October 2002
Risa's Pieces
Volume 5 Issue 10
Questions I Am Often Asked
For most of us, buying a new home means finding a loan. There are many types out there, so it is important to understand what your options are. Loans can have fixed or variable interest rates. Fixed rate loans mean you make the same principal and interest payments during the loan term. Variable rate loans can have a number of “indexes” and “margins” which determine when and how the rate and payment amount change. Most loans can be paid for over a period of up to 30 years.
Usually the price of a home mortgage loan is stated in terms of an interest rate, points or other fees. A “point” is a fee equal to 1 percent of the loan amount. Sometimes you can pay fewer points in exchange for a higher interest rate or vice versa.
Making comparisons and shopping around is the best way to find the home mortgage that suits your needs
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Real Estate: A SMART and SECURE INVESTMENT
The stock market’s performance this year has been a real disappointment, so consumers are taking another look at the value of real estate as an investment. The track record of residential real estate is impressive. According to a recent study, home prices have increased an average of 5.6 over the past 25 years. In addition, the demand for homes remains strong. According to the NATIONAL ASSOCIATION OF REALTORS®, the housing market will set a new record in 2002, with 5.44 million existing homes expected to be sold.
This months joke:
Question:Why is a ghost like an empty house?
Answer:Because there's no body there!
Log onto OrlandoHomeStore for my current listings, then call me at 407-699-4901 for more information on your favorite properties.
Question:In a hot market should I sell my house myself??
Answer: In a hot market when homes are selling within a few days, at record prices, some homeowners are tempted to sell their homes without the help of a real estate agent. In the industry, this is called For Sale By Owner (FSBO). If you are thinking about doing this, DON’T BE TEMPTED! You might be losing thousands of dollars.
That’s because when homes are selling quickly, homeowners can’t keep up with the very latest prices. So FSBOs can be priced too low. Or, if they are priced too high, they will languish on the market too long and become “stale.” A qualified real estate agent can help you avoid the pitfalls of going it alone. Contact Risa Saltman today.
Have questions? email Risa at questions@risa.net or call her at 1-800-699-4901
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