| Vacation rental Us a leading home rental
website which offer free buying, selling and rentals of homes. You
can directly communicate with the property listed on our website you
need not to pay us any brokerage or any sum of money to use our services.
We are providing free services for Sale
of Home, Buy a Home, Home
Rental, Vacation Rental etc.,. Please use our
services and be careful before finalizing any deal. We have few buying
tips for you. Hope this will help you |
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| With inventory diminishing
daily and multiple offers being extremely common, it is of great importance
that you position yourself to have the "Best Chance" to get your offer
accepted. You enhance your chance of getting the home of your choice
by doing the following: |
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| Get pre-approved for the purchase:
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This takes very
little time and is of great value. At this time, identify the
price range for which you qualify and which fits your lifestyle.
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| Submit a
strong competitive offer: |
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Submit the offer
as if there will be multiple offers. |
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| nclude substantial earnest
money deposit: |
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This takes very
little time and is of great value. At this time, identify the
price range for which you qualify and which fits your lifestyle.
|
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| Include substantial earnest
money deposit: |
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Acceptance of
an offer is sometimes determined by the amount of the deposit.
A larger amount may signify a bigger commitment to the seller.
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| Minimize or eliminate contingencies:
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The fewer contingencies,
the stronger the offer. |
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| Make a buyer profile available:
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Time on the
job, flexibility, reason for purchasing seller's home, etc.
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| Be prepared to preview a new
property quickly: |
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Homes sell sometimes in hours.
Be prepared to make decisions quickly and be accessible to change
the terms instantly. |
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| Be prepared to preview a new
property quickly: |
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Homes sell sometimes in hours.
Be prepared to make decisions quickly and be accessible to change
the terms instantly. |
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| Buyer and agent to have instant
communication access: |
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Let us maintain instant access
to each other via office phone, voice mail, fax, pager or cellular
phone. |
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| Mortgage Application Checklist |
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Copy of your Purchase & Sale Agreement. |
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Your present mortgage information. |
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Two year history of employment and verification
of all income sources. |
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If self-employed, copies of past two years Federal
Income Tax Returns. |
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Information about your checking, savings and credit
card accounts. |
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Name, account number and outstanding balance of
each of your debts. |
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Application deposits. |
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Information about any assets. |
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Information regarding any other assets that will
be used as funds to close. |
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If FHA - Copy of Social Security card and photo
ID. |
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If Employee Relocation Client - include relocation
information and copy of offer, promissory note and copy of check on
bridge loan. |
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| Questions For Your Lender |
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Are both fixed-rate and adjustable mortgage loans
available? |
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What is the interest rate? |
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How long can I "lock-in" the financing
at the current interest rate? |
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Is a float down lock available in case rates drop
after I have locked in? |
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What are the other fees a lender may charge me
in conjunction with my loan? |
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Are funds for a second mortgage available? |
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On adjustable loans: |
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How often will the interest rate be adjusted? |
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Is there a maximum limit on each rate change? |
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How often will the monthly payment be adjusted?
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Is there a ceiling on payment adjustments? |
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Can the term of the loan be extended? |
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What is the maximum rate that can be charged over
the life of the loan? |
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Is there any potential for negative amortization?
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Is there a pre-payment penalty clause? This involves
extra charges for paying off the loan before maturity. About 80% of
all loans in the United States are paid off early. |
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What is the "grace" period? How late
can a monthly payment be made before a late charge is assessed? What
will happen if a payment is missed? |
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If you sell your house, will the new buyer (if
he/she qualifies) be able to assume your mortgage at the same interest
rate? |
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Do you have to pay "points" to get your
new mortgage? Usually lenders charge points for the cost of giving
you a mortgage loan. A "point" is 1% of the loan. |
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Will the lender require mortgage insurance? |
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Is the loan serviced locally or is the servicing
sold? |
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Ask for a written "good faith deposit". |
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| Financing Options |
| Fixed Rate Mortgage |
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The interest
rate stays the same throughout the term of the loan - usually
15 or 30 years - so the principal interest portion of your payment
remains the same. Payments are stable but initial rates tend
to be higher than adjustable rate loans and often cannot be
assumed by a subsequent buyer. |
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| Balloon Mortgage |
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This is a loan
which must be paid off after a certain period. The advantage
they offer is an interest rate that is lower than a mortgage
that is made for 30 years. |
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| Adjustable-Rate Mortgage (ARM) |
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The interest rate is linked to
a financial index, such as a Treasury security or a cost of
funds - so your monthly payments can vary up or down over the
life of the loan - usually 25 to 30 years. Interest rates can
change monthly, annually, or every 3 or 5 years. Some ARMs have
a cap on the interest rate increase, to protect the borrower.
Other terms relating to adjustable-rate mortgages: |
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Adjustment period: The length of time between
interest rate changes. Example: one year ARM-interest changes
annually. |
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Cap: The limit on how much an interest rate
or monthly payment can change at each adjustment or over the
life of the loan. |
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Conversion clause: A provision in some loans
that enables you to change an ARM to a fixed rate loan, usually
after the first adjustment period. This may require additional
fees. |
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Index: A measure of interest rate changes
used to determine changes in the loan's interest rate over the
term of the loan. |
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Margin: The number of percentage points a
lender adds to the index rate to calculate the ARM's interest
rate at each adjustment. |
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| VA Loan |
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The VA does not lend money, it
guarantees a portion of the loan so that lenders who originate
the loan feel comfortable with their risk. Qualified veterans
can obtain loans up to $203,000 with no down payment. VA-guaranteed
loans can be combined with second mortgages and are assumable
upon qualifying by any future buyer. |
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| FHA Loan |
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FHA does not lend money or make
a loan; rather, it insures loans. The down payment can be as
low as 2.25%. Discount points may be paid by either buyer or
seller. FHA charges a 2.25% up front Mortgage Insurance Premium
(or as little as 2% for a first time home buyer) that can be
financed in the mortgage amount or paid in cash (no premium
is required for condominiums). The borrower must also pay an
annual Mortgage Insurance Premium or .5% which is collected
monthly. |
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| Seller Assisted Second Mortgage |
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The seller of the house lends
the buyer enough to make up the difference between the purchase
price and the down payment plus first-mortgage balance (a commercial
lender may also make this kind of loan). The terms including
the interest rate, are based on buyer/seller agreement. It is
often a short-term (5 to 15 year) loan; sometimes "interest
only" payments until the term date when the balance is due in
full. A buyer can then refinance the home. |
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| Assumable Mortgage |
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Buyer "takes over" or assumes
the mortgage obligation of the seller (with concurrence of the
lender). The interest rate doesn't change and is sometimes lower
than current rates. Often the loan fees are less as well. |
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