Best Buy: Real Estate Loans

Shopping for a real estate loan can prove a challenging task. With so many options available will you get the one that suites you best. Here is some information that can help. Your lender can tell you about the many options available, but here we will look at conventional loans. A conventional loan is a loan that is not insured or guaranteed by a government entity. Conventional loans can be 15- year or 30- year. There are five types of conventional loans.

1) 80% conventional- the loan to value ratio is 80% of the appraised value or sale price of a property, whichever is less. You borrow 80% of the appraised value or sale price of a home, whichever is less and put a 20% down payment on the home. This type of loan is 30 year, fixed rate.

2) 90% conventional- a 10% down payment must be made, with at least 5% from the buyers own cash reserves. The interest rate could be the same or higher than an 80% loan, this depends on the buyer. a 90% conventional loan has private mortgage insurance premium which adds to the cost of the loan.

3) 95% conventional- a 5% down payment must be made from the borrowers own cash reserves. The interest rate could be the same as the other two loans, but again varies on the particular buyer. Private mortgage insurance is involved which adds to the cost of this loan.

4) 100% conventional- good credit is a criteria for this type of loan, there is no down payment, but the borrower must live in the home as an owner-occupant with the home as the primary residence. Interest rates will vary on lenders, there is also a private mortgage insurance premium involved which adds to the cost of the loan.

5) easy qualifier conventional loan- lenders modify the qualifying standards based on the needs of the borrower. A down payment of usually 20% or more is required, again this may vary depending on a borrowers situation. Interest rate is usually determined on factors such as credit score. Private mortgage insurance is not an issue due to the 20% down payment required.

In today's market there are so many loan options available ask your loan officer to explain them all not just the ones they are trying to sell.

Inspection for your new home

For many of us buying a home could possibly be the largest purchase we make. Unless you are a contractor who is familiar with construction a home inspection is a wise investment that will make you aware of the overall condition of your new home. Look for an experienced, independent home inspector to conduct the inspection. The inspector will examine the house and report on the homes structural integrity and ensure the primary systems are in good condition. Feel free to accompany the inspector as they conduct their work. After the inspection is complete you will be given a report stating the condition of the home. Having this information will better enable you to know what to offer for the home and if any conditions exist that need to be addressed. Home warranty insurance programs are available that will protect the new home owner from unexpected mechanical or major system failure, ask your real estate agent about home warranty insurance programs.

Questions or comments: write or email eugene.dougherty@realliving.com

Buying a Home

Home& Garden Text

Buying your first home or perhaps just trading up to a new home? Two things you will need to do, get a home inspection on your new home prior to purchase and get an appraisal. Do you know the difference? A home inspection is for a buyer. A home inspection gives the buyer more detailed information about the overall condition of a home prior to making a purchase. A qualified home inspector takes an in-depth, unbiased look at your potential new home to evaluate the physical condition, structure, construction and mechanical systems, indentify items that need to be repaired or replaced and provide an estimate of the remaining useful life of the major systems equipment, structure and finishes.

An appraisal is for a lender. An appraisal is required to estimate the market value of a house, ensure the house meets minimum Federal Housing Authority (FHA) property standards and requirements and make sure the house is marketable. Make sure your real estate agent is recommending that home inspections and appraisals are performed.

Questions or comments: write or email eugene.dougherty@realliving.com

Selling a Home

Facts you should know, Stow east and Stow west. In May 2006 there were 171 homes for sale, 30 sold and the homes were on the market for 91 days. New stats coming soon.

Browns 20
Lions 16

Questions or comments write or email eugene.dougherty@realliving.com

Selling a Home in the Falls

May 2006 local stats: Cuyahoga Falls East, Cuyahoga Falls West,and Cuyahoga Falls North Hampton, there were 297 houses for sale, 48 sold and the homes were on the market for 80 days. New stats coming soon

Questions or comments write or email eugene.dougherty@realliving.com

BUYERS ITS YOUR TURN- TELL YOUR STORY

Buying a house? Thinking of buying a house? Share your experience with our local readers. Was the experience good or bad what would you have done differently, what would you have liked your real estate agent to do differently? Any thoughts or opinions are welcome.

Preseason: Browns- 7
Eagles - 20

Questions or comments: write or email eugene.dougherty@realliving.com

SELLERS TELL YOUR STORY

Selling your house? Recently sold your house? Share your experience with our local readers. Was the experience good or bad, what would you have done differently, what would you have liked your real estate agent to do differently or have done differently? Did you have open houses? Did you feel they were helpful? Any thoughts or opinions are welcome.

Questions or comments: write or email eugene.dougherty@realliving.com

ARE YOU READY FOR SOME FOOTBALL?!

Here it is the Cleveland Browns 2006 schedule.

PRESEASON
Aug 10 @Philadelphia Eagles
Aug 18 Detroit Lions
Aug 26@ Buffalo Bills
Aug 31 Chicago Bears

REGULAR SEASON
Sept 10 New Orleans Saints
Sept 17@ Cincinnati Bengals
Sept 24 Baltimore Ravens
Oct 1 @ Oakland Raiders
Oct 8 @ Carolina Panthers
Oct 15 Bye Week
Oct 22 Denver Broncos
Oct 29 New York Jets
Nov 5 @ San Diego Chargers
Nov 12 @ Atlanta Falcons
Nov 19 Pittsburgh Steelers
Nov 26 Cincinnati Bengals
Dec 3 Kansas City Chiefs
Dec 7 @ Pittsburgh Steelers
Dec 17 @ Baltimore Ravens (Thursday)
Dec 24 Tampa Bay Buccaneers
Dec 31 @ Houston Texans

Heres to a GREAT season.