home. In order to cater to the variety of potential buyers, you should make your home as neutral as possible. This would include neutral furniture, paint, artwork, etc. You don't want to offend any prospective buyers.
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| 2008 Real Estate Outlook |
| 2008-01-06 21:00:04 |
Another new year has come and we are all looking forward to what it may have in store for us. This is true if you believe in New Year's resolutions or not. This may be especially true for all of the potential homebuyers out there. As most waited out the market shifts of 2007, 2008 may be the most favorable time than ever to dive into the market. There are currently some really nice deals out there, which has been absent from the market for a long time. Current home sellers are a bit anxious and the usual slowdown in sales that the winter months bring will accentuate this fact. As always, no matter what the sale price may be, it is always best to negotiate within reason. This goes for owner-occupants as well as investors. You must also be looking to hold the property for at least the next 4 - 5 years. This is definitely not the time to consider rehab projects if you are an investor. Good, solid long-term rentals would be a better strategy. Normally, real estate cycles last for about 5 years. This would theoretically put us somewhere near the bottom of this current cycle. So 2008 may be the year for the homebuyer. As for lending, FHA is back in favor again and should be considered especially if you are a first-time buyer. Their website www.fha.gov lists the loan limits for different areas around the country. If 2008 brings better loan programs that will allow more buyers to afford homes, we may see better sales a little sooner. The subprime mortgage crunch was one of the major factors that contributed to the drop in home sales for most of 2007.
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| Simple Tips for Controlling Mortgage Cashflow |
| 2007-11-26 08:11:30 |
Since we are in the middle of rising mortgage rates and potential foreclosures, I want to suggest a few ways for folks having cash problems to avoid potential disaster. The number one rule is not to close your eyes and ignore the problem that you are having. It is best to read the signs and address problems that you see coming down the road. The biggest mistake would be to allow yourself to make late mortgage payments. That will virtual eliminate about 90% of the solutions you would otherwise be eligible to receive. If you have an adjustable rate mortgage that you know will reset soon, pull out the paperwork and find out what new rate is due to adjust. Refinance ahead of time, because mortgage rates are pretty low right now. Also, if you have consumer debt (e.g. car loans, credit card balances, etc) that has a high interest rate (8% - 20%), you can consider paying off those loans with a cashout refinance. This only works if you have enough equity in your home. This strategy will give you a fixed mortgage rate and reduce your total monthly obligations. The Federal Housing Administration (FHA) loan is also making a comeback. While most lenders require that you keep 20% equity in your home on a cash-out refinance, FHA will allow you to keep just 5% equity in your home. This results in a much larger cash-out refinance. With the squeeze in credit availability and the rise in consumer monthly payments, these suggestions should help you to manage your monthly cash flow.
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