American Financial Resources Blog
Mortgage News, Real Estate Market Updates, & Home Financing Information.
If you’re considering purchasing an investment rental property, you’re probably wondering whether to offer long term or short term rental options. While both have their own set of benefits and drawbacks, it’s important to carefully analyze the options to see which works best for your situation and goals.
Long Term Rentals
Pros:
More stability. Most long term leases run either 6, 9 or 12 months. That means less time worrying about vacant units.
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Let’s face it; there are elements that make raising a family in one particular place or another easier and just plain better. If you’re concerned about finding a great place to live, that offers a favorable outlook for jobs, education, and more for your family or future one, here are three U.S. cities to consider. And, don’t forget to give us a call for your home financing needs if you’re considering relocating to any of these great communities (800-316-9508).
Buffalo, NY – Situated along Lake Erie and the head of the Niagara River, Buffalo’s natural beauty alone makes it a standout. Rising wages, low crime, and jobless levels that are less than 70% of the country, make it even more appealing. In 2010, Forbes ranked it #10 on its list, “The Best Places in America to Raise Kids.” Another positive for working families is the significant number of employers, including the State University of NY at Buffalo that provide families with 28 weeks off for births and adoptions. Buffalo also boasts a low cost of living and very positive climate for both male and female entrepreneurs. Compared to a list of 50 metro areas compiled by ForbesWoman, Buffalo is #1 in terms of the amount of public school funds spent per student.
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The HUD-1 document outlines the cost and terms of your loan. As you can imagine, this is a very important document that should be reviewed carefully. First of all, make sure your lender and title company provides you with the HUD-1 statement at least one day before the settlement (when possible), so you have enough time to read through it and look for any discrepancies. When you do sit down to look at the statements, follow these tips:
During your home search, you may come across a few listings for new construction homes. Unfortunately, a lot of homeowners overlook these listings. Before you pass over a new construction, take a look at these reasons why new construction is a great choice.
New homes will naturally have newer appliances. Some may even offer top-of-the line or energy-saving models. Since things like dishwashers, refrigerators and ranges aren’t cheap, it’s nice to know that the appliances in your home are very unlikely to break down any time soon. Depending on exactly how new the construction is, the appliances may even still be under warranty.
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Closing on a real estate deal can be an extremely gratifying experience. Whether you’re purchasing a new home or handing the keys over to the next owners, finalizing the sale of a home is something that every buyer and every seller hopes for. Unfortunately, there are a few things that can seriously hinder the closing of a real estate deal. Here are three major snags you could run into while attempting to seal the deal:
Disagreement on repairs
A home inspection is required for a home sale to go through. While having a home inspected is a relatively easy task, dealing with unpleasant surprises or uncovering hidden problems could result in the deal being halted. For example, say a home inspector discovers the stucco on a home’s exterior is in bad shape and will cost about $3,000 to repair. The potential buyers are still willing to purchase, but only if the sellers foot the bill. The sellers, on the other hand, just sank about $5,000 into remodeling the kitchen and aren’t exactly eager to spend more money on a home they aren’t going to be living in much longer. No one steps up to the plate, and the deal is off. Because this is a serious issue that could greatly reduce the home’s value, the sellers would be smart to go ahead and make the repairs themselves. Either that, or lower the price of their home. Naturally, any future inspections will discover the same issue and it would probably be unwise to wait around for a buyer who’s willing to pay for such a major repair project.
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Whether your work or lifestyle dictates that you are near an airport with ample international connections, finding one that is uber-easy to use is not always a simple task. Taking advantage of last minute, money saving fares, plus just the convenience of having access to major international flights is no problem in these 3 U.S. cities.
Charlotte, NC - The Charlotte Douglas International Airport is the largest hub for USAir. Recently included on the list, “America’s Top 10 Airports” CLT offers some outstanding flights to choose from. USAir alone has flights to over 12 foreign countries. Some of its busiest routes are to Mexico, Jamaica, Central America, Germany, and London. Air Canada has flights to Toronto and Montreal. German airline Lufthansa flies into Munich and Frankfurt and if you’re southbound, Insel Air is here also with flights to Aruba, Curacao, and St. Martin.
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If you’ve been considering a USDA rural housing financing solution, be sure to take a look at the current guidelines.
Please note, this information is subject to change and may have already changed by the time of this posting. For the most up-to-date guidelines, contact a mortgage professional at AFR Mortgage and ask about USDA home loans.
For those of your who are unfamiliar with the USDA rural housing loan program, you’re not alone. This specialty loan is geared toward borrowers buying in a rural housing market and isn’t as aggressively advertised as FHA loans or traditional 30 year fixed rate mortgages. USDA loans are backed by the United States Department of Agriculture and are designed to boost housing stability in rural areas.
Some of the Guidelines for USDA rural housing loans:
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What constitutes the “perfect backyard” is certainly subjective. Your ideas about how to best use the space provided by the great outdoors will likely differ from your neighbor’s plan and vice versa. The key to maximizing your backyard is to decide what elements would give you and your family the most pleasure. You’ll also need to assess what can stay and what can go in the process. For example, a pool installation typically demands a major reduction in trees, shrubs, and lawn size. If you are on a mission to create a “dream backyard”, there has never been a better time in regard to the imaginative possibilities and accessible ways to achieve them than right now!
The Entertainer
For the past decade,the image of good old Mom or Dad flipping burgers on a lowly charcoal grill set up in the backyard has slowly faded away. When it comes to entertaining, the outdoor kitchen has become a much sought after home improvement. Converting most of your backyard into an area for cooking and entertaining is as effective as a home addition in terms of utilizing your space. Of course, it will be up to you to determine the budget for such a project. There are ultra simple ways to install an outdoor kitchen and set up areas for relaxing and dining. There are also high-tech, extravagant approaches-from grilling stations, brick ovens, built in ranges, solid surface counter tops, and tropical lanais with ambient lighting-the options are amazing. For plans and more ideas, check out the Better Homes and Gardens website at www.bhg.com.
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Are you considering relocating to a new area of the country? Perhaps you would like to be closer to family, discover a town of your own, move to a smaller community or a larger city, escape the cold or the heat of your current location, or find a spot with greater job opportunity. It can be exciting to have a lot of options when choosing a place to live, but it is also understandable to find it overwhelming.
Priorities When Finding A New City
Only you know what is most important for you in your new home town. Here is a list of factors worth considering. By placing them in order from crucial to unimportant you will be able to see which characteristics you can’t live without.
“Going green” does not have to mean starting over with sustainable building materials and solar panels. There are many simple ways to become more environmentally conscious. The good news is that you can begin the practice at home, and you may be surprised to find that “being green” often helps save some green! Here are 7 tips to get you started.
Switch to CFL (compact fluorescent lamp) Light Bulbs
It’s not always easy to try something new, but switching to the new CFL light bulbs is a no-brainer. If you have been hesitant about replacing your incandescent bulbs with CFL’s, please consider the following facts provided by the US Environmental Protection Agency and ENERGY STAR:
