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Mortgage Information Category

Appraisals: Why You Must Now Sell Your Parkland House Twice

Parkland Parrot

Due to the large inventory of bank foreclosures and short sales currently on the market, banks and lending institutions are becoming even more stringent when qualifying potential real estate buyers for mortgages.  As a result, banks want to make sure that buyers have the ability to pay back money owed on the loans. Banks also protect their mortgage investments by making sure that the mortgage's collateral backing is secure.  The appraisal is now more important than ever, as banks want to...... Read More

Should Homebuyer Tax Credit Be Extended Yet Again?

Parkland Parrot

Word on the streets is that the National Association of Realtors (NAR) is again lobbying lawmakers to extend the $8,000 first time home buyer tax credit until the end of 2010. But, Senator Johnny Isakson, former real estate agent and last year's advocate for the 2nd extension, is not on board.  Last November, Linda Goold, NAR's director of tax policy practically told the public and Realtors that the second tax credit extension would be the last one. Can the government afford to...... Read More

Buyer Demand For Renovation Financing?

Parkland Parrot

I was reading Brian Brady's blog Mortgage Rate Report, and he was discussing the new demand for renovation financing for buyers. Brady discussed the need for creative renovation financing, as mortgage rates will rise in the coming months.  As many distressed properties are on the market and coming on the market, perspective buyers are looking for ways to purchase these distressed properties at significantly discounted prices and finance the improvements needed in their loans. Also, going green is also become extremely...... Read More

Buyers That Are Prequalified or Preapproved?

Parkland Parrot

Should A Buyer Be Prequalified or Preapproved? With banks becoming even tighter on their financing criteria, many Parkland sellers and their real estate agents MUST make sure that buyers are truly qualified to purchase a home before entering into a purchase agreement. Prequalification is the process where a lender or mortgage broker pulls credit and looks at the complete credit report of the borrower, as well as the  buyer's income and debts.  As a result, a lender will be able to use...... Read More

5 Reasons To Buy A Home During The Holidays

Parkland Parrot

Tis The Season To Buy A New Home! As the holiday season approach, many potential buyers should have a new home on Santa's wish list.  We all are looking for great holiday deals.  Well ... Here are: 5 Reasons To Buy A Home During The Holiday Season 1. LOW Interest Rates: Interest rates and prices are at all-time record lows.  Historically, interest rates are usually at their lowest during November through January due to the slowdown in the market. 2.  Motivated Sellers:...... Read More

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