Foreclosures

Found 69 blog entries about Foreclosures.

Yes they will. When? I don't think anyone truly knows. However do you want to wait to find out? Below is an example of what Interest Rates Go UP?happens to your buying power if interest rates jump just 1%.

Say you are approved for $200,000 and the interest rate is 3.75%. Your approximate monthly mortgage payment would be $926.23 per month Principal and Interest.

If the interest rate jumped to 4.75% your payment would jump to $1042.29 P & I per month or to get the same payment of $926.23 your purchase price would drop to $178,000. That is a $22,000 reduction in your purchasing power.

Don't wait any longer. Buying a home is the best investment you will make. Think of it as a forced savings account that will give you a return when you sell as opposed to renting where

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Home inventory is down 30% from this same time last year. What does this mean to you? This means prices have gone up simply due to demand and we are flooded with buyers needing to find a home.

The market has changed dramatically in the last 6 months so you may have more equity than you think. If you have thought about buying or selling this may be the best it gets for a while and you should start by calling me for a FREE market analysis of you home to determine value. This is the first step in determining if you should sell or stay.

Best contact number is (505) 259-3150

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FINANCING

Today I want to talk about mortgage financing. This is the first and most important step you will take in starting your home buying journey. This step is best taken in advance of your home purchase to make sure there are no unforseen issues on your credit report.

What is a mortgage?

A mortgage is a legal instrument to secure financing for a home with a  promise to pay the loan back. Its just like any other loan but much better because of the tax benefits, such as the mortgage interest deduction which can save you money on your taxes.

So how do you get a mortgage?

The only way to truly know if you qualify for a loan is to talk to a lender.

They will pull your credit and ask you questions about your income and debt.

You will then

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Looking to buy a home in Albuquerque or Rio Rancho NM? We have a team of Buyer Specialist that can help you find your home and navigate the home buying process. It doesn't have to be scary or difficult, let our Buyer Specialist be your guide.

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According to Abodo.com rents rose 10% last month. This is the 5th biggest jump for a city in the country. With rents increasing it should make you consider the possibility of owning a home with a yard and room to grow. Why pay your landlords mortgage and walk away with nothing in the end. You have to live somewhere, why not invest in your own home.

We talk with many renters and they think they cannot afford to buy or qualified enough to secure a mortgage. My response 'you will not know until you try'. The process to find out is painless and only requires a minimal amount of time. At a minimum you get a free credit report and know exactly where you stand with a path to home ownership.

Do it before interest rates go up.  Give us a call at (505)

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I'm sure you have heard of the recent interest rate increase and the commitment to increase the rate consistently over the next year...

What does this mean for you?

It could me less buying power. As the rate climbs so does your monthly payment and affordability. Home prices will still continue to increase but your buying power will go down or if you choose to buy when the rate is higher, your payment will be higher.

My suggestion is to get out there and start now. A 1% increase in rate can impact your buying power tremendously. See an illustration here.

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The short answer is Yes!

Of course some of this decision depends on your plans during the holidays.  From my real estate perspective I feel its a great time to buy or sell a home.  For home buyers looking to buy its important to consider that the sellers that have their home on the market are serious and have made a conscious decision to sell during the winter months.

For the sellers looking to sell a home in Albuquerque or Rio Rancho those buyers have made that same decision to house hunt and are very serious to be moving during the holidays and winter months. 

This makes for a great scenario in negotiating for both seller and buyer as they have both made a commitment to sell or buy.  If you are interested in getting started in this process

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We can bring your home to life with full 3D marketing of your home. This is not a slideshow, virtual tour, or walk-through video. This is the best marketing that real estate in Albuquerque has seen in years.

If you are looking to sell your Albuquerque or Rio Rancho New Mexico home and want what no other Realtor is offering please call us at (505) 923-4691.

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