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View Lexington Park Homes for Sale NewsLexington Park HOME BUYING MORTGAGE PITFALLS TO AVOIDALL MORTGAGES ARE NOT ALIKE. There are far too many variables—type of mortgage, term, lender and amount of points to mention a few—not to investigate all of your options in Lexington Park. Don’t simply accept the first plan presented to you, whether it is from a mortgage broker, an agent or on the recommendation of a friend. Spend time comparing to get the best plan for you. HOME INSPECTION – A MUST. If you should ever think about skipping the Lexington Park home inspection in order to save money, stop and give yourself a good shaking. In the scheme of things, the Home Inspection fee is small potatoes but it is a very important step for any buyer to take. Going without a Home Inspection or choosing an unqualified inspector puts you at risk for not knowing about potentially expensive or even hazardous defects in the property. Lexington Park Disclosure RuleIf you are contemplating the purchase of an existing home or any Lexington Park, I strongly recommend that you utilize the services of a trusted home inspector. The final purchase of any home should be based on obtaining a favorable home inspection. Lexington Park is no exception to this rule. What if the home inspector discovers a problem? That happens and as long as it happens before the sale is final the seller can fix the problem or the buyer who agrees to take the property as is can negotiate the price. Any questions regarding Lexington Park, just give me a call. Lexington Park. How Much Should You Offer?A good starting premise is that everyone wants to buy a home for thousands of dollars under market and when the time comes, to sell that home for thousands of dollars over market. This is basic human nature. When you are in the position of making an offer on Lexington Park real estate property there are certain facts you need to know. Is it a Buyer’s Market or a Seller’s Market? In a Buyer’s Market conditions favor the buyer. Lexington Park real estate listings are plentiful, home sales are declining or stagnant. In a Seller’s Market the opposite is true. There are more buyers looking for homes than there are homes available. Your low-price offer is far more likely to succeed in a Buyer’s Market than in a Seller’s Market. How do you know what kind of a market exists? Ask your REALTOR, read the newspaper, check online. Before You Buy Your Lexington Park HomeWhether you are a first time buyer or someone who is moving up to a more expensive home it’s a good idea to start by cleaning up your credit report. Let’s say you apply for a loan to purchase an Lexington Park condo, town home, single-family home or any type of Lexington Park. The lender will check out your monthly income and outgo to determine if you can afford to repay the loan. Therefore, it is to your advantage to pay off as many high-interest consumer loans as possible. If you are planning on buying a car, a boat or other major purchase, put it off until after you have bought your selected Lexington Park real estate. Lenders look for certain patterns they consider red flags. These are: late payments, overextension, liens, garnishments and, of course, bankruptcy. Remember, debts reduce the amount of cash you can spend on the Lexington Park you want to buy, so clear the decks as much as possible before applying for a loan Choosing Your Lexington Park NeighborhoodYou’ve probably heard about the three major determinants of Lexington Park values are: 1) location, 2) location and 3) location. This is not only true about real estate in Lexington Park; it is true about real estate in general. If you cannot afford what you want where you want it, give up something inside the house rather than settling on a lesser location. Rent or Buy Lexington ParkIn the early years of your Lexington Park mortgage, nearly all of every monthly payment is interest. This means you are only paying off a tiny bit of the loan principal, but it is good news in terms of tax savings. The monthly payment for a $100,000, 30-year, 8% mortgage on your Lexington Park would be about $734. In the first year of your mortgage, $7,970 of your $8,805 payment or 91% would be deductible as mortgage interest. Even in the tenth year, almost 81% of your payments would be deductible. What this is worth to you depends on your tax bracket but this tax savings built into the home-buying equation is why you can afford to make higher mortgage payments than your current rent payments without squeezing your budget. There is no similar tax subsidy for renters. |
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