Top Ten Terms for Loans

Everyone knows that you should never sign on the dotted line without reading the contract.   This same term applies to loans.   Signing a loan without knowing the terms and what everything means can be detrimental to your finances, credit and future investments.  

Before you sign on the dotted line, make sure that you know these terms and how they will apply to you. 

1.  Interest rate  

The interest rate is the percentage of your loan that is added on every month.  The percentage will vary according to the economy and will make a difference in your payments.  

2.  Fixed Rate

A fixed rate will be an interest rate that stays at the same percentage throughout the entire period of your loan.

3.  Variable Rate  

A variable rate will change according to the economy and the charts that are stating what the rates should be for interest.   A variable rate usually changes every year and adjusts according to a specific given range of percentages.

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4.  Principal  

The principal is what you will be paying on your actual house. Whatever you pay on your principal is what you will see in the end as your investment.  


5.  Escrow 

This is similar to a savings account of your loan.   Whatever you put in escrow will accumulate without paying directly into the loan.   At the end of the term you can use it to finish paying off the loan or to invest in another loan.

6.  Title  

A title will be what you get to your home after it is officially yours, stating that the property belongs to you.

7.  Deed  

A deed will most often be used as a title for a commercial area. Instead of giving ownership it shows that the property is leased to the one who is using it as a business.

8.  Home Equity  

This is a loan or line of credit that you can get for your home.   It will finance up to eight percent of your other loan and get paid back later.   This helps if you want to consolidate loans or invest more into the property.

9.  Appraisal 

After an inspection of the home is made, an appraisal will be made.   This will be an estimated value of what the home is worth.  


10. Equity 

This will be the actual amount of the property that you own. Most likely, it is what is being paid off of your principal amount.

Once you know some of these basic terms, you will be able to expand on your knowledge and find the exact loan that will fit your needs.   These basic definitions will help you in making the right decision for the type of loan that you want.

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Flipping Properties

If you want to maximize your profits off of a property, then the way to do it is to flip properties.   Flipping properties is a term that is commonly used in real estate.  It is where someone will walk into a property, put in some small changes, and resell the property for more profit.   If you want to invest little and make more, then this is a great way to get into the real estate business.  

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Usually, you will begin flipping a property by finding a home that is under priced for the current real estate market.   These are usually called 'fixer upper' homes and are available all the time on the market.   Any type of foreclosure, home at an auction, or home that has been neglected can be bought for a lower price.   Flipping properties will most likely be done by dealers or retailers, but it is possible for anyone to take part in the art of flipping properties.

After you have found a home that needs some fixing, you will buy it like you would any other home.   Usually, you will be liable for going through the mortgage process and will sign a deed of trust for the property.   When you do this, you will want to make sure that you do it as a business instead of an individual.   As soon as the paper work is done, you can move into the home, make some changes, and put it back on the market for a higher price.  

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Renovating and reselling is the major art behind flipping properties.   If you want to stay ahead in the market and begin to profit, then understanding the basics of this and how to work as a business with real estate is one of the potential ways to make a living.   There are several who have worked with real estate and flipping properties that have had the ability to make a large amount of money off of the investments.


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Homeowners underwater can still refinance

If the value of your home is less than you owe on your mortgage, refinancing to take advantage of today's low interest rates - recently 3.7% on a 30-year fixed-rate loan - may seem out of reach.   But if you're up-to-date on your mortgage payments, you may be able to refinance through one of two programs.   Lenders participate voluntarily and can adapt the terms, so there's no guarantee you'll qualify.   But you won't know until you call your lender.

If you want help (it's free) before you make that call, consult a housing counselor approved by the Department of Housing and Urban Development (call 888-995-4673).

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With the Home Affordable Refinance Program (HARP), you can refinance to a lower rate and payment or a shorter term. Many more borrowers have refinanced through the program since the upper limit for the loan-to-value ratio (the loan balance divided by the market value of the home) was eliminated.   However, some lenders still impose a loan-to-value limit of 150%, says Keith Gumbinger, with HSH.com, a mortgage-tracking firm.

To qualify, you must have no late payments for the past six months and no more than one late payment in the past 12 months.   Also, Fannie Mae or Freddie Mac must have owned your existing mortgage prior to June 1, 2009.   Lenders may charge you a slightly higher interest rate than for a "regular" refinancing -- say, one-fourth percentage point more.   You'll pay closing costs just as you would with any refi.

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If you have an FHA mortgage, you can reduce your monthly payment or switch from an adjustable rate to a fixed rate with Streamline FHA.   You must have had your current FHA loan for at least 210 days and have made at least six payments.   If you've had the loan a year or less, you can't have any late payments on your record.   The refi must reduce your monthly payment (principal, interest and mortgage insurance) by at least 5%.   No appraisal or verification of employment, income or credit score is required.

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Finding a Realtor

If you know your situation, have an idea of what you want for a home, and know what you need, you don't want to be the only one that knows.  

Finding the right realtor will help you to improve your chances of getting exactly what you want and finding the best deals that are in the market.

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If you aren't sure what to look for, then you can follow a few general guidelines to find the perfect match for your needs.

One of the easiest ways to make sure that you are getting involved with the right person is to do your research.  

Most likely, realtors will all have a reputation about how well their services are and what they were able to do for others.  

By looking into Internet sources or by asking other people, you can start out to find the right person and to eliminate some potential problems with realtors who aren't looking out for your best interests.

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You don't just have to look at realtors from what others are saying.   You can also look at how they have their services set up.

The most important part of this is determining the commission that they will receive.  This will make a difference in how much you end up paying for your home.  

You will also want to look at credentials and how long they have worked in the area.   The more that they know, the more they will be able to help you.

If you have never had a realtor before, you will want to know standard procedures for how they are supposed to approach you with the business.  

For instance:

You shouldn't have to sign a contract at the beginning of the deal.  

You also shouldn't have to put any money down until you have found a home and signed a contract with the lender.  

More importantly, make sure that the realtor is going to listen to what you want and need and doesn't try to take advantage of what you don't know.  

You will usually be able to tell where a realtor stands with your business by how they respond to your questions and needs with the first phone call.  

Every realtor has their own personal touch to showing homes.   

If you aren't comfortable with how they are proceeding, it is best to not use them.

Whether the home is your first of fiftieth, finding the right realtor to help is a huge key to walking into what you want.  

It is through the realtor that you will have the easiest time with making negotiations, communicating with the others involved and finding exactly what you want.   

Always make sure that your realtor knows that your home is where the heart is.

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The Game of the Real Estate Market

Just like playing the game of Monopoly, there are specific rules to follow in order to get the right property at the right time. The rules of the game will be dependent on who you are, what your individual tastes are and what type of investment you are looking for.   However, before you even start to role the dice, you will want to make sure that you know the basic rules of the game.  

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One of the basics that you will want to know is to decide what it takes to find the right real estate market.   You can use several marketing strategies that will help you to find the right home, the right place, and to make the right type of investment with the market.   Of course, while you are doing this, you will have to investigate the various areas and how they are connected to the community.   This will allow you to find what will profit you with the investment in the long run.

Just like Monopoly, you will want to understand the area that you will be in and how this will affect the rules.   For example, everyone knows that by investing in Broadway there will be more profit than the utilities station.   This same rule applies to finding what is available in the real estate market.   You will want to know the area and how it will affect your profits and your way of living.   This can be examined by the demographics, the history of the area, and the flow of people that are moving in and out of the area.  

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After you have investigated these various things, you will be able to decide when the best time to pass go will be.   This can help you to find the best deals, move at the right time and have the luck of the dice in order to get what you want and need for better living or for better profit.

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If You Can't Afford a First Home

Do you know someone who is living in a small apartment, but can't afford to get out.

  **Maybe you are in the situation yourself and know that you are throwing away extra money every month by paying rent.**  

If you are in this situation, you don't have to be.   There are several ways to begin investing in a first home without having to invest a lot up front.  

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There are hundreds of people that are living in apartments instead of investing because of the money that is needed up front, as well as the changes that are needed for income level. At the same time, there are programs that recognize this and are available to help those in need to find a first home.   If you have a stable income, you also have the ability to move out of throwing away your money.

One area that you can look in for a first home is the grant programs that are available.   Each locality will have different programs, most which are easy to qualify for.   The programs will vary according to your living situation and what you need. For example, several grant programs will give you money simply to be in a first house, while others will give grants to special situations, such as beginning your own business. Looking into things such as 'neighborhood goal' can help you find something that won't take your money with no return every month.

If you aren't certain what program will work for you, simply ask your real estate agent.   Most of the time, they will be familiar with the programs and should be able to help you with what is available.   By the time you move into your first home, you will either have everything in the initial investments paid for you, will receive money back, or will have some financial support to help you get started.  

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Making investments in your first home does not necessarily mean saving up thousands in order to get in the door.   It simply means finding the programs that are willing to help you pack and move and taking advantage of what is available in your area.   With a little bit of research and a little help, you can stop paying rent and move into an investment.

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