We Buy Houses!

Although we prefer to use our blog to create a forum for discussion and provide helpful advice rather than talk too much about ourselves, we have some exciting news to share with you today.  Express Homebuyers will be appearing in a promoted feature in April on Channel 4 News at 11 pm, as part of a special segment on businesses that have managed to do well in a down economy.  We will be discussing the houses we provide as well as our company as a whole.  Be sure to tune in if you’re interested in learning more about us and the services we offer!

Selling your house can be one of the most difficult decisions you’ll ever make.  A home comes to mean much more to its owner than just four walls and a roof: for many, it represents comfort, safety and family, as well as a substantial investment.  Letting go of a piece of property can feel like an act of betrayal, like abandoning a loved one during tough times instead of working things out.  No matter how much it hurts, walking away can sometimes be the only decision that makes sense.

Downsizing

This can have several meanings.  If funds are tight and spending needs to be reduced, a less expensive house can make all the difference.  The number many use as their cutoff point is 60%, as in they know it’s time to unload their home when mortgage payments eat up over 60% of their monthly paycheck.  Sometimes the decision to downsize isn’t made out of necessity, but for the sake of convenience.  If your family becomes smaller (when a child leaves for college, for example) it may be time to look for a home with fewer bedrooms and less overall space.

More trouble than it’s worth

If you’ve ever owned an old car, you’ve probably had the following conversation at least once:
“You should really get those brakes fixed.”
“No way, that repair would probably cost more than the whole car is worth at this point.”
This probably won’t literally be the case for your home, but a house that constantly needs repairs can be an incredible waste of time and money.  If your “things to fix” list keeps growing and you’re racking up serious expenses, consider scaling down to a more affordable renovated home, one whose issues have already been identified and corrected.

If you can relate to any of these circumstances and decide that selling your home is the right move, check out our website at www.expresshomebuyers.com, we’re happy to discuss your situation and assist you by either buying or helping you sell your home.

If you’ve taken a look at our website, you probably know that we’re a great place to unload a house you’re having trouble affording before buying a fully refurbished one at a very affordable price.  However, we understand that not all of you are homeowners, and that some of you may be planning to purchase your first house.  As you prepare to take this step, it’s important to understand some of the language involved in buying and then making the payments on a new home.  This week, we’re going to discuss the mortgage.

All mortgages are the same, right?

Actually, there are several different kinds.  Here, we’ll mention two of the most common.  The fixed rate mortgage (or FRM) has the same interest rate for the entire term (usually 30 years) of the mortgage.  The nice thing about this option is its consistency; there are no surprises, and you have a set amount of monthly interest to plan around.  With an adjustable rate (or ARM) you generally start off paying less per month with a lower interest rate than you if you had an FRM, but both will go up and down (sometimes more than once a year) along with the rise and fall of the financial index they’re linked to.  Examples of common financial indices are the Cost of Funds Index (or COFI), and Constant Maturity Treasury securities (CMT).

Where do I go to set up my mortgage?

There are several places you can go to get a loan and finance your home, including banks, mortgage companies, and credit unions.  There are even state government lending services out there.  As you choose which of these options is right for you, it helps to shop around and compare the different rates and prices before settling on the one that can provide you with the mortgage that makes the most sense for your situation.  A real estate agent can be a good person to discuss your options with; if you’ve chosen to purchase your home through us, this is a process we would also be happy to assist you with.  It’s important to remember that getting set up doesn’t happen overnight: the loan approval process typically takes 3 to 6 weeks.

Once I’ve chosen a lender and am good to go, what exactly does my mortgage include?

There are usually four parts to every loan.  The principal is the actual amount you borrowed, the interest is what you pay the lender for lending you the money in the first place, part of your monthly costs go toward homeowner’s insurance (in case of theft, a fire, or other damaging circumstances) and of course, property taxes for the city/county you live in.

We understand buying a home and setting up a mortgage can be an intimidating process, but the key to making a good decision is to understand your options.  Please feel free to contact us if you’d like to know more about buying, selling or financing home, we’re happy to help.