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Lender Secret Now
Leaking Out
There's something lenders don't want to tell you, a little secret that can save
homeowners thousands of dollars.
It works like this: Rates have fallen and you want to refinance a fixed-rate
loan. You contact your lender and discover that because you're a great and
wonderful person and all your payments have been full and timely, you're
qualified to refinance. New papers will be required, and that will mean a new
closing, legal fees, survey, appraisal, and perhaps a bunch of taxes.
What lenders don't say is this: You may be able to refinance without the need
to fill out 900 forms or pay big closing costs.
For instance, several years ago rates were down and I needed to refinance an
investment property. I called the lender and said, "let's modify the loan."
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I exchanged letters with the lender setting out the new terms. My attorney
looked at the letter, the lender accepted, and that was it. Total cost: about
$35.
What really happened was this: The property was not refinanced. Instead, the loan terms were modified. Because the terms of an existing loan were
changed, there was no need to record a new loan.
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When Is the Best Time to Move Your Children?
Companies are relocating more employees today than at any time in history.
In fact, in many of the nation's firms, new employees begin their careers
with the understanding -- either overt or implied -- that they could at
some point in the future be asked to relocate. And in today's competitive
corporate environment, as top companies vie for prospective applicants with
the high-tech skills they demand, corporations have determined that
dangling certain benefits are necessary in order to sweeten the pot, so to
speak. Companies have moved beyond merely paying the moving expenses of new
hires and current employees relocating to another branch office.
Recognizing the national movement to strike a balance between work and family,
employers are helping the spouses of transferring employees find jobs, helping
their children
locate quality education, and offering other benefits to help ease the
transition and keep employees' job satisfaction at a high level.
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Ten Low-cost Ideas to Make Your Home More Saleable
It's the little things as well as the big things that count when you are selling your home. You never know what will capture a buyer's fancy and what
will turn them off. Most buyers predictably respond to the same things - clean,
clutter-free homes in good repair. Your agent may have already suggested that
you paint the house, or that you do some major repairs. Those are big ticket
items, but what can you do on a small scale to get your home ready to compete
on the market?
There are a few time-honored tricks you can use to make sure your buyer sees
what you want them to see, and overlook what you want them to overlook. Keeping
your home in tip-top shape for showings will insure that your buyer will offer
a higher amount than for a home that isn't showtime-ready.
Always look at a home from the buyer's perspective. Be objective and honest
with yourself. If something bothers you about your home, chances are good it
will bother the buyer, too. Do what you can to get rid of the problem. You want
to keep objections about your home to a minimum. Preparing a home for market
means you'll be putting some elbow grease into it, so get ready.
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Is There Any Room To Haggle With The Builder?
Is everything truly negotiable in real estate? You can "make your best
deal" on a car, and you can counter offer on a re-sale (used) home, but what gives
these days on new homes? Is there any room to haggle with the builder? How
often are offers on newly constructed homes entertained or even tolerated in
a market like this?
To be honest, not often. But I guess what goes around comes around. I can
clearly recall the days of huge buyer incentives (a free swimming pool with a
home purchase?!), no lot premiums, and sales people saying things like "If
you could make a commitment to buy this home today, what would it take to
make a deal?" And that market lasted, and lasted, and lasted. Today the
tables are turned and, of course, no one knows if this "seller's market" will
last as long as the "buyer's market" did. All new home builders know is the
usual "supply and demand" thing. Factors such as land costs, material costs
and labor costs are skyrocketing, so negotiation is all but out of the
question in many new home communities. For builders, turning a profit isn't a
bad idea, either, after such a long draught.
So what are the exceptions to the rule, and what can you do to make a
"sweeter deal" in a market like this?
Daily News and Advice
Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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