What's The Deal ON Interest Only Mortgages?

Interesting article by Paula Jenkins

Have you heard that commercial about interest-only mortgages...the one where youre told about what a wonderful benefit it is to have a low, low mortgage payment and all the wonderful tax write-offs you will receive?

Before you decide to buy now and pay later, that is pay 'big time' later, take a moment to enlighten yourself a bit more about these so-called 'interest only mortgages.' Think about it for a moment. If you just pay the interest on your home, will you ever start paying on principal and will you ever earn any equity into your property?

By definition, a mortgage is a temporary, conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt. Simplified, that means you borrow money from a financial institution and they essentially buy your house and you pay it back. How can this happen if youre just paying interest? More accurately, interest-only mortgages are a temporary reprieve for paying off a traditional mortgage. You may actually be prolonging the inevitable and eventually making it even more costly to pay off your mortgage.

Far too many people are in debt way over their heads because of interest-only mortgages. They took advantage of attractive offers to buy now and pay later. With an interest only payment youre keeping the principal at minimum value while continuing to pay interest at 100%. With a more conventional mortgage youd be slowly dwindling down the total interest amount.

Most interest-only payment schedules are offered on Adjustable Rate Mortgages (ARMs), but they can also be found on a fixed rate mortgage. Interest-only payment periods almost never run for the entire term of the loan which is typically 15 or 30 years. Depending on the terms of your contract, you could be expected to start paying on the principal in five, seven or ten years. Once the interest-only period ends, your monthly payment will go up because then youll be paying on both principal and interest.

Conversely, interest-only mortgages can be a good thing for some people. For those people wanting to purchase a bigger/better home for a lower down payment AND who anticipate moving within seven years, the interest-only payment method may be the way to go. However, keep in-mind that in a 'down' realestate market you generally wont be building equity and making money by doing it this way. The majority of the money made from investing in real estate comes from an increase in value to the home. The average person moves every seven years anyway. Gone are the days when people stay in a home thirty years. Hence, if you anticipate moving before youll have to start paying on the principal, then an interest-only payment may be ideal for you.

Theres a great deal of fine print to any mortgage. Evaluate your own goals; be vigilant when reviewing the terms on the loan youre considering before acting.

Paulina Jenkins cheatle894@aim.com http://www.mytotalsite.com

Can You Deduct Mortgage Interest When You Are Not On The Title?

Can mortgage interest be deducted on a tax return? How about if the father owns and the sons makes the payments?

Interesting article by Benny L. Kass

Go to
http://realtytimes.com/rtcpages/20061030_notitle.htm

Congressional Committee Proposes Crackdown on Homeowner Tax Writeoffs

Something to be on lookout for regarding tax writeoffs and your home.

Go to

http://realtytimes.com/rtcpages/20061030_taxwriteoffs.htm

Cape Cod Real Estate Market

Funny, I have been selling real estate here on the Cape for 20+ years, but I have never seen a market like this. The Buyers are out there looking, searching and researching online and yet they are holding back. They are waiting because the media keeps telling them to beware.

The interest rates are still great, first time home buyers are back with the price reductions making homes affordable again and yet the market still isn't what it should be.

Buyer beware. I have been seeing home owners who do not have to sell take their home off the market and others opt to rent instead of sell. The inventory as it decreases will drive prices up again as it always does.

Now is a great time to purchase while you still have the upper hand...wait and who knows what will happen.

Buyers Build A Plan Of Action

Buying a home will probably rank as one of the biggest personal investments one can make. Being organized and in control will contribute significantly to getting the best home deal possible with the least amount of stress. It's important to anticipate the steps required to successfully achieve your housing goal and to build a plan of action that gets you there. Before you can build a plan of action, take the time to lay the groundwork for your decision-making process. First, ask yourself how much can you afford to pay for a home. If you're not sure on the price range, find a lender and get preapproved. Preapproval will let you know how much you can afford so that you can look for homes in your price range. Getting pre-approved helps you to alleviate some of the anxieties that come with home buying. You know exactly what you qualify for and at what rate, you know how large your monthly mortgage payments will be, and you know how much you will have for a down payment. Once you are pre-approved, you avoid the frustration of finding homes that you think are perfect, but are not in your price range. Second, ask yourself where you want to live and what is the best location for you and/or your family. Things to consider: *convenience for all family members *proximity to work, school *crime rate of neighborhood *local transportation *types of homes in neighborhood, for example condos, town homes, co-ops, newly constructed homes etc.

Patty Radford
Cape Cod Home Realty
774-836-0062
www.capecodrelo.com
capecodma.blogspot.com

Home Prices Correcting

The latest report from the National Association of Realtors reveals that as buyers are returning to the market, home prices are correcting.Full Story: http://realtytimes.com/rtcpages/20061013_mrktconditions.htm


Patty Radford
Cape Cod Home Realty
774-836-0062
www.capecodrelo.com
capecodma.blogspot.com

Rates Remain Lower

The Slower Housing Market Helps To Keep Mortgage Rates Lower

Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.40 percent with an average 0.5 point for the week ending September 21, 2006, down from last week when it averaged 6.43 percent. Last year at this time, the 30-year FRM averaged 5.80 percent.Full Story: http://realtytimes.com/rtcpages/20060922_rates.htm


Patty Radford
Cape Cod Home Realty
774-836-0062
www.capecodrelo.com
capecodma.blogspot.com

Homeowner Feels Cheated

As increasingly desperate lenders continue to push low payment mortgages with negative amortized loan programs, more homeowners are realizing that these programs are not quite what they seemed when the papers were signed. One reader's story underscores the importance of understanding the mortgage program before signing up.Full Story:

http://realtytimes.com/rtcpages/20060921_cheated.htm

Down Payment And Mortgage

Your First Step Toward Buying a Home

When preparing to buy a home, the first thing many Homebuyers do is look at "homes for sale" ads in newspapers, magazines and listings on the internet. Some potential buyers read "how-to" articles like this one. The next thing you should do - before you call on an ad, before you talk to a Realtor, before you shop for interest rates - is look at your savings. Why? Because determining how much money you have available for down payment and closing costs affects almost every aspect of buying a home - including how you write your purchase offer, the loan programs you qualify for, and shopping for interest rates.

Mortgage Programs

If you only have enough available for a minimum down payment, your choices of loan program will be limited to only a few types of mortgages. If someone is giving you a gift for all or part of the down payment, your options are also limited. If you have enough for the down payment, but need the lender or seller to cover all or part of your closing costs, this further limits your options. If you borrow all or a portion of the down payment from your 401K or retirement plan, different loan programs have different rules on how you qualify. Of course, if you have enough for a large down payment, then you have lots of choices. Your loan choices include such varied programs as conventional fixed rate loans, adjustable rate mortgages, buydowns, VA, FHA, graduated payment mortgages and all the varieties of each.

Shop Rates

A very important reason you need to have at least some idea of your down payment is for shopping interest rates. Some loan programs charge a slightly higher interest rate for minimal down payments. Plus, the interest rates for different loan programs are not the same. For example, conventional, VA, and FHA all offer fixed rate loans. However, the rates vary from one program to another. If you shop lenders by phone, the loan officer will be able to tell which programs fit and quote you rates accordingly. However, if you are shopping on the internet, you have to have some idea of your loan program on your own. Writing Your Offer Another reason you need to have a clue about your down payment is because it affects how you write your offer to purchase a home. Not only are you required to put your down payment information in the offer, but different loan programs have different rules which also affect how you write your offer. This is especially important when dealing with FHA and VA loans. If you are asking the seller to pay all or part of your closing costs, you have to be certain your loan program allows what you are asking. For smaller down payments, lenders allow the seller to pay less closing costs than for larger down payments. Some loan programs will allow a seller to pay certain types of costs, but not others. Finally, your down payment also affects your ability to qualify for a loan. When you make a small down payment, lenders are fairly strict about having you conform to their underwriting guidelines. For larger down payments, they will tend to make allowances or exceptions to the rules. Conclusion As you can see, the down payment affects every choice you make when you buy a home. Although you should look at ads, familiarize yourself with neighborhoods, learn about prices, and read as much as you can - when you get ready to take action - the first thing you should do is figure out how much money you have available for the purchase.


Patty Radford
Cape Cod Home Realty
774-836-0062
www.capecodrelo.com
capecodma.blogspot.com

Deeded Ocean Beach Steps Away

Smell the salty Cape Cod Air from this home located in a fabulous sought after area where homes rarely come on the market. You are really only steps away to the deeded beach with views of beautiful Sandy Neck.

Located north of 6A where you can easly walk to marina, Barnstable Harbor and Barnstable village. The photo is of Millway Marine and Barnstable Harbor just around the corner from this home The area is quiet and tucked away, yet minutes to everything.

The out of state owner just reduced this home to $675,000.



Patty Radford Broker/Realtor
Cape Cod Home Realty
e-mail pattyradford@capecodrelo.com
web site http://www.capecodrelo.com
contact numbers: 888-319-2727 x 2
774-836-0062 (cell)

Motivated Buyers And Sellers Make The Market Move

The inventory has grown substantially from 2 years ago of that there is no doubt. The Buyers are looking on line, going to open houses yet purchases are down. They can't seem to make up their mind while looking for the "best deal". That is why motivation is key.

Additional information found at link below.

http://realtytimes.com/rtcpages/20060915_marketmoves.htm

Mortgages Rates Dip Again

Rates are now back to where they were in the spring. You can find more information and future forecasts from the link below.

http://realtytimes.com/rtcpages/20060915_rates.htm

30 Year Rate Declines Again

Interested in mortgage rates? Here is an update.

Mortgage Activity Up as 30-Year Rates DeclineDemand for home loans rose last week, which the Mortgage Bankers Association attributes in part to lower mortgage rates.

Read more

http://nar.ed10.net/h/VL63W/IIRKY/D5/OH3K1

Cape Cod Massachusetts Real Estate... What's Happening?

Today in the Cape Cod Times the news looked grim regarding the real estate market. Sales were down 33.6% for August and the median price for homes fell 6.7% to $350,000.00. August typically is a quiet month as people are here to enjoy all the Cape has to offer. They may make inquiries, but they come back in the fall to buy.

I have to say inquiries were up dramatically for me in August. I have never had as many inquiries and sign ups. Pent up demand is more than likely the reason.

Buyers or Sellers market? Certainly still a Buyers market. However if the media would back off (yes I do blame them for forecasting through their "crystal ball" for over a year regarding the "bubble burst"in real estate until it became reality... almost like magic!) this would change.

Buyers you may want to take advantage before this all corrects itself. Cape Cod is a great place to live or visit and will always be in demand. Sun, Sea and Surf are really hard to resist.

Real Estate is always a great long term investment. The quick flip may be over for the time being. You just need to evaluate are you in for the long or short term? Enjoy now or wait until someday?

Call me...I'd love to help!

Patty

Patty Radford
Realtor/Broker
Cape Cod Home Realty
774-836-0062
http://www.capecodrelo.com

Selling Your Home? Make A First Good Impression

You really need to show your home in the best light if you want buyers to be interested in your home. The first impression does influence a buyer and can prompt them into making an offer. What the buyer sees is what they consider when they compare with the asking price. A bad first impression will dissuade a potential buyer.

You really shouldn't show your property until it's all fixed up. The buyers will negate due to the first impression and you may not get them back.

You should ask opinions of other people you respect about your home. Real estate agents who see houses everyday can give solid advice on what needs to be done. You may also consider what architects or landscape designers have to say. You REALLY need objective opinions. You may find it hard to separate personal and emotional ties you have for your home from the property itself.

The general fix ups that should consider doing outside and inside are:

*Landscaping - Have you maintained the front yard? The visible areas to the street should be in good condition.

*Clean or Redo the driveway - Is your driveway cluttered with toys, tools, trash etc.? Does it have cracks holes or grease?

*Painting - Consider both the exterior and the interior....are they well taken care of?

*Carpeting - Is it stained? Does the carpet look old and dirty? Consider replacing or cleaning.

You really will see the return on your investment by doing all you are capable of doing prior to selling.

Patty Radford
774-836-0052
http://www.capecodrelo.com

Why Are You Selling?

You really do need to know why you are selling. Knowing will help to set the right plan of action to get what it is that you want. Real Estate sales on Cape Cod (Massachusetts) has been down this year. There are more homes on the market, so competition is greater. Now more than ever you need to focus on the why.

If you are a seller who needs to close a sale as quickly as possible, then you should know that getting the highest price possible is not one of your priorities in a market where there are an abundance of inventory. You could still get a higher price, but it means that the price should not be the only deciding factor. A buyer who can give you a quick closing time which may appeal more to you than a buyer who can offer you more money but the negotiation and closing time drag on. Consider all the variables.

You should always know how low you will go, in terms of selling price, considering EVERYTING...do you need to be out of state by a certain date? How much are your carrying costs if you move out of state and have to buy or rent. Be realistic or you may hurt yourself.
You should always consider all offers seriously and take into consideration the terms of each offer. Know your the bottom line.

Once you know what your limits and reasons are, discuss them with your agent so that they can help you set your goals realistically. Want to go it alone without an agent? You will need to make sure you do the right research on the current market. You need to obtain the proper advice you need in terms of legal issues, etc.

The key is to be realistic and to know what your goals are so that they can be met. You can hope to get a higher price, but you really will only get what the market will bear. Be realistic especially in a down market and you need to sell right away.

Patty Radford
774-836-0062
www.capecodrelo.com

Are You Pre-Qualified or Pre-Approved? What The Difference Is

Before you even start looking at homes you should consider getting pre-qualified. Buyers use to go house shopping first, then when they have found their dream home they would go for a pre-approved. However, that has been proven to be one of the least effective methods in obtaining the home of choice. Most lenders will pre-qualify you for a mortgage over the phone. Based on general questions about your income, debt, assets, and credit history, lenders can estimate how much mortgage you qualify for.

Pre-approval is different. Pre-approval means that you have applied for a mortgage; you have filled out the mortgage application, received your credit report, and verified your employment, assets, etc. When you are pre-approved, you know exactly what the maximum loan amount will be.

A pre-qualified letter is not verified and in essence, does not count for much if you are competing with other buyers who are pre-approved.

When you are pre-approved, you and the seller know exactly how much house you can afford. It gives you credibility as an interested buyer and lets the seller know immediately that you will qualify for a loan to buy their property. In addition to being pre-approved, it's important to be pre-approved with a legitimate lender.

Legitimate lenders include: banks, mortgage bankers, credit unions, savings and loan associations, mortgage brokers, and online lenders. Keep in mind however that each charge different fees, so ask them what their closing fees are. They can differ from a few hundred dollars to a few thousand dollars. Some lenders to avoid: those who lose a form or misplace a file, those who gather information from you in an unorganized manner, those who are not informed about interest rates, points or costs, and those who cannot provide you with the right information. There are also a few out there who throw last minute fees on taht really add up. Asking family, friends or your agent for referrals can help you find the lender that will best serve you.

Patty Radford
Cape Cod Home Realty
774-836-0062
www.capecodrelo.com

Mortgage Rates Continue to Drift Lower

Updated and timely report from Realty Times regarding interest rates.

Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.44 percent with an average 0.4 point for the week ending August 31, 2006, down from last week's average of 6.48 percent. Last year at this time, the 30-year FRM averaged 5.71 percent. This is the lowest the 30-year FRM has been since the week ending April 6, 2006, when it averaged 6.43 percent.Full Story: http://realtytimes.com/rtcpages/20060901_rates.htm

Why You Should Not Make Any Major Credit Card Purchases

So you're getting ready to buy a home, you have gone to a bank or mortgage broker to get pre-qualified..now what? First, if you are on the edge of what you can afford these measures are mandatory. You must not go on a spending spree using credit if you are thinking about buying a home, or in the process of buying a new home. Your mortgage pre-approval is subject to a final evaluation of your financial situation. I have seen couples loose the home they were set on buying because of this. You need to know that every $100 you pay per month on a credit payment could cost your about $10,000 in home eligibility. For example, a car payment of $300/month could mean that you qualify for $30,000 less in a mortgage. Even if you have accumulated enough savings, you should consider not making any large purchases until after closing. The last thing you want is to know that you could have purchased a new home had you curbed the urge to spend. Buying or selling a home on Cape Cod? Call me, I can help!

Patty Radford
774-836-0062
www.capecodrelo.com
capecodma.blogspot.com

Is A Reverse Mortgage For You?

What is a reverse mortgage? A reverse mortgage is a home loan you do not have to pay back as long as you’re alive or for as long as you live there. Does that sound too good to be true? Well, that is what a reverse mortgage does....as long as you possess the property you have purchased there is no pay back. Reverse mortgages provide you with cash you can use for other investments. You are turning the value of your home into cash, which gives you virtually unlimited funds without having to move and even without repaying the loan every month.

There are several ways to give you the cash from reverse mortgages. You can get cash from a reverse mortgage all at once or in a single lump sum. With a reverse mortgage, you can also opt to receive a regular monthly cash advance.

A reverse mortgage can also offer you cash in a “credit line” account. The credit line account from a reverse mortgage will let you get the amount of money you want whenever the need arises. Then again if none of these methods suits you, a reverse mortgage cash may be given to you using any combination of the above methods.

Whether or not you want your cash from a reverse mortgage be paid to you in lump or in installment, the main thing is that you do not have to pay anything back until you die, sell your home, or permanently move. Reverse mortgages usually cater to homeowners who are 62 years old and older.

Reverse Mortgage vs. Other Home Loans

In most other loans, a systematic check on your income and assets is done in order to pre-qualify for the mortgage. This is done as an assurance to the lender that you will be able to afford the monthly payments tied with a loan. Since reverse mortgages do not involve any monthly payments, you not have to go through these tedious prequalification procedures. Qualifying for a reverse mortgage is easy and hassle-free. There is no minimum income required and no monthly repayments. And what’s more, with a reverse mortgage, you do not stand the chance of losing your home.

The downside to a reverse mortgage

In every story, there is always the other side of the coin. While reverse mortgages have their advantages, they also have a downside. As you know already, reverse mortgages do not require monthly paybacks. This means that with reverse mortgages, you are actually taking out equity from your home and turning it into cash. This does not bode well for your debt or your home equity for that matter.

Here’s how it works. Other mortgages require a person to make a down payment when buying a home. As years go on, they use their income to pay back the money they borrowed in making the purchase. This decreases their debt and increases the value of their home.

With a reverse mortgage, everything works in the reverse. You have your home. You convert its value into cash. And then you take out that cash every now and then, thereby increasing your debt and reducing your home equity.

Of course, this is not always the case with reverse mortgages. If your home value grows rapidly or you only one loan on your home, there’s every chance that your equity could increase over
time.

Patty Radford

Buying or Selling On Cape Cod in Massachusetts? Go to

http://www.capecodrelo.com

Then call or email me 774-836-0062

Love Golf? The Ocean? People?

Then Cape Cod may be a place for you.


I did an open house last weekend at a home in Barnstable Village where you can walk to your deeded beach, the harbor, marina, and village. The people who come here are people who have been coming for years. The couples I met that day came with their families and had been renting for 10-14 years. Each year they wonder why they haven't bought as the prices rise. They know they will eventually as most talk about retiring here, have their fondest memories here and made lasting friendships. Imagine if they had bought years ago the investment they would have made!

Now could be your place in time to enjoy family and friends in a special place, Cape Cod.

Go to http://www.capecodrelo.com to start.

Then Call Me...... Patty Radford 774-836-0062

Need a Mortgage Calculator?

Looking at mortgages and loans? You will need to have the best tools to help you make an informed decision. Mortgage calculators help consumers compute interest rates as well as monthly payments of mortgages.

You obviously want to make the best decision for you which means means using the best mortgage calculators. Below please find a great list of some of the best mortgage calculators that the Web can offer.
Mortgage-Payment-Calculators.com – You will find here one of the best mortgage calculators on the Web. Better yet, their best mortgage calculators are offered for free to help you compute Amortization Tables, Monthly Payments, Loan Comparisons, Home Affordability, Early Pay Offs, Refinances, and to PreQuality a mortgage. You will not only find the best mortgage calculator, but you will also have access to online help on your mortgages from experts. You receive the best ideas and get the best options.

Interest.com Best Mortgage Calculators – Another best mortgage calculator online site. You will find answers to several questions that borrowers frequently ask – What will be my Monthly Payment? How much do I have to make to afford the loan on a particular home? How much can I afford to borrow? When you want to know how much your home loan will save you in taxes, this is the best mortgage calculator you can use. Other options featured in this best mortgage calculator website are an APR (Annual Percentage Rate) calculator, a Budget Calculator, and several Deposit Calculators.


Mortgage-Calc.com – Need another choice? This site is again in the best mortgage calculators on the Web category. Their best mortgage calculators can give you quick and easy access to important calculations and info to help you with your mortgage needs. From how much you can afford and how much you can borrow, this best mortgage calculator website answers all your questions on mortgages and loans.

Bankrate.com Best Mortgage Calculators – If you want to know what your monthly mortgage payments would be, then Bankrate.com has the best mortgage calculators to help you with that. This site include amortization schedules, payment calculations, and more.

HSH.com The Best Mortgage Calculators and Financial Calculators – You will have a number of ways to estimate your credit limit for mortgages and other loan types. Play the “what-if” scenarios with the HSH best mortgage calculator. An added bonus, this best mortgage calculator site lets you download for free the powerful APR calculator from Wheatworks Software. Perhaps the best mortgage calculator offering this site has is its unique Income Qualification Calculator which helps you discover how much income you need to afford a certain monthly payment.

Homefair.com – The Mortgage Qualifier is perhaps one of the best mortgage calculators there is. Use it to find out the maximum amount of loan you can qualify for. The results give out by this best mortgage calculator are based on standard lender rules.

Jeacle.ie – Or Karl Jeacle’s Best Mortgage Calculator. This best mortgage calculator website lets you enter your loan data into designated fields on their online forms uploaded into their site. The best mortgage calculator allows you to compute the principal amount, the interest rate, the years, annual insurance, annual tax, and annual inflation. Aside form this, this best mortgage calculator contains such data as Monthly prepayment, annual prepayment, and one-time prepayment.

http://www.capecodrelo.com

Bad Credit? Bad Credit Loans Are Available, But..

There is only one way of getting out of a financial crisis if you have a bad credit history. Get a bad credit mortgage loan.

When you apply for a loan, the first question every lender asks is: “How’s your credit report?” If the answer is in any way viewed as negative, your application is rejected. With a bad credit mortgage loan though, that would never happen.

Bad credit mortgage loans allow the borrower to get their loans even with a bad credit report. So how does bad credit mortgage loans work?

Well, usually when you submit an application for a loan, you would have to undergo a pre-approval process. This process involves digging into your finances, your income, assets and liabilities, the whole gamut. If your assets come up short of the requirements, your application for a loan will not be accepted.

A bad credit mortgage loan works in a completely different way. There are no pre-qualification requirements when you apply for a bad credit mortgage loan. Lenders who offer bad credit mortgage loans do not even take a second glance at your credit history. The important thing is you get your money and that’s that.

Speaking of lenders, which lending companies are offering bad credit mortgage loans among their list of loan programs? Several bad credit mortgage loans are being offered by some alternative loan companies. When you choose one company, make sure that you know what is required of you when you ask for a bad credit mortgage loan. Below are a few facts you need to know about bad credit mortgage loans.

Higher Interest Rates for Bad Credit Mortgage Loans

It is only natural that elevated interest rates are charged for those borrowers who are on a bad credit mortgage loan. Handing out loans to borrowers with poor credit is a risky business and lenders want compensation for the risks they’re taking.

Bad Credit Mortgage Loan Limits

But while rates are indeed elevated in bad credit mortgage loans, there are also limits to these. Discount points in bad credit mortgage loans are common. Borrowers with good credit may not have to pay for these on their loans or they may but for only a low percentage. For borrowers with bad credit, the limit is usually four or five points on their bad credit mortgage loan.

Larger Down Payments for Bad Credit Mortgage Loans

Like interest rates, down payments for bad credit mortgage loans are higher than regular loans. This again points to the “risk” part those lenders of bad credit mortgage loans are taking. This might be a good thing for borrowers on bad credit mortgage loans.

Larger down payments usually mean smaller monthly payments for your bad credit mortgage loan. This also means that you can slowly and steadily reduce your bad credit mortgage loan balance, providing for better affordability.

A Few Companies Offering Bad Credit Mortgage Loans

Bad Credit Loans & Mortgages are offering a bad credit mortgage loan program that involves the following key features: lowest interest rates in the U.S., free up cash for home improvements or debt consolidation, and up to 100% home value to be borrowed. E-Loan is also offering a bad credit mortgage loan program with no lender fees and no hidden costs.

There are several other lending companies offering bad credit mortgage loans in their list of loan programs. Just do a little Internet-exploring and find out what bad credit mortgage loan is best for you.

Looking to buy or sell a home on Cape Cod in Massachusetts? Go to my website at
http://www.capecodrelo.com

Patty

Mortgage Rates Factors

There are several factors that affect your mortgage rate. One major factor of mortgage rate movement is inflation. Inflation means a growing economy and increasing prices of goods and services. A growing economy means a stronger demand for goods and services, allowing producers to increase their prices. This therefore results in higher real-estate prices, higher apartment rents, and higher mortgage rates.
In an effort to reduce inflation and slow down economy, the Federal Reserve lowers down interest rates, and in the process, decrease mortgage rates. Although mortgage rates have the tendency to move in the same direction as interest rates, their actual movements are also based on the supply and demand for mortgages. Mortgage rates have a slightly different equation in their supply and demand as compared to interest rates. This is the reason why sometimes, mortgage rates move differently from other rates. For instance, a lender has a commitment to make and is forced to close additional mortgages. To achieve this, they would have to lower down the mortgage rates even with interest rates going up.
Other Factors Affecting Mortgage Rates
Mortgage rates are affected by several other factors besides inflation. Mortgage rates rise up when the amount of the loan increases. This increase in mortgage rates is especially true if the loan amount exceeds the established loan limits of Fannie Mae and Freddie Mac. Loan limits typically changes at the beginning with each year to conform with the trend mortgage rates are taking.
The length of the loan may also affect mortgage rates. Shorter loans usually means lower mortgage rates and longer loans can cost you higher mortgage rates. Loans with a 20-year or 15-year note can allow you to save thousands of dollars on mortgage rate payments. However, this also means that your mortgage rate payments every month will also be a lot higher.
To avoid this, an adjustable mortgage rate may help you get started on a lower mortgage rate, but if interest rates grow, your monthly mortgage payments will rise also. Fixed mortgage rates are usually higher than adjustable mortgage rates but they can save you money too, especially if the interest and mortgage rates go up.
Larger down payments can help you save up on your monthly mortgage rate payments. You can get the best possible mortgage rate with a down payment that is greater than 20%. Higher mortgage rates are expected if the down payment is less than 5% since the beginning equity is smaller and provides less collateral.
Discount points are another way to move mortgage rates. Lower mortgage rates usually means higher points paid on your loan. The same goes for closing costs, which are fees that the lender must pay. Higher closing costs paid to them means lower mortgage rates. However, if you do not wish to pay for all the closing costs upfront, the lender will raise your mortgage rate in order to cover it.
The concept is pretty simple. Lenders are usually willing to lower mortgage rates as long as more money is paid upfront. More money down means lower mortgage rates. And lesser money down means higher mortgage rates.

http://www.capecodrelo.com

Hud Homes For Sale

You really should investigate this site. There is a wealth of information.

http://www.hud.gov/homes/homesforsale.cfm

Several federal agencies have properties to sell. In fact, HUD sells both single family homes and multifamily properties. Check them out - one might be just what you're looking for!
Single Family And Multi Homes for Sale

http://www.hud.gov/homes/homesforsale.cfm

Centerville, Ma Cape Cod Home

New to market. Pride of ownership inside & out of this lovingly maintained home. Not your cookie cutter house. Outside the front is lined with an abundance of blue hydrangeas, manicured grounds and irrigation system. Inside the fireplaced living/dining room is open, spacious w/cathedraled ceilings, skylights, wood beams. Open loft/hallway overlooks living/dining room. Perfect for entertainment! The master suite added to the home in 2002 along with septic & roof.Master has large walkin closet, private tiled bath, sitting room or office all added in 2002. Beautiful all fenced in back yard with patio. Outdoor shower you can actually use and enjoy. A large finished room in the basement has a wood stove(not used, but works), + a work area. Attached oversize 2 car garage, breeze way finished & heated. Alarm system. Definitely worth seeing. Best Buy at $500,000.
More photos, info at http://www.capecodrelo.com

Cape Cod Home + 1.59 Acres For Sale Cotuit, MA 319k

Reduced below assessed value! Bright sunny home on 1.59 acres. Fireplaced living has cathedral ceilings, skylights and hardwood floors. 2 full baths one with cathedral ceiling, whirlpool tub, pedestal sink, central air, alarm system and a finished room in the basement. Kitchen/dining with sliders to a deck and private yard. Priced to sell! Photos, info at http://www.capecodrelo.com or call me direct at 774-836-0062

Why Use A Buyer's Agent? Cape Cod, MA Real Estate

It's important that you choose an experienced agent who is there for you. Your agent should be actively finding you potential homes, keeping you informed of the entire process, negotiating furiously on your behalf, and answering all of your questions with competence and speed.
First, find an agent who represents you and not the seller. This is beneficial during the negotiation process. If you are working with a buyer's agent, he or she is required not to tell the seller of your top choice. In addition, he or she is also focused on getting you the lowest asking price.

Also, when you use a buyer's agent, you will see more properties. Not only are they plugged into their Multiple Listing Service, but also they are actively finding homes that are listed as FSBO, or homes that sellers are thinking about listing.

I am an Accredited Buyers Agent selling real estate on Cape Cod since 1985. Go to my web site at http://www.capecodrelo.com You can search all homes listed in MLS there. Then call me direct at 774-836-0062. You'll receive an informed and educated level of service always.

Pent Up Demand May Lead To Busy Fall

The phones are ringing, the emails are pouring in and the hits on my web site have gone way up, all signs that there is definitely a pent up demand for homes here on Cape Cod. Buyers have obviously been holding back to see what the market would do. September will be interesting to see if those inquiries turn into sales........I'll keep you posted!

Mortgage interest rates are down slightly which is always good as long as confidence remains up. This is largely controlled by the media. I have been selling real estate for over 20 years and have noticed the media always forecasts a down turn in the market prior to it happening. They of course get their information from the "experts". What is disturbing to me is how they report this on a daily basis until it becomes a reality. The "Bubble Burst" forecast was talked about almost daily for over a year before it happened. I wonder what would have happened if they hadn't said a thing, hmmmm......Something to think about.

Labor Day Almost Here...Vacation Over!

Well I have to say the summer has flown by....time really does fly when you are having fun. Summer on the Cape, well, there is nothing like it as far as I'm concerned. Sun, sand, beaches, boats, outside concerts, family cookouts....I could go on and on. I was born and raised on the Cape and yet the smell of the salty air is still a treat.

Today is a rainy, windy day on Cape Cod which prompted me to catch up on a few things such as blogging before I show a few homes to future Cape Codders. They all have vacationed here, had a wonderful time and envisioned their future with Cape Cod as a major focus.

Cape Cod real estate is not only an investment in real estate, it is an investment in you and your way of life.

How often have you heard "Life's too short", "Don't sweat the small stuff", "Take time to smell the roses" or as i like to say the sweet smell of salty air? There's a reason.

Stop listening to the media about the bubble bursting. Stop being afraid of what the real estate market is going to do. Real estate in resort areas are always a good investment long term. Invest in it long term and you won't regret it.

Well, have to go meet future Cape Codders. Maybe one day it will be you.

Live life and enjoy!

http://www.capecodrelo.com

Memorial Day Weekend

Well it is finally here!

Memorial Day weekend, the unofficial beginning of summer on Cape Cod.

Weekend visitors, family cookouts, beautiful beaches... a trip to Four Seas Ice Cream (the best ice cream on the Cape) and to Spankys for their famous Lobster Roll and view of Hyannis Harbor. The Artist Shantys again line the Harbor front along with boats, people and a feeling of expectation in the air.

Memorial Day weekend of course also means Figawi.....a tradition that has become as much of Cape Cod as it's beautiful shoreline, white picket fences, rosa ragosa and the sweet smell of salty air. The name coming from a lost sailor wondering where he was.......a salty old cuss he was.

You can enjoy the Cape as a visitor or as a "wash- a-shore". The choice is yours.....either way enjoy all it has to offer.

Memories are made here, memories that become richer and more cherished with time. Create your own. Go to www.capecodrelo.com

You can begin your search there or call me. I'd love to help.

First Time Home Buyer? No Money Down?

Looking to buy your first piece of real estate? I know how difficult it is to save enough for a down payment, however there are programs available with no money down. They really are not that difficult either. You can even have the closing costs financed. You must qualify first of course. Your income must show your ability to pay the amount you want to borrow and your credit must be good.

A house to pricey? Start with a condo, then move up....just get started.

Afraid you can't pay the mortgage? Get a room mate. You may not need one for long and it will help you get started....just get started. Real Estate is one of the best investments you can make.

You will also need to find a real estate broker who will help you get started. Prior to finding you a home the real estate agent will direct you to lenders they know who offer such programs. The lender will qualify you to the amount and program you are eligible for. Then begin your search for your new home.

A knowledgeable real estate agent who is willing to work with you is key.....don't give up!

Questions? E-mail me at pattyradford@realtor.com
Looking on Cape Cod, Massachusetts? go to www.capecodrelo.com

Resort Home Pre-sales Show Vacation Market Still Strong

Pre-sales at Intrawest's newest pedestrian-friendly village in Orlando shows that the slowing real estate market may be skirting resort homes.Full Story:

http://realtytimes.com/rtcpages/20060119_resorthomes.htm

Negotiating Points Sells Houses, Benefits All

When looking to sell a property, do you use your "Best Alternative To a Negotiated Agreement"? This is the question a good agent should be putting forward to both buyers and sellers.Full Story:

http://realtytimes.com/rtcpages/20060113_negotiating.htm

Mortgage Rates Slip Slightly This Week

Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.15 percent, with an average 0.6 point, for the week ending January 12, 2006, down from last week's average of 6.21 percent. Last year at this time, the 30-year FRM averaged 5.74 percent.Full Story:

http://realtytimes.com/rtcpages/20060113_ratesslip.htm

Housing Counsel: Starker and Tax Basis

If heirs sell a house after they inherit it, what impact will the capital gains tax which the original owner deferred in a Starker Exchange have on the sale? Benny L. Kass explains.Full Story:

http://realtytimes.com/rtcpages/20051226_starker.htm

Top 10 Tax Breaks, On The House

The home is more than just a shelter from the elements. Old and new tax breaks turn the home into a shelter from taxes too.Full Story:

http://realtytimes.com/rtcpages/20060111_taxbreaks.htm

HUD May Seek Higher FHA Limits

To date, the Department of Housing and Urban Development has remained above the fray, saying only that it would support industry attempts to persuade Congress to up the ante on FHA-insured loans. Full Story:

http://realtytimes.com/rtcpages/20060112_higherlimits.htm

What's on the Horizon for Real Estate Investors in 2006?

The Real Estate Management Forecast Breakfast was held several weeks ago. Here are some of the highlights.Full Story:

http://realtytimes.com/rtcpages/20060112_investors.htm

The Perfect Second Home May Be a First

Even those who can't afford a second home can dream about them until buying is a better bet.Full Story:

http://realtytimes.com/rtcpages/20060112_secondhome.htm

Think Green

Even though it's a cold outside in most parts of the country, it isn't too early to think about the garden. Spring will be here before you know it, so let's get prepared for making the garden look great.
And what better way than to give your plants a boost by planting them in pretty containers for an added zip? http://realtytimes.com/rtcpages/20060104_thinkgreen.htm