Even though interest rates have increased from their lowest levels of 2003, they are still at historically low levels and offer consumers an opportunity to purchase or refinance with more program choices than ever.

Studio City, CA (PRWEB) July 11, 2006 — For most homeowners or homebuyers, the thought of rising interest rates usually means higher payments for purchasing or refinancing. The knowledge that people could be paying more for a home makes them uneasy. In fact though, purchasing or refinancing a home now could be the best move that you make.

“The fact is, if you are purchasing or refinancing a home now, you have more program choices than ever,” advised Victor Benoun, President of, The Mortgage Source, Inc., and author of Your Castle, No Hassle, How to Buy a House, Get a Good Mortgage and Keep Your Sense of Humor. “If you are currently in the market to purchase a home you will find there are more houses for sale today, then there has been during the previous 3 years. The market had been ruled by sellers, now things have reversed and it is a buyers market.”

According to Benoun, it is also a great time to refinance because lenders are not as busy as they have been in the past and will try harder to get you approved and make you the best deal possible. He also said that many people in lending leave the industry when things quiet down, leaving the most knowledgeable and professional left to serve you.

Benoun went on to say that rates are still at historical lows and a great opportunity is here for those that take advantage of it, but people should take the time to properly educate themselves of all the options.

“Whether you are purchasing or refinancing, find the loan that best suits you and your lifestyle. There are fixed rate loans, adjustable rate loans, interest only loans, just to name a few. People have individual needs so find out what is best for you and as a result, the best way to save money.”

For more information and a fascinating interview, call Victor Benoun at (818)784-1900

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Press Contact: Victor Benoun
Company Name: THE MORTGAGE SOURCE, INC
Email: email protected from spam bots
Phone: 818-784-1900
Website: yourcastlenohassle.com

More Information: http://www.prweb.com/releases/2006/7/prweb409841.htm

Before starting a house hunting in earnest, the real estate professional with whom you are working likely will “prequalify” you to determine a price range you can afford.

Lake Success, NY (PRWeb) January 23, 2007 — According to Diana Voyajolu, ABR®, prequalification is a necessary part of the home buying process that helps save time and money.

“Don’t be shy or withhold information about your income or credit status. Your real estate professional isn’t trying to pry. Rather, he or she must know all details related to your ability to obtain a mortgage,” Diana Voyajolu, principal broker of Harmony Real Estate Consultants, says.

“By candidly discussing your financial situation, you’ll give the agent the information necessary to show you homes you can afford,” Ms. Voyajolu notes. “If you don’t open up, you are placing the real estate professional in the role of a tour guide, not someone who can help you find a home within your budget. You’ll wind up wasting your time and that of the seller,” she says.

Once a person has signed a contract to purchase a home, he or she must choose a lending institution or mortgage company from which to obtain a home loan. A loan application will request financial data including place of employment, assets and liabilities (including recurring debts such as credit card bills and car payments).

Here are two important tips on loan qualification from Harmony Real Estate Consultants: 1) Do not borrow the down payment without disclosing the loan, submit fake letters-of-credit or gift letters or make secret financial arrangements. 2) Accurately list your income and assets, all debts and the approximate amounts you owe.

You’ll most likely be charged a credit report fee by the lender, which will cover the cost of having the credit history examined. Credit reporting agencies compile credit reports on consumers, including bill payment history, as well as whether a person has been sued or filed for bankruptcy among other information.

Federal credit reporting laws do not give people the right to inspect the actual credit report at the reporting agency or to receive an exact duplicate of the report. But, people are entitled to a summary containing the sources of the report’s information.

If a person’s ability to obtain a mortgage is adversely affected by the credit report, he or she has the right to challenge its accuracy and seek corrections.

“The credit report is part of the information the lender uses to determine if you qualify for a loan. It is not a mechanism to prevent you from buying. Remember, lenders want to make loans, not turn them down,” Ms. Voyajolu says.

Diana Voyajolu is one of more than 40,000 members of the Real Estate BUYERS AGENT Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS®, who have attained the ABR®, Accredited Buyer Representative, designation. As the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is “The Voice for Buyer Representation,” with more than 44,000 active real estate professional members of the organization throughout the world.

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Press Contact: DIANA VOYAJOLU
Company Name: Harmony Real Estate Consultants, LLC
Email: email protected from spam bots
Phone: 516-622-2250
Website: http://www.harmonyrec.com

More Information: http://www.prweb.com//releases/2007/1/prweb499048.htm

As the U.S. population continues a decades-long shift into urban areas, condos are increasingly becoming the “starter home” for a new generation of home buyers. They offer many advantages, but it’s important to realize that condominiums are an entirely different form of ownership than a single family home. Understanding the differences and asking the right questions are the keys to buying into a financially healthy, well-run Home Owner’s Association that fits your lifestyle.

San Francisco, CA (PRWeb) January 11, 2007 — As the U.S. population continues a decades-long shift into urban areas, condos are increasingly becoming the “starter home” for a new generation of home buyers. “Condos offer many advantages,” notes Michael LaPeter, a licensed Broker and founder of www.sfcondosales.com, “but it’s important to realize that condominiums are an entirely different form of ownership than a single family home.” Understanding the differences and asking the right questions are the keys to buying into a financially healthy, well-run Home Owner’s Association that fits your lifestyle.

1. Review what’s included in the HOA (Home Owner’s Association) dues.
Make sure you know what exactly is included. Are the level of amenities right for your needs, or will you be paying for benefits you don’t need or missing out on those you do? Amenities such as a pool or fill time concierge may be nice, but they aren’t free: the added costs end up in your monthly dues.

2. Understand what the insurance actually covers.
They may call it homeowner’s insurance, but condo owners need it too. Most likely, the master building policy won’t cover past your interior walls, meaning it’s absolutely critical you purchase your own policy. Leave yourself time to shop around for the best rates before the property officially changes hands.

In addition, find out what’s covered and in what amounts in the master building policy. In San Francisco, for example, some larger buildings include earthquake insurance … a substantial difference since it can account for as much as 30 percent of the total dues.

3. Don’t ignore that thick stack of condominium documents.
Check the financial reserves. Are they reasonable given the size and age of the building? Be cautious if they’re low; if building repairs are needed that could mean a special assessment against your unit for thousands of dollars in the future. In larger buildings, replacing the roof or repainting/ repairing the exterior can run well into six figures.

Check the HOA meeting minutes. Are any major repairs currently under discussion? If so, has there been any mention of special assessments or increasing the monthly dues? Are there any past or developing issues you should take into account? Lawsuits involving Home Owner’s Associations are not uncommon, and many lenders won’t loan on properties involved in lawsuits because of the uncertainty.

Check the house rules. Most associations have pet restrictions, some so strict that they forbid dogs altogether while others restrict size, weight or breed. Make sure you find this out before you buy so you’re not faced with the tough choice of selling your condo or your best friend.

4. Review comparable sales in the same building if possible.
Every building is unique, with different amenities, style, management and location. Larger condo buildings essentially become their own neighborhood, and comparing a 1 bedroom in a luxury doorman building to the live-work lofts next door can be dangerously misleading. Make sure you’re comparing apples to apples.

When you’re reviewing other sales in the building, don’t just rely on the square footage or bedroom count of a recent sale in the building. Were the floor plan, views, upgrades, etc. comparable also? The price of a one bedroom in the same building can vary $100,000 or more depending on the view and floor.

5. Finally, don’t forget to look at everything in person.
It sounds obvious, but you’d be surprised how many buyers never look at anything but the actual unit. Make sure you actually see the amenities, parking space and storage in person. A quick visit can avoid any confusion or disappointment later on. In addition, some sellers may be willing to offer a credit if the parking space is small or in a less than optimal location.

About Michael LaPeter:
Michael LaPeter holds real estate licenses in two states, including a Broker’s license in California, and is a member of the National Association of Realtors. Michael specializes in condo sales in San Francisco, with several million dollars in successful transactions helping both buyers and sellers. Michael has been interviewed by the San Francisco Examiner as an area expert, and his writings have been featured in local blogs and online publications. Additional condominium articles and statistics can be found at www.sfcondosales.com.

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Press Contact: Michael LaPeter
Company Name:
Email: email protected from spam bots
Phone: 415-830-7804
Website: www.sfcondosales.com

More Information: http://www.prweb.com//releases/2007/1/prweb494348.htm

Bills.com offers tips on avoiding foreclosure risk.

San Mateo, CA (PRWeb) November 29, 2006 — The topics at many Thanksgiving tables this year included home prices: How prices are moving, whether interest rates will increase, and whether someone’s market is in a “housing bubble.” Many markets have been classified as having a housing bubble problem — yet Andrew Housser, co-CEO of Bills.com, suggests that homeowners can take steps to avoid suffering the ultimate loss of foreclosure, even in a bubble market.

“A housing bubble is a market condition in which home prices rise rapidly to the point of being unsustainable relative to income and to other costs,” Housser explained. “At that point, when housing demand declines, home prices decline. Buyers who purchased at the top of the market risk being in a position of negative equity, owing more than the home’s current market value.”

Adding to the stress on homeowners, many people purchase homes with small down payments — providing little equity in a property — and using flexible loan products such as adjustable rate mortgages (ARMs). As interest rates rise, so do ARM rates — and payments. Owners who have difficulty making higher payments are at risk of losing their homes to lenders through foreclosure.

Prevent foreclosure
“It’s true that an ounce of prevention is worth a pound of cure,” Housser said. He offered several suggestions to avoid getting into a foreclosure-risk situation:

1. Avoid buying top-of-market. In most areas, the market has already peaked, Housser noted. “But if a buyer is unsure if properties are a good value, it’s best to hold off on buying. This is one area where it can be smarter to rent until you are certain property values have settled.”

2. Put enough down. Housser suggests making a down payment of 10 to 20 percent of the home price. “With a good down payment, you own enough of the home that you have some flexibility in terms of home value. Even if you were forced to sell and lost some of your investment, you at least would not owe on a property you no longer own.”

3. Avoid ARMs, interest-only loans and other mortgages that might increase. “If you can’t afford a home with a traditional mortgage, you probably can’t afford the home,” Housser advised. With some rare exceptions, “it’s best to continue saving until you can afford a home with a fixed-rate mortgage.”

4. Don’t take a cash-out refinance. Consumers should avoid refinancing their home to take cash to pay off debts or go on vacation unless they have a very high percentage of equity. “Otherwise, you risk owing the bank if for some reason you must sell the home for less than you owe on it,” Housser said.

Buyers at risk can take action
Housser also suggested actions buyers can take when prevention is too late. For those who have already missed payments and are at dire risk of foreclosure:

1. Request a forbearance agreement. For a temporary hardship — for instance, an earner has an unusual, seasonal loss of income — lenders might grant a forbearance agreement to lower or eliminate payments for a limited time.

2. Modify the loan. In unusual circumstances, some lenders will modify a mortgage loan, such as lowering the payment and extending the loan’s term, or incorporating any delinquencies into future pay¬ments.

3. Obtain a “deed in lieu” of foreclosure. A “deed in lieu” essentially allows the borrower to return the title or deed of the property - giving the home back - to the mortgage holder to avoid foreclosure. The borrower forfeits any equity in the property, but does not have a foreclosure on his or her credit record.

4. Sell the home. Selling the home may not be ideal, but it is a way to avoid foreclosure proceedings on the house and repay the lender. In a housing bubble situation, the home may be worth less than the mortgage amount. These cases might require special permission from the lender to sell the home at a loss, for its current value.

5. Refinance the loan. Sometimes, borrowers can refinance a home for a lower interest rate and/or lower monthly payment. “If you already have had late payments on your mortgage, the interest rate offered to you may be too high to lower your monthly payment,” Housser cautioned. Mortgage calculators are available online, including at http://www.bills.com/calculators/.

“The worst-case scenario in a housing bubble is that you will have to sell your home for a loss,” Housser said. “In most cases, a housing bubble leads to some losses, but more often forces homeowners to stay in a home for longer than they had intended. This can work out for the best, if you continue paying on a mortgage. Eventually, you will have greater equity in your home, and that’s the best investment of all.”

Based in San Mateo, Calif., Bills.com is a free one-stop online portal where consumers can educate themselves about complex personal finance issues and save money by choosing the best-value products and services. Since 2002, Bills.com’s partner company, Freedom Financial Network, has provided consumer debt resolution services, serving more than 10,000 customers nationwide and managing more than $250 million in consumer debt. The company’s co-founders and CEOs, Andrew Housser and Brad Stroh, were recently named Northern California finalists in Ernst & Young’s 2006 Entrepreneur of the Year Awards.

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Press Contact: Aimee Bennett
Company Name: Bills.com
Email: email protected from spam bots
Phone: 303-843-9840
Website: www.bills.com

More Information: http://www.prweb.com//releases/2006/11/prweb484770.htm