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28 Aug

Warren Buffett lists tips for home buyers

Posted in Mortgages, Real Estate on 28.08.11

One of the most respected men in business gives home buyers some tips to adapt to the changing landscape of the real estate market. We can surely learn a lot of lessons from this tips coming straight from billionaire and philanthropist, Warren Buffett:

Smart way of owning a home

As a homebuyer you need to thin of three things: long term ownership, affordable monthly payments, and fixed mortgage. Buffett was asked how his holding for manufactured housing has done well in the rough market. The business guru shared that they focused on realistic down payment and opted for manageable fixed monthly installments based on the buyer’s income. These elements blended well so people can keep their home unlike other schemes which led to foreclosures and the mortgage bubble burst.

Your dream home may lead to a nightmare

Buffett also cautions homebuyers that trying to purchase your dream home that will have a very high monthly with an adjustable rate mortgage may mean a dream that leads to a bad ending. Warren Buffett explains that a dream house can be a terrible nightmare when the buyer is looking way beyond what his wallet can manage and when a lender gives into the fantasy of the buyer.

Homes will increase in value is still true

Buffett was invited in in Congress for an interview and for him to share his thoughts about the mortgage bubble burst. He said that the “liar loans” led to the economic crash because lenders and borrowers corrupted the basic premise of how prices of homes will go up and that it will never go down. Lenders allowed unqualified buyers to get homes or multiple properties which are way beyond what their bank account can handle.

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24 Oct

Facing foreclosure? Don’t pack just yet: 2

Posted in Mortgages on 24.10.09

ForeclosureHouseNow that we have talked about making sure that you know that you are not alone, let’s go ahead and dive right into foreclosure.  If you are considering just leaving before the bank really owns your home, there are some problems that you might run into that you need to know about.

Firstly, the foreclosure can actually be resurrected and the owner of your mortgage can return later and restart the foreclosure if the property value rises up in a few years.  Did you know that your mortgage can also be sold?  Just as many credit-card companies sell deadbeat accounts to aggressive debt collectors for pennies on the dollar owed.

Another problem is that the city can actually throw you out – which is something that I had no idea about!  These are just a few problems that you might run into if you plan on leaving your home.

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23 Oct

Facing foreclosure? Don’t pack just yet

Posted in Mortgages, Real Estate on 23.10.09

Facing foreclosure? Don't pack just yet Across the country, we all know that banks are starting to foreclose on many homes and homeowners are left without a word of explanation.  The banks seem to be taking the homes without so much as a warning and it is happening everywhere – form Ohio all the way to NY and from NY all the way to Florida.  It seems that foreclosures have become increasingly popular and there is no way around it.

If you are a homeowner that is faced with foreclosure – there are a ton of things that you can do, you just need to know exactly what to do and what they are.  The first thing you need to realize is that you are not alone.  There are so many people out there that have faced foreclosure and have gotten through it and you can too.

In the next blog, we are going to talk about some more ways that you can handle foreclosure if you are faced with it.

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02 Oct

How Much Time Do You Have To Decide On A Mortgage? 2

Posted in Mortgages on 02.10.09

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Now that we have talked a little bit about the time frame that you may be looking at whenever you are dealing with mortgages, let’s talk about some of the things that you can do in order to stay on top of the mortgage rates and find the very best deal.  Firstly – research your tail off.  This will seriously save you in the end and I can promise that you will find the right mortgage to fit all of your needs!

Next, you want to make sure that you are not only fluent in the mortgage lingo but that you are actually knowledgeable about mortgages in general.  You always want to make sure that you know what you are doing and what needs to be done in order to get the mortgage that you want.

Finally make sure that you keep up on the mortgage rates – get in contact with a few mortgage brokers and real estate agents – even some lenders!

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01 Oct

How Much Time Do You Have To Decide On A Mortgage?

Posted in Mortgages on 01.10.09

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Shopping for a mortgage is almost as hard as shopping for a house.  There are so many different options available and I can tell you that finding a mortgage is going to affect the rest of your life – so make sure you do not take the decision lightly.  Whenever you are looking for a mortgage, a lot of people wonder exactly how much time they have before they have to make a decision.

Well, usually the offer that you get from your lender is only good for about a 24-hour period … that is because there are so many people looking for mortgages; they can not hold special offers.  Whenever you are looking for a mortgage, you always want to make sure that you can make the decision right away.

The mortgage market is a quick market to move and on average, the rates actually change every 4 hours and 2 minutes.  Keep that in mind.

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