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Real Estate Blog

Big Changes Effecting Sellers of Short Sale Properties

Sunday, September 30, 2012

There is currently a law in place to help sellers with reporting the deficiency as income on their tax returns.  However, that law is cited to expire on December 31, 2012.  There has been no word yet as whether or not it will be extended.   There are speculations but no official word.   In my opinion, look for word to be delayed until after the elections.  If you are facing hardship (death of a spouse, divorce, loss of job, medical, financial, etc) call me immediately to review your options to take advantage of the current law.  If you are falling behind in your mortgage payments or facing falling behind in your mortgage payments, call me immediately to look at your options.   Please don’t wait until it is too late to have options.  All appointments are confidential.  Contact me or 410.591.1800. 

Below is a link for your convenience to get more information:

http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation-

 

 

Should I look at a 15 year mortgage or take a 30 year mortgage?

Thursday, September 27, 2012
In my blog, I will tackle many of the questions I hear from potential home owners every day.  Today's question is about the benefits of a 15-year mortgage over a 30-year mortgage.

Q: I am ready to buy a home and have begun shopping for a loan. What is the difference between a 15-year and a 30-year mortgage?

A: Buying a home is a long-term investment, and it’s terrific that you are shopping for the mortgage that will best for you and your family. Here’s the basic difference:

A 30-year mortgage typically has lower monthly payments, but because you are paying interest for a longer period of time, it can cost you more in the long run.  Because a 30-year mortgage poses a greater risk to the bank, interest rates for 30-year mortgages are typically higher than those for loans with shorter terms.

A 15-year mortgage, on the other hand, affords a higher monthly payment. However, it will build equity faster because you will be paying more toward the principal with each monthly payment. If the higher monthly payment of a 15-year mortgage would be comfortable in your monthly household budget, then you may want to consider the 15-year mortgage to take advantage of the shorter term.  And because a 15-year term presents less risk to the mortgage company, you can frequently take advantage of a lower interest rate, as well.

It is always best to discuss your home loan options with a trusted mortgage lender. If you don’t have a contact, you can always call my preferred lender, Steve Barker. Steve will be more than happy to assist you - even if just to help you explore the available options based on your current financial situation. In 20 minutes, you will be on your way to achieving your dream of homeownership.

Give me a call at 410-591-1800 and let’s get started today!

When will the Real Estate Market start to go up?

Wednesday, September 26, 2012

Many homeowners are asking when will the Real Estate Market start going up?  There is no crystal ball to be exact, but indicators are pointing to the bottom has been reached.   Appraisers are telling me they are seeing in overall increase in values.  The inventory has started to decrease which indicates sellers seeing higher prices.  Homes are selling in a reasonably short time frame, if sellers are realistic and homes show well.  It has been a very exciting summer market even though it is the slowest market of the entire year.   But beware, the distressed market is still alive and thriving.   Foreclosures and short sales are still very much a part of our everyday market.    If you are a seller or thinking of selling in the near future, DO NOT delay.  Take advantage of a strong Fall Market.   If you are buyer or thinking of buying in the near future, act NOW.   Your window of opportunity is closing quickly.   For more information, email me at Marian@MarianStaab.com or call me @ 410.591.1800 to get started.


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