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It is important however to do the math and be responsible when considering these types of loans. Many homeowners found themselves in trouble when they borrowed against the equity in their home and then when housing values declined, they owed more than the house was worth. |
Understanding Mortgage Points |
by Samia S. Morgan |
When researching mortgage financing, potential homebuyers will often receive quotes from lenders that include both loan rates and "points." Many people are unaware as to exactly what is a point? |
A point is a fee equal to 1 percent of the loan amount. For example, A 30-year, $200,000 mortgage might have a rate of 6 percent, but come with a charge of 1 point, or $2,000. A lender can charge 1, 2 or more points. There are two kinds of points: discount points and origination points. |
•Discount points:These types of points are really prepaid interest on the mortgage loan. Because, the more points you pay, the lower the interest rate on the loan and vice versa. Borrowers typically can pay anywhere from zero to 3 or 4 points, depending on how much they want to lower their rates. The advantage to this... |
•Origination fee: This is charged by the lender to cover the costs of making the loan. The origination fee is deductible if it was used to obtain the mortgage and not to pay other closing costs. The |
IRS specifically states that if the fee is for items that would normally be itemized on a settlement statement, such as notary fees, preparation costs, and inspection fees, it is not deductible. |
There are many different factors that will effect whether or not you pay points as well as how many. The amount of money you have to put down at closing as well as how long you plan on staying in your house can be a factor. If you plan to stay in your home for a while, it may be worth reducing the interest rate by payi... |
Local Earth Day Events |
by Samia S. Morgan |
On April 22nd we celebrate Earth Day, which is a day designed to inspire awareness and appreciation for the Earth's environment. This year's celebrations mark the 40th anniversary of this day of observance of the need to protect the earth. The San Francisco area offers many different events to celebrate Earth Day. Belo... |
The Marine Science Institute's "Earth Day on the Bay!"This event is on Saturday, April 17, 2010 from 8 am - 5 pm. This all day event is filled with family-friendly events geared towards providing fun, memorable, and meaningful experiences to bond you with San Francisco Bay, and the planet. Last year was was a tremen... |
SCA San Francisco Earth Day Project |
On April 24, 2010 9:00am - 12:00pm in San Francisco, CA. Join the Student Conservation Association (SCA) and the Golden Gate Audubon Society for day of fun projects in San Francisco. On Saturday, April 24, we will be joining Golden Gate Audubon Society at Harding Park in San Francisco. Get your hands dirty removing non... |
http://www.thesca.org/events/sca-san-francisco-earth-day. |
Green Festival Event |
On April 10th and 11th , over 225 visionary Speakers and Artists to motivate you, more hands-on workshops to keep you participating in the process, and more planet-friendly choices to help you activate your goals every day – all in a more intimate setting! Join Mayor Gavin Newsom to learn more about the Bay Area's new ... |
What To Look For When Buying A Home |
by Samia S. Morgan |
When looking for a new home, you will find that it can be a fun and excting process. It can however, be easy to overlook certain negative aspects and make decisions that may be costly down the road. While many first time homebuyers may overlook potential problems, it can happen to even the most veterarn homebuyer. To h... |
Be sure to inspect the neighborhood closely. Finding a great home that is located in a neighborhood that doesn't suit your needs or a community that is decline can be a bad decision. Before viewing any homes for sale, it is a good idea to do some research and review the neighborhoods in your area. One great online da... |
Is The Price Right? Is This Really A Good Deal? If you have found a home you really love but might need some work, it is vital to consider a few things. It is easy to fall in love with a home that needs some work and talk yourself into the fact that you can fix it up. Many times these projects can be very costly and ti... |
Don't Overlook The Additional Expenses. The mortgage is not the only expense associated with the purchase of a home. Other costs are typically associated with the purchase of a property that may not be considered. |
• Homeowner Assoication Fees: If you move into a development with an HOA, you will be required to make either a yearly or monthly fee. Keep in mind that HOA fees will typically raise each year and there are fees that are imposed for not following regulations. Be sure to read the fine print. |
• Real Estate Taxes: Home value and location will have an effect on the amount you will be required to pay each year. Be sure to consider that property taxes can increase dramatically because of new levies or even reappraisals of your property. |
• Utilities. Be sure to ask what the typical monthly costs are for gas, electric, water etc. If you are currently renting, the increase in utility costs from an apartment to a home can be shocking. Do your research so you are not surprised. |
Finding a home you love and that you can afford is important. If you are a first time homebuyer it is important to do your research so you can make an informed decision and be happy with your home purchase years down the road! |
Displaying blog entries 1-10 of 16 |
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Photo of Samia S. Morgan, Inc. Real Estate |
Samia S. Morgan, Inc. |
dba Samia Realty Group |
BRE# 00967165 |
San Mateo CA 94403 |
650-678-3633 |
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