October 26, 2006

Sales of Existing Homes Fall


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October 25, 2006

Low Credit Scores - High PMI Rates

Low Credit Scores - High PMI Rates

 

If you're in the market for a new home and your credit score is marginal, your private mortgage insurance, or PMI, rate might be hundreds of dollars higher per month than you expect.

 

Credit scores impact interest rates on all types of loans, but their effects reach far beyond loan rates, resulting in additional expenses that can run into thousands of dollars per year.

 

The sticker shock of a sky-high PMI payment is bad enough, but some borrowers don't find out that their PMI will add hundreds of dollars to their payments until they are sitting at the closing table.

 

Find out more about credit scores and PMI rates…

 

 

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October 24, 2006

Second Home: Sell or Pass it Down?

Second Home: Sell or Pass it Down?

 

To some it's a source of family harmony. To others, however, it's a source of great family division, anger and strife. Yes, it's the old family cottage or vacation property or compound or camp or call it what you will. And now with summer coming to a close, many Americans are trying to figure out what to do with their piece of heaven on earth.

 

Should they sell the property that has produced fond memories of times spent with loved ones? Or should they give it their children? Or should they do something entirely different?

 

Families should deal with the issue in four steps.

 

 

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[citation needed] Simultaneously, airlines may offer phone services to their travelling passengers either as full voice and data services, or initially only as SMS text messaging and similar services.

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October 23, 2006

Mortgage Time-Bomb


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October 22, 2006

Property Taxes After You Buy

Property Taxes After You Buy

 

The terms of your transaction and the resultant escrow instructions determine how the property taxes will be handled. If there is no mention of the proration of taxes, your escrow officer will not deal with any credits or charges for prorated taxes. However, if your escrow calls for a proration of taxes, there will be an item in your closing statement that will reflect either a credit or charge to your account. If the taxes are not paid (even though there has been a credit or charge against your account), the buyer is obligated to obtain a tax bill and pay the taxes. If the buyer does not have a tax bill with which to pay the taxes, you can request a bill from the Tax Collector; send a photocopy of the deed.

 

Supplemental Property Taxes is another concern of the buyer. Upon transfer of real property, a supplemental tax bill is generated. This is accomplished in cooperation with the County Assessor and the County Tax Collector.

 

Shortly after the close of an escrow involving the conveyance of real property, the County Assessor will request information about the property from the buyer. This information assists the Assessor in determining the value of the property for taxation purposes. The escrow holder may have previously supplied some of the information at the time of the closing of the escrow, via Preliminary Change of Ownership form that should accompany each deed when it is recorded.

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