Safer Mortgages Rise From the Ashes of ’08 Financial Crash

Trending Home News Mortgages are safer now than they were 10 years ago. That’s the main effect the 2008-09 financial crisis has had on the mortgage market. The following loan types were popular during the housing boom in the early- to mid-2000s but are unavailable now to most borrowers: Low-doc mortgages allowed borrowers to get loans without documenting income and assets. Interest-only mortgages enabled borrowers to buy houses they otherwise couldn’t afford with an initially low monthly payment. But the loans were the financial equivalent of time bombs: The interest-only period … [Read more...]

Is Taking Possession Before Closing a Good Idea?

Timing of your move from one house to another can be tricky! We know how exciting it is to be moving into your new home and it maybe tempting to move before the closing date.  That could be a mistake for both the sellers AND the buyers.  Always consult your Real Estate Professional.  They can help you navigate the buying and selling process.  They can tell you best on if taking possession early is in your best interest. Why Buyers Should Proceed with Caution Buyers that move in early could give up their bargaining power.  Any unresolved issues with the title like judgments, liens, or old … [Read more...]

Patience Needed for First-Time Home Buyers in Cedar Rapids Sellers Market

Being a first-time home buyer is both exciting and frightening.  You have also found yourself in a seller's market.  This means you could find yourself with elevated home prices, due to the sparse inventory, or a bidding war.  Chin up!  Things might just be changing in your favor! Motivated Sellers Listing are up 4.5% over the past 3 months.  With this news, sellers will want to get into this market while they can get the best price for their home.  This will give more first-time home buyers more to choose from.  Also, with more houses on the market this will slow the rising prices. New … [Read more...]

Overlooked Costs of Home Ownership

You are ready to buy a home.  How Exciting!  Have you thought about the other expenses that could go along with home ownership?  Many home owners go over their budget because they were only counting on the mortgage payments and not the day to day expenses of owning a home.  You should have at least a three month cushion so that if an emergency comes along you will be prepared.   Here are a few things that are often overlooked and that you should consider when buying your next home: Insurance This is a cost that can vary per home.  Remember, home owners insurance covers structure and … [Read more...]

Have you thought about FHA financing?

The Iowa Finance Authority just sent me the current interest rates on mortgages. They have many mortgage options available for different lending needs. Now, there is an option available if you are thinking about buying (or selling) a home in an Association - FHA financing! Last week the Federal Housing Administration revised some of the rules for condo associations across the country to get certified or re-certified for financing. This is HUGE because it opens individual unit owners up and sellers to FHA-insured mortgages with low down payments. This revision should open up the … [Read more...]