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1. How to Get a Good Deal in Rising or Falling Markets
Budgeting to Determine How   Life Is Making Choices You still have other options. In later articles we’ll see how to get sellers to reduce their price. We’ll look at mortgages that require nothing down, indeed, that even pay some of your closing costs! We’ll see how to rent-to-buy. And more! Nevertheless, at some point you’ll have to return to the above comparison and one way or the other, make “What’s left for me to live on&...

2. Rent a home
Before you commit to a home purchase, ask yourself again if renting, at least temporarily, doesn’t make more sense given market conditions? Only buy when buying makes more sense than renting. Can I Really Do This? Keep in mind that all real estate markets are regional. That means that while the market may be up in California, it could be down in Michigan. Down in Massachusetts, up in Arkansas. If you’ve only got one house to buy, national statistics don’t make to...

3. What Are the Pros and Cons of Condo Co ops versus Single Family Homes
When you buy into a shared ownership property (either condo or coop), you are actually trading off a portion of your privacy in exchange for other benefits such as guaranteed maintenance, architectural control, and amenities such as a pool, spa, rec room, tennis courts, clubhouse, and occasional parties that go along with condominium living. Shared versus Private Ownership Pros of Owning a Single-Family House   You are generally “master of your domain”   Incre...

4. Where do I find a good lender
Before you get a good loan, you must get a good lender. These days they are everywhere. You can go to a single-source lender such as your bank or your credit union. Or a multiple-source lender such as a mortgage broker. The mortgage broker has the advantage because he or she solicits loans from a wide variety of lenders, including banks, insurance companies, and pools of investors. Often a mortgage broker can match you up with just the right lender for your needs. Ask your real estate agent for a mortgage broker recommendation. Als...

5. What are the chances of a seller agreeing to pay your closing costs
What are the chances of a seller agreeing to pay your closing costs? Pretty good in a buyer’s market where the seller is desperate to unload a house. Not so good in a seller’s market where houses are moving rapidly. Also, keep in mind that negotiability extends to all areas of the transaction. If you’re getting a terrific price, the seller is less inclined to pay part or all of your closing costs. On the other hand, if you’re giving the seller pretty much what he or she wants in price and the market isn&rsqu...

6. Boying a home Effective interest rate and mortgages
TIP IF YOU WANT LESS VOLATILITY Historically among the least volatile rates have been the cost of funds and the Libor index. However, as we move into new economic climates, that could change. Lenders should provide you with a chart showing changes in the index for your loan. Be sure you ask for a chart that includes the period of 1979 through 1981 and 1999 to 2003 so you can see how the index performed in both high-interest-rate and low-interest-rate economic con...

7. FHA and VA mortgages
What About FHA or VA Loans? The government, except in some rare instances, does not lend mortgage money directly to consumers. It does, however, insure or guarantee lenders, who thus are willing to give you a mortgage, oftentimes at better than conventional nongovernment rates. What Is the FHA Program? FHA mortgages are insured by the government and are offered through most lenders, such as banks. Generally the down payment is low, under 5 percent. The interes...

8. Recognizing a Good Real Estate Agent
My father, who was a successful agent for more than 30 years, used to say, “When I first got my license, I thought I was ready to sell real estate. It wasn’t until 10 years later that I finally learned how to really be an agent.” To understand what he meant, it’s important to realize just what’s involved in being a real estate agent. Once you see the selling of property from the agent’s perspective, you may get a whole new view of how to pick the right one. What...