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Home Purchase Tips & Advice
Home Buying Success: What You Need to Know About Short-SalesJuly 11, 2008
"Short sale" is a well-used term today; however, if you are looking at buying a home, is a short sale the best way to go? Can a VA loan help you buy your new home?
July 11, 2008
Buying a home has become harder to do as lending guidelines have become stricter. If you are a veteran, you may find you have the best chance of all in becoming a home owner. How to Save Money and Close Your Home Loan on Time
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Underwriting guidelines have tightened and lenders are taking longer to approve home loans. What can you do to close your escrow on time? Is Now the Perfect Time for Home Buying?
By Sheryl LandrumHome Worth Columnist
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We all are aware that the housing market has come to a screeching halt in some parts of the country; home prices may have dropped or flattened. Many home owners, who were counting on appreciation to refinance out of option arms or other variable interest rate home loans are trying to sell their homes instead. Smart home buyers might find it an ideal time to start building wealth through home buying and selling.
Lower home prices and a home buying strategy can help you generate wealth as well.
Finding the lower priced home in the nicer neighborhood is where you want to begin your new home search. Many people have made money by finding lower priced homes in good neighborhoods, fixing them up, and then "flipping" them for a profit. After selling the home, they then take the profit from the sale and reinvest it in another, more expensive house and begin the process over again. Over time, this house flipping process can generate wealth and/or the ability to purchase a home with little or no mortgage loan.Your current home may be the perfect place to look for cash for a new house purchase.
Mortgage interest rates are great right now and it is still easy to finance a home for most borrowers; or, if you have current home equity, a cash-out refinance, a home equity line of credit, or home equity loan could be the source of a down payment on an investment property. Contact your lender or loan officer today about financing a new home or investment propertyAbout the Author
Sheryl Landrum is a Senior Loan Officer with First Capital Mortgage of San Diego at the Prudential Realty Office in Bonsall, California.