Inspections

I am often asked what a lender inspection is. It means that the company providing the mortgage (Bank, or lender) will send someone to look at the property you are going to purchase or refinance. They do this to be sure that the property is worth the amount of the proposed loan. There are many factors involved in determining the value. This is called an appraisal.

House or Condo: Which is a better Investment

Get the question as to whether a house or a condo would be a better investment.
The answer depends on what is meant by ‘investment’. Do you mean a place that you will live in while it appreciates in value?  If so, a house in a decent neighborhood, that is properly maintained, will appreciate better than a condo. But if you mean a place that you will rent out to a tenant, then the answer is not quite so clear.

Much depends upon the location. There are plenty of tenants who want to be close to public transportation, or schools, or a certain college, etc., so if you could find a resale condo for the right price, that would leave you with a positive cash flow after all the costs are considered, then this would be the best choice. Real estate appreciates because of improvements, neighborhood conditions, supply and demand. These things will all affect all types of residential real estate. The best thing is to work with a Vancouver/Portland Realtor in the area you are interested in because that real estate professional knows the area better than anyone.

Small Home Financing

Many people do not know where to go to find out about FHA Home Financing and if they can qualify for an FHA loan.

The best thing to do is to call banks in your area and ask for the mortgage officer. Ask that person if they handle FHA – most banks do, but some don’t. In this case you might have to do some homework.  FHA loans have the advantage of requiring only 3.5% as a down payment, which means less cash out of your pocket (a conventional non-FHA loan would require 20% or so down. The disadvantage is that you have to pay FHA an insurance premium for the loan guarantee, which means that .your closing costs are higher, but usually not enough to offset the much lower down payment.

Secure your Home when on Vacation

Most of us do not realize that June, July and August, when homeowners are away on vacation somewhere, burglaries go up nationwide, anywhere from 10%-18% according to the FBIs latest figures. Most of the increases are seen in the month of August each year. 28% of burglaries are made WITHOUT ANY FORCE, meaning that the burglar(s) got in through an open door, or window.  Leaving your lights on timers, a radio playing and a neighbor picking up your newspapers and mail significantly helps.  There are 1.2 million burglaries each year.  Nine out of 10 home break-ins could have been prevented if homeowners knew how to burglarproof their homes, according to the Insurance Information Institute. Most insurance company’s will provide money saving tips on how to lock and secure your home while you are on a 5 minute run to the store, or a three week vacation in the mountains.

Home Prices Holding Up for Now

According to experts, one of the remarkable aspects of today’s real estate market nationwide, is the strength of the median price, up slightly over a year ago. The median price in July, 2010 was $182,600, and when you factor in the slowdown in sales volume, since the home buyer tax credit ended, the resiliency in pricing is a positive one. Homes are priced at a level that seems to match closely with the household’s ability to pay, and according to experts, that’s a reasonable place for home prices to be at the present time.

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