Portland Metro Real Estate News » Financing

Negotiate Your Rent

kellyton — Tue, 27 Jan 2009 00:11:00 +0000

It seems that economic crisis has caused an opportunity for some. (besides buying up cheap properties) Apartment vacancies are on the rise putting people in a mighty good bargaining position.

Managers are starting to get desperate to get and keep people in their buildings all across the country. The Portland OR area is one of the biggest rent drops of-3.2%. So if your lease is up, now is the time to talk to your landlord about a new longer and cheaper lease.

http://finance.yahoo.com/real-estate/article/106480/Rents-Drop-Nationwide-as-Vacancies-Spike

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Taking Matters Into Their Own Hands

kellyton — Fri, 23 Jan 2009 00:35:00 +0000

Toll Brothers Inc. is a luxury homebuilder who is tired of watching buyers sit on the sidelines waiting for mortgage rates to hit bottom. They are now offering on their new-home inventory a 30-year, fixed-rate mortgage at an interest rate of 3.99% with no points paid up-front. The idea is to get those teetering on the fence to finally jump off and buy.

This is a brilliant idea on their part and the phone has been ringing off the hook. Now they are even locking that rate in for nine months for those who want to buy a new, built-to-suit home.

http://money.cnn.com/2009/01/22/real_estate/builder_slashes_loan_rates/index.htm?postversion=2009012217

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Refinancing Frenzy

kellyton — Fri, 02 Jan 2009 19:01:00 +0000

Interest rates have fallen recently, as most people are aware, and naturally people are rushing to refinance in order to reduce their housing payments.

The average rate for a 30-year, fixed mortgage dropped to 5.08% last week, according to the Mortgage Bankers Association, more than a full point lower than just a month ago.

Mortgage applications were up 48% last week, and by far, the majority of those were from homeowners looking to lower housing costs.

Refinancing is not for everyone however. If you currently have an adjustable rate, you could lower your rate by a percentage point or more, you do not plan on selling soon and/or you have significant equity then you should certainly look into getting a new home loan.

Those with an adjustable rate can save themselves a lot of trouble by turning it into a fixed rate while it is low so that future rate increases won’t jeopardized their lifestyle.

Getting a lower rate is a really good idea but because of the fees and costs associated with a new loan, it really is only worth it if you are lowering your rate by a whole percentage point or more.

The balance of your loan will increase when you refinance and paying off the new extra will take a year or two, so it won’t be so helpful if you plan on selling before then.

Some people lost much or all of their equity when home values fell. If your equity has fallen below 20% of the total appraised home value, the borrower will likely have to purchase private mortgage insurance. The insurance adds a point or two to the monthly mortgage costs erasing any advantage of refinancing.

http://money.cnn.com/2008/12/24/real_estate/when_to_refi/index.htm?postversion=2008122608

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