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Multi Family Property Living
While most multi family properties are designed to allow the peaceful coexistence of many families within their separate units, some apartments and houses give you the feeling that you're actually living in one big family. Things like sharing one washer and dryer between five families means you never know whose underwear you'll have to fish out of the washer before you start your own laundry. And a shared water heater means that now there's an incentive to early morning classes. Catching the 'Cosby Show' every night at seven through your living room wall keeps you conveniently updated on the latest goings-on in the Huxtable home.
While living in multi family housing may not be an ideal situation for some tenants, it can be a way to wealth for the person collecting the rent. My own landlord, also currently a college student, manages several properties for his wealthy, out-of-state family, collecting a handsome property manager's fee in the process. Sure he had to evict the people upstairs, replace the roof, renovate the unit next door, and perform other sundry tasks, but at the end of the month, he's got another $2500 in the bank.
One time while he was fixing a clogged drain at our place I asked him how his family got to be so successful in the multi family investment property business. He told me that his family hadn't always been the housing barons they are today; after scraping together everything they had, even borrowing from extended family, they still had to take out a substantial loan from a local bank. With this they bought their first multi family property-an old duplex three blocks from the university. Although the location was great, being as close to campus as it was, the purchase had depleted the family's financial resources to the point were they had to move into the property while renting out the other half. From this experience, my landlord's family gained some useful insight into multi family apartment financing.
Several weeks later I had the opportunity to speak with my landlord's father, the owner of the property my wife and I were currently living in. While enquiring about his investment property business I learned a little about multi family investment property financing. According to him, most lenders will only provide financing for multi family dwellings of five units or more, with a minimum loan amount of $500,000. Apparently it isn't worth a lender's time to finance smaller investments.
Most multi family or apartment loans have a thirty-year term with interest rates ranging from 4.7% to 6.625% for loans up to $3 million. I learned that most of the time these "smaller loans" carry a little higher interest than loans exceeding $3 million and are termed as 'recourse' loans; in other words, if you default on the loan the lender may take 'recourse' by seizing your private assets. Loans in excess of $3 million are termed as 'non-recourse', meaning private assets are protected in the event of a borrower default. In addition, most lenders offer basic options like fixed and adjustable rate loans.
In the final analysis, the key to the success of this family in the multi family investment property market wasn't the way they quickly handled tenant complaints or provided decent amenities; these things merely kept them in business. The reason for their success was a thorough understanding of investment property financing gained from years of research, experience, and trial and error.
Home Buyer Beware ? Know the Signs of Real Estate Market Trouble
Lots of articles have appeared recently about the booming real estate market in the United States. Home prices, especially on the East and West coasts, are not only at record levels, but are increasing at record rates. In some areas around Washington, D.C. and San Francisco, home prices have tripled in the last five years. While many homeowners have been enjoying huge increases in their equity, realized when they either sell their home or borrow against it, the market has become increasingly difficult for those trying to buy homes. It may get worse, as there are now some strong signs that the market may be near its peak:
Why a Mortgage Professional Beats a Banker Every Time -- The Story Tells It All
The best way to explain why a mortgage professional is always better than a banker is to use an anecdote. My parents lived in the house I grew up in for 35 years, so it was finally time to move. They found a home they liked, made an offer, and signed a purchase agreement. After conferring with me, they decided to go to a bank ? one of the more well-known mortgage banks in the region. Of course, I thought a good mortgage professional would be better, and I told them I could follow the deal from start to finish, if they went with a company I previously worked for, but the bank they decided on offered a little better rate and lower fees, so they wanted to go with them.
First Time Buyers Fail To Shop Around
Almost two thirds of first time buyers accept the first mortgage they are offered and fail to shop around, often missing out on better deals.
What On Earth are Home Equity Loans?
Home equity loans are one of the most common types of financing for doing improvements on your house. These loans are not necessary used for home improvements but can also be used to simply obtain extra cash. It is essentially a standard loan, based on the equity you have in your house. This is as opposed to mortgage loans which are the loans used to purchase a home. Equity is the value that you have paid on your mortgage loan.
Subprime Mortgage Lenders - Helpful Tips When Getting a Subprime Mortgage Loan
If you have bad credit history, no down payment or difficult to prove income and are looking to get approved for a home mortgage loan, you will probably need to look at subprime mortgage lenders to help you. To see a list of our recommended subprime mortgage lenders you can click on the link below.
Understanding a UK Commercial Mortgage
In many ways a commercial mortgage is just like a residential mortgage in that you pledge real property as collateral against a loan to either buy or refinance that property. You can also receive a commercial re-mortgage and use it as a line of credit for any business purpose.
High Risk Mortgage Lenders - Using a Sub Prime Lender Online
Sub prime lenders handle high risk mortgage loans that traditional lenders refuse to touch. Through slightly higher interest rates, sub prime lenders protect themselves from the higher rates of foreclosures. With sub prime lenders online, you can easily compare rates to find reasonable financing for your mortgage.
Home Loan Confusion Continues
Unfortunately, most Americans still do not understand how home loans work and how to take advantage of the wide array of programs available. The way I see it, people are still confused about mortgages in general and real estate finance, in particular.
Home Loans and Mortgages ? Beware of Deed Theft Scam
The average home in the United States has a value of $206,000, a record amount. Real estate prices have been rising throughout the country during the last five years, and homeowners have seen the value of their property skyrocket. In California alone, the equity in private homes has increased by more than one trillion dollars in the last five years alone. Many homeowners do not even realize that their home may be worth hundreds of thousands of dollars more than they know. Unfortunately for them, a new breed of thieves is well aware of the value of home equity, and a scam known as "deed theft" has allowed them to steal homes from thousands of people.
Should You Refinance Your Mortgage if Interest Rates Drop?
Mortgage refinancing is when you take a mortgage of a certain interest rate and term length, and change it for a different interest rate and term. If you are looking to refinance your home loan it is usually done when rates have dropped considerably therefore making it advantageous to do so. When I say considerably it usually means a drop of at least 1% from what you're paying now.
Kings Bay Saint Marys & Kingsland Georgia Real Estate - Getting a Home Loan with Damaged Credit
So, you have made the decision that you would like to become a homeowner. As lenders, we have to perform a credit check. The credit we review are provided by all three reporting agencies. Equifax, Experian and Transunion are the three agencies lenders use. The middle of all three beacon scores is the one used to qualify a borrower for a mortgage.
Refinance Home Loan and Refinance Home Loans
Refinance home loan lenders are eager to lend money to any individual regardless of credit as long as the homeowner has a fair amount of equity in the home and the home itself is in a condition that can be resold. Refinance home loans are different than a second mortgage or line of credit in that the proceeds from the loan disbursement first pay off the original mortgage loan. The remainder of the refinance home loan proceeds leaves the homeowner to spend the money as they wish. Typically, refinance home loans carry lower interest rates than purchase mortgages.
HELOCs and Second Mortgages: Which One Should I Choose?
Whether you need some extra cash to pay off some credit card debts, or to make some home improvements, home equity lines of credit or second mortgages can be great ways to get started.
6 Helpful Mortgage Tips
Here are some mortgage tips that can help you obtain a mortgage with less hassle, and at a lower overall cost: Determine how much home you can afford. Based on your income and any long term debt, know the maximum payments you can be certain of making comfortably. Home loans are serious business, and buying too much home can build a mountain of debt. Make sure you can make your payments comfortably; it shouldn't be a burden. Locate a mortgage calculator online that allows you to enter your income and it will tell you how much mortgage you can afford.
Avoiding Foreclosure Scams
If your mortgage company is threatening foreclosure, there are things you can do to avoid it (see my article titled "How to Avoid Foreclosure"). However, you should be aware of scams. If there are solutions to your problems that seem too good to be true, they probably are.
Home Loans and Mortgages ? Time to Consolidate Loans?
Home equity loans and lines of credit are useful tools for homeowners. They allow the homeowner to borrow against the value of his or her home for all kinds of purposes ? home improvement, debt consolidation, vacations, and more. The loans, backed by the value of the house itself, come with attractive interest rates and the added bonus of tax deductible interest. That interest, however, is often variable, adjusting up and down with changes in market conditions. At the moment, conditions are such that interest rates for adjustable rate loans are increasing while rates for fixed-rate loans are still fairly stable. This is probably a good time for homeowners with variable rate equity loans to consider consolidating their primary mortgage and home equity loan into a single entity.
Buying a New Home ? Home Buying Tips
If you in the process of looking for your first home, there are some essential steps that you should be aware of. Many times, people fall in love with a home and rush into the deal-not considering some important issues. Unfortunately, many of those people end up unhappy with their purchase or end up with a deal gone bad.
Composite Credit Report Score Simplifies Mortgage Issues
Do you want a mortgage loan for your new home? Trying to qualify for a new mortgage can be very tough, especially if you aren't aware of the effect your credit report score has on your ability to get approved for loans. One of the first things a lender looks at to determine your suitability for a mortgage loan is your credit report, or FICO score.
Mortgage Lead and Mortgage Leads
A mortgage lead is an exciting thing because you are filled with the thought of buying a house. Mortgage leads are listings of information dealing with how much a house will be. Although the thought of a mortgage lead can be kind of scary, the time when you are looking for a mortgage is one of the most exciting times of your life. Mortgage leads can be found through many different sources, but first you must look at your financial situation before even beginning the thought process of buying a house and looking for a mortgage.
Mortgage Terminology for the First Time Home Buyer
Buying a Home for the first time can be a little "nerve racking". Mortgage terminology that brokers use everyday can leave you scratching your head or shaking your head pretending that you know what they're talking about. Here are some mortgage terms and definitions that you"ll be hearing when shopping for a first time home buyer loan:
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