Archive for Profitable Real Estate
05.25.08
Posted in Profitable Real Estate at 5:31 am by admin
Overseas property buyers
Buying a home overseas in the sun or snow has its obvious attractions. Overseas property that increases in value while paying you an income is a dream come true for many property investors. The UK property investor is venturing away from the slowing and expensive markets of home and this trend is set to continue. A recent survey conducted by Homes Overseas magazine at it’s Belfast exhibition found that 25% of participants were looking to buy property in Spain, 21% in Portugal, 16% in Croatia, Dubai and Florida, with 12% interested in buying homes in Cyprus and Turkey, 59% of people were looking to buy as an investment, 29% as a second home and 10% for retirement, with only 2% looking to relocate to their new home. Most people wanted to buy a home overseas for between £100,000 and £150,000.
Research research, research
The overseas property buyer researching the overseas property market has a host of sources to satisfy an insatiable appetite for information. Looking for a home to buy abroad has never been so interesting and the thrill of the chase can start using overseas property websites, overseas property magazines, overseas property television shows and exhibitions.
Overseas Property web sites
It’s a fact that the majority of overseas buyers will use the internet to find information and homes to buy abroad. The growth of the online overseas property web site is testimony to how vital the internet is in providing buyers with the information. Recent acquisitions by large newspaper groups of some of these web sites are also an indication that they view property web sites as an essential part of their portfolios in securing their share of the overseas property market. Collaboration with TV shows, exhibition organisers, magazines and travel companies is also an area that is set to expand. Simply imagine being an overseas property investor looking for a home abroad without the use of the internet and you can see why overseas property web sites can only get bigger.
Some of the most useful overseas property websites can be found at:
Homesgofast.com
Newskys.co.uk
The Move Channel
Propertyfinder.com
Fish4Homes
Property-abroad
Overseas property magazines
Overseas property magazines have always provided a relaxing and informative way to browse homes for sale and pick up some well researched advice. Some good examples are
A Place In the Sun magazine
Living Abroad
Homes Overseas magazine
UK Overseas television programmes
Overseas property shows are making the presenters household names and are a great way to see a location with your own eyes. All contain buying advice for the overseas buyers. They are great for introducing emerging markets and can be very influential for the indecisive overseas buyer. Programmes such as ‘A Place in the Sun’ conduct useful surveys advising on their top 20 destinations. Most locations that feature in the top 5 such as Cape Verde experience a surge of interest from investors.
Overseas property exhibitions
Overseas exhibitions provide an opportunity to meet developers and agents and attend seminars offering essential tax, legal and buying advice.
Some of the most popular UK property exhibitions are
Dubai Property Show
A Place in The Sun
Viva La France Show
International Property Show
Home Overseas
The World of Property
Overseas property Associations
The UK overseas property associations aim to protect the consumer and to regulate the industry in the UK. All have codes of ethics that agents adhere to. Some of the most popular are:
Federation of Overseas Property Developers
Agents and Consultants FOPDAC
The Association of International Property Professionals
Ipada - the International Property Agents & Dealers Association
The abundance of information at hand for buyers is enormous and the overseas property buyer can research more easily and more thoroughly than at any other time.
Nicholas Marr is clearly an observer of life and front row spectator of the events in the overseas property market. A lifetime property investor his UK based company Marr International owns one of the fastest growing overseas property websites in Europe at http://www.homesgofast.com
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04.04.08
Posted in Profitable Real Estate at 9:06 am by admin
Many homeowners are unaware of their credit score and how it can impact refinancing their mortgage. When applying to refinance your mortgage the lender will review your credit history and score. The outcome of this review will determine if your loan is approved and will influence the interest rate you will pay.
Your Credit Score
Mortgage lenders rely heavily on credit scores; this streamlines the process of approving loans. The mortgage lender will first run your credit score. If your credit score falls below the lender’s minimum requirement they will not process your application and you will be denied.
Figuring Your Score
There are a number of factors on your credit report that determine your credit score. Credit scores range from 300 to 850. When it comes to credit scores, the higher your credit score the better your credit rating. It is not difficult to improve your credit score; you can get a higher score by keeping your credit card balances low and making your payments on time.
Your credit score is based on your outstanding debts, the length of your credit history, making payments on time, and the number of credit inquiries on your record. Anytime you apply for credit and a lender checks your score this is counted as an inquiry. Your payment history is important because a potential lender wants to know if you will make your payments in a timely manner.
Improving Your Credit Score
There are a number of steps you can take to improve your score. Making your payments on time is the best way to boost your number. Your payment history accounts for nearly 40% of the calculation. Paying off your credit cards will also quickly improve your credit score.
Taking the time to improve your credit score prior to refinancing your mortgage could save you a lot of money in the long run.
Louie Latour has twenty years of experience in the mortgage industry as a mortgage broker. He is the owner of Mortgage Refinance Advisor, a mortgage resource site devoted to saving homeowners money with a free guidebook “Five Things You Need to Know Before Refinancing a Mortgage.” http://www.refiadvisor.com
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04.01.08
Posted in Profitable Real Estate at 7:16 am by admin
You have finally found the home of your dreams. You have searched all over and are ready to purchase it. Before you even make your offer you should seek out the financing first. In some cases, it is easier to have a pre-approval in hand before making any financial commitment through a contract. Why get your hopes up after you purchase the home when you can buy with assurance and wait by the settlement table. Before you can buy anything, you will need to get accepted by a reputable lender. There is much you will need to know, as this will be the largest purchase you will ever make. You will need to fill out a mortgage application first.
As with any mortgage application, you will need to provide the necessary information to the lender so they can weigh the option to grant you the loan. This information is based upon your financial picture. It consists of your social security number, date of birth, and where you have worked for the past 3 years. This information will give the lender a good picture about your spending habits through a credit score. Depending on the score itself, the lender will make a financial decision to grant or deny your request. You may also have to explain certain circumstances in your life such as a job loss or credit rating should they not be up to par.
Upon completing the mortgage application review, you will be given an amount in which you can afford. Usually the sales price of the home is based upon 3 times your annual income. It is also equivalent to the percentage of debt to income ration determined by FHA (Federal Housing Authority). Should you meet these guidelines you will be given a green light to go and look for a house in this range. You may be able to afford more should you have a sizeable deposit. There are also programs that you can use to get into a house with only 3% down. Some lenders ask that you fill out the home loan application in person rather than online so that they can answer any questions during the process.
About The Author
Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.
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03.29.08
Posted in Profitable Real Estate at 12:35 am by admin
Looking for the best homeowner loans can be stressful, especially when there are so many different lender options to choose from.
Banks, finance companies, and online services all claim to offer the best homeowner loans… which one should you choose?
The answer can depend upon what you’re wanting out of a loan, what past business relationship you have with the lender in question, and the amount of equity that you have in your house to use as collateral for the loan.
Each type of lender has its own criteria for offering the best homeowner loans, but as long as you have enough equity you should be able to find a loan regardless of your credit history.
Bank loans
When looking for the best homeowner loans at local banks, you should always start with the bank or banks that you hold personal accounts with. Banking is a business, and just like any business your bank will love your repeated patronage.
Banks which you’ve had good experiences with in the past are much more likely to give you lower interest rates and better loan terms… and the lower the rates and the better the terms are, then the more likely you are to go with that bank for their best homeowner loans.
You should make sure to get loan quotes from several banks, however, since interest rates do vary from bank to bank.
Finance company loans
Whereas banks offer with loans in addition to other services, most finance companies deal only with lending services. Interest rates can be higher or lower than those found at banks, depending upon the amount of your loan request and the amount of equity that you have in your home.
When looking for the best homeowner loans at a finance company, it’s a good idea to keep other options available in case the interest rate or loan terms aren’t to your liking.
Online loans
Another loan option that’s been growing in popularity comes from online lenders.
These lenders often deal in specific types of loans, and can offer the best homeowner loans to individuals with enough home equity regardless of credit history.
Many online lenders offer extensive loan information on their website, and feature the advantages of being convenient, accessible 24 hours a day, and easy to work with.
Additionally, many online lenders can process the best homeowner loans more quickly than some of their physical lending counterparts due to their specialization and lower overhead.
You should compare online quotes to those obtained from banks and finance companies, using all of the information you’ve received from all sources to determine which loan is the right one for you.
You may freely reprint this article provided the following author’s biography (including the live URL link) remains intact:
About The Author
John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the http://www.directonlineloans.co.uk website.
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