$8000 Tax Credit
See First Time Home Buyer Tax Credit
Amazon Kindle 2
The Amazon Kindle 2 is the new version of Amazon's Electronic Book Reader. Featuring EvDO Wireless connectivity that allows instant download of books, blogs, magazines, newspapers and web browsing wherever you can get Sprint cellular phone service with no service charges. Homer Buyer ordered a Kindle 2 to keep track of all his home buying documents and books while out looking at houses. His fiancée, Ivana Newhouse, just wanted to curl up by the fire with it.
Amortization Chart
The amortization schedule is a table showing the payment schedule, principal paid, interest paid, and outstanding balance of a loan after each payment.
You can get amortization schedules free of charge from many websites. See Amortization schedule
Amortization spreadsheets are useful to calculate a payment schedule on a loan. The spreadsheet will detail each loan payment and what portion of the payment is applied to paying down the principal and what portion is interest. As each payment reduces the principal, the interest due for the next payment will be reduced and the amount applied to the principal will increase with each consecutive payment. The total payment amount remains constant throughout the term of the loan until the final payment which will include the remaining principal and interest.
Amortization Spreadsheets
Amortization spreadsheets are useful to calculate a payment schedule on a loan. The spreadsheet will detail each loan payment and what portion of the payment is applied to paying down the principal and what portion is interest. As each payment reduces the principal, the interest due for the next payment will be reduced and the amount applied to the principal will increase with each consecutive payment. The total payment amount remains constant throughout the term of the loan until the final payment which will include the remaining principal and interest.
Annual Credit Report
The Fair and Accurate Credit Transactions Act (FACTA) states that everyone in entitled to a free annual credit report from each of the three credit bureaus to review their report for accuracy. This can help bring cases of identity theft to the attention of the victim. It also provides a chance to verify the accuracy of each entry in the report. Free reports are also available whenever:
- You have been denied credit
- You are unemployed and will be looking for work within six months.
- You are receiving welfare
- You believe your file contains inaccurate information due to fraud
Bailout Bill
The federal government is giving its all out best effort to stop the economic slow-down by proposed bailout bills that will help big businesses that are having financial difficulties. Where is the money coming from? Imagine the government is an authorized user on a credit card and you are responsible for paying the bill. The government is racking up debt in the taxpayers names in order to line the pockets of people who are worried that they won't have enough to pay the mortgage on their third vacation home. There should be a bailout for the first time home buyers instead.
Bank Owned Homes
When a home owner becomes late on his mortgage payments, the bank has the right to foreclose on the property. The bank forecloses in an attempt to collect the debt. The property will then be put up for auction to raise the money to pay the bank what is owed. If nobody bids enough to cover the debt owed to the bank, then the bank takes the property. This is now known as a bank owned home. Bank owned homes can be a great deal for home buyers. The bank is not in the business of owning real estate. In fact, the bank is not even allowed to rent it out. The property is a burden to the bank. The bank also ties up money that the bank has to keep in reserve against the property. The bank can't lend this money out and make money with it (which is the banks primary business). The bank will often let bank owned homes sell for much less than market value to get rid of the non-performing asset.
Calculator For Mortgage Payment
Capree Escrow
The escrow company that was supposed to give my wife her commission check more than a month ago, but still hasn't provided a valid check to date.
Economic Stimulus Package
As the newly elected President of the United States, Barack Obama has pushed through Congress a massive stimulus package to get the economy back on track. Many elements of the package are designed to help the recovery of the real estate market. Some are directly helping home buyers. Most notable is the $8000 tax credit for first time home buyers.
Engagement Rings
Homer Buyer went shopping for engagement rings in January 2008 in order to propose to the lovely Ivana Newhouse that Valentine's Day.
FICO Score
The FICO Score is a credit scoring system developed by Fair, Isaac and Company. This is the most common scoring system used by creditors to determine your creditworthiness. The FICO score takes into account several factors including:
- On time payments
- Credit usage
- Credit inquiries
- Length of credit history
- Age of recent accounts
First Time Home Buyer Tax Credit
For 2009 Congress has approved a tax credit for first time home buyers. The credit is available for 10% of the purchase price paid for a home purchase that closes between January 1, 2009 and December 1, 2009. To qualify you must not have owned a home within the past 3 years and you must purchase the home as your primary residence.
First Time Home Buyers
First time home buyers receive special consideration from many government programs. There are loan programs that can reduce the down-payment requirement to 3.5%. There are also tax credits that give extra incentive to home buyers. Different programs define first time home buyer differently, but in most cases it means you haven't owned a home in the past 3 years.
Flower Deliveries
Homer Buyer and Ivana Newhouse (soon to be Mrs. Newhouse-Buyer), ordered flower deliveries for their housewarming party, which they plan to hold just after returning from their Bahamas honeymoon.
Foreclosure Process
In today's economy there are thousands of foreclosures in almost every city. There are also many people wondering about how long they have in the foreclosure process before they lose their homes. The foreclosure process varies a lot from state to state depending on the local laws. It can take anywhere from 3 weeks to more than a year. With the amount of foreclosures that big banks are dealing with, they often don't even start the foreclosure process until the mortgage is many months past due.
Free Annual Credit Report
Free House Plans
While getting a custom house plan from an architect can be very expensive, there are also very good free plans available. These plans are distributed freely on websites that use paid advertising of building products and contractor services as their source of revenue.
FSBO
For Sale By Owner. This is a property listed for sale without the assistance of a real estate broker. Most often a property is listed as FSBO or "For Sale By Owner" because the seller doesn't want to pay a commission to the broker.
Government Grants For First Time Home Buyers
The federal government as well as many state and local governments offer grants for first time home buyers. A grant is a gift for a specific purpose that does not have to be repaid.
Home Inspection Checklist
A home inspection checklist is not something to replace a professional home inspection. Rather, it is a tool to help you evaluate properties before you hire a professional home inspector. This will not only make sure you don't overlook potential problems, it will also show agents and sellers that you are a serious buyer, not just looking around. But most importantly, a checklist will keep you grounded and objective when you risk being overcome by emotion for a home. It is important not to fall in love with the property even though it may be just what you are looking for. It is hard to negotiate a good deal when you feel you have to have it, especially if the seller or his agent can tell that is how you feel when you are looking at the property. If you are busy asking questions and taking notes it is easier to keep a poker face.
Homer Buyer
The typical first time home buyer. Homer finished his graduate degree in Computer Science in June 2009. He had committed himself to buying a home as soon as possible after leaving the university. Real Estate Search Direct tells Homer's story as he searches for the perfect home.
How Much Can I Afford?
This is the question that first time home buyers ask most frequently.
Ivana Newhouse
Homer's fiancee, Ivana.
Loan Amortization Calculator
A loan amortization calculator allows you to calculate the monthly payment amount on a loan given the loan amount, term and interest rate. You can find an example calculator at Real Estate Search Direct
Lowest Mortgage Rates
You should always strive to get the lowest mortgage rates possible. A fraction of one percent difference in interest can make a large difference in the overall cost of a home over the term of the mortgage. Be sure to understand the terminology so you know how to compare one rate against another. There are often fees that change the overall cost of the loan that aren't included in the advertised rate.
MLS Listings
The MLS is the Multiple Listing Service. Each regional association of Realtors manages a property listing service that combines all the listings of property for sale from all of the association's member brokers. The MLS systems also share data between different regions so an agent from one region can access listings in another area.
Mobile Home Lenders
There is a separate category of loan for mobile homes. They don't fall into the same class as a standard home loan. Because of the construction techniques where a home is built off-site and relocated a mobile home is far more susceptible to depreciation than most real estate. Therefore most mortgage lenders don't deal with mobile home loans. Actually, a mobile home loan is more like a car loan. A special class of lender has grown to serve this market. Mobile home loans will usually have a higher interest rate than a standard home mortgage.
Mobile Homes
Mobile homes, also know as manufactured homes, are homes that are built in a factory in one or more pieces rather than being built on site. Even though they are often never moved from their first site of installation they are treated more like a vehicle than real estate if they are on a rented space. A mobile home is often a more affordable option for first time home buyers.
Mortgage
A loan secured by a property. The ownership of the property is in the name of the borrower, but a trust deed or lien gives the lender the right to sieze the property if the repayment terms of the loan are not met. The word comes from the French root mort (to kill), + gage (pledge) indicating that the property is pledged to the lender until the debt is paid off. The usual payment term are such that initial payments are primarily interest, gradually paying down a larger percentage of the principal with each consecutive payment.
Mortgage Interest Rate
The mortgage interest rate is the cost of borrowing the purchase money for a home. The lender provides the funds to close the purchase with an agreement that the buyer will repay the money plus interest. The interest is most often expressed as a percentage of the loan amount to be paid each year. This should not be confused with the APR which includes the interest, but also has other fees added in to express the total cost of the loan.
Mortgage Payment Calculator
A tool to calculate the monthly mortgage payment given the purchase price, down payment and interest rate.
Personal Finance Budgeting
The first step in buying a home is to take control of your personal finances. The first step to taking control of your personal finances is to create a budget. A budget is a way to track your income and expenses and set financial goals. Budgeting will allow you to determine how much monthly payment you can afford. It will also help you save for a down payment, an emergency fund, retirement or other financial goals.
Real Estate Agent
A person licensed by the state to act as an agent in a real estate purchase/sales transaction. See Realtor
Realtor®
A member of the National Association of Realtors® and/or state or local Associations of Realtors®. You must be a licensee to become a Realtor®, however not all licensees or even real estate agents are Realtors®.
Solar Energy
Solar energy is quickly becoming more and more prevalent in homes in the United States and Europe. People are becoming more conscious of their responsibility to conserve natural resources and reduce their impact on the environment. Others are just concerned about saving money. With energy prices on the rise, it only makes sense to do your part in generating your own power. State and local governments provide incentives in many areas. If you generate an excess you may even be able to sell it to the power company. For more information on how you can save thousands of dollars on alternative energy systems and start generating your own power visit Earth 4 Energy .
Unique House Plans
If you want a home that really reflects your personality and style and looks different from all the rest, you may want a custom built home. In that case you will need some unique house plans as a starting point. While the selection of existing homes may be somewhat limited in your area, you can choose from thousands of unique house plans and have a house custom built to your taste.
has plans available in all shapes, sizes and styles to suit your needs.What is a Good Credit Score
A FICO score of 750 or above is a good score by most lenders in the tight credit market today.
World Peace
World peace is concept of global cooperation by which nations interact to promote non-violence. Many interpretations of the concept are not overtly political, however. World peace may simply mean the resolution of global and regional conflict through nonviolent means.
