The Misconceptions on Reversed Mortgage Reality

September 27, 2010
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Most people have preconceived notions about reverse mortgages. There are many misconceptions of reverse mortgage reality.

Here are some facts to ease your fear from reverse mortgage reality:

* A reverse mortgage is a mortgage just like any loan against the home but it has special terms for seniors 62 and older.
* The lender or bank does NOT own the home – YOU OWN THE HOME, you keep the title!
* There are no income or credit score requirements to qualify.
* No monthly payments required.
* There is no limitation on how the funds can be used.
* More options – Funds can be received in monthly payments structured as needed, line of credit (with…

$600M as Housing Aid to Five More U.S. States

September 27, 2010
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The Obama administration revealed that $600 million in financial support for five more states with high unemployment rate that have been thumped by the housing bust.

Ohio got the largest share of funding, at $172 million, followed by North Carolina at $159 million and South Carolina at $138 million. Oregon and Rhode Island are due to receive $88 million and $43 million respectively.

The money will be given to state housing finance agencies. The Treasury Department provided board criteria that should meet the designed mortgage assistance programs.

The assistant Treasury secretary, Herbert Allison, said “The purpose of this is to foster innovation in dealing with what is a highly localized problem around the…

Do-It-Yourself for Your Home to Increase Its Value

September 26, 2010
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Similar to many other homeowners you may be looking for simple do-it-yourself projects to trim up your home or to increase its value.

Curb appeal is another way of saying your home’s “first impression.” It can affect your home’s value and salability. One by far overlooked element can be your driveway, sidewalks and steps. Dirt, oil and grime can darken and stain your concrete, which gives it the appearance of being untidy. This is not a first impression that sits well with buyers. But there is a simple solution for this.

Power washing your concrete can be a great way to renew its look. You can rent a machine at your local…

The Types of Listings

September 1, 2010
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There are several types of listing your real estate property. The commonly used are the “open listing” and the “one-time show”. Find out what these two means.

Open Listing

The “open listing” is mostly used by people who are trying to sell their home by having the will to work with real estate agents. Mainly, it gives the real estate agent the right to bring buyers around to view your home. If their client buys your home, the agent earns a commission. There is nothing exclusive about an open listing and a home seller can give out such listings to every agent who comes around.

One-Time Show

A “one-time show” is similar to an…

Return of Foreign Buyers to the Big Apple Real Estate

September 1, 2010
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Signs are that a number of foreign buyers are migrating back into the New York real estate market, betting a decline in prices may be about to turn.

According to reports, the dollar’s recent rally, rather than putting off foreign buyers, is encouraging them to jump into the market before it rallies further and drives up prices. According to the DE Capital Mortgage specialist, Richard Martin, “People are thinking it might run away from them because there are these predictions the dollar will even go further.” “We are talking a lot about foreign borrowers lately.”

The luxury end may be starting to swirl in Manhattan, the 23-square-mile island that is the heart…

Mortgage Rates Rose Following Bond Yields

September 1, 2010
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Freddie Mac made public the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.99 percent with an average 0.6 point for the week ending March 25, 2010, somewhat rose from last week when it averaged 4.96 percent.

The 15-year FRM this week averaged 4.34 percent with an average 0.6 point, somewhat rose from last week when it averaged 4.33 percent. A year ago at this time, the 15-year FRM averaged 4.58 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.14 percent this week, with an average 0.6 point, higher from last week when it averaged 4.09 percent.

The 1-year Treasury-indexed ARM averaged 4.20…