http://amargulis.com Just another WordPress weblog Wed, 08 Feb 2012 14:57:18 +0000 http://backend.userland.com/rss092 en A new home tends to be the largest purchase and investment most people will make, and a mortgage is therefore the largest debt a family might face in their lives. In light of that, many may consider trying to push themselves to pay their mortgages off earlier than planned. But is that the smartest financial decision? There are a handful of questions to consider, however, before choosing this course of action. ]]> http://amargulis.com/2012/02/is-it-smart-to-pay-off-your-mortgage/ When looking to buy a home, it takes a team of people to assist you with that goal. The real estate agent is a key member of the “team” you build while home-shopping. Just like anybody you work with on this important project, you want somebody who is knowledgeable, a strong advocate during sales negotiations, and whose personality fits well with your own. There are many avenues for seeking a real estate agent, and a few things to keep in mind as you go about that search. Word-of-mouth is possibly the best way to find an agent. The agents who build the most successful businesses, whether or not they’re part of a larger firm, are those who satisfy their clients. Their business thrives based on the referrals those clients give. If somebody you trust has recently purchased a new home, ask how they liked their experience. You can also check online listings, which may include customer reviews. These may be less reliable than a personal referral, but they can give you some insight. Finally, ask your mortgage broker or other professional about the people they prefer to work with…this can help you build a team that’s completely on the same page as you. I am more than happy to offer some options based on my 10 years of experience of working with the real estate community.]]> http://amargulis.com/2011/12/finding-the-right-real-estate-agent-2/ Here we are again. The temperature dips and Christmas music can be heard everywhere. November means preparing for family visits and Thanksgiving dinner, and it also means it’s time to start preparing for the winter ahead. Here’s an overview of the things you’ll need to check and maintain in order to “winterize” your home. ]]> http://amargulis.com/2011/11/keeping-a-warm-home/ Most of the factors that go into the underwriting approval process of a mortgage application are fairly straightforward—a first-time homebuyer can understand the basics of what is being assessed in their debt, income, and credit history. The debt-to-income ratio, however, is a unique instrument of the mortgage lender, and might not be as clear on the surface. ]]> http://amargulis.com/2011/11/understanding-the-debt-to-income-ratio/ When it comes to holding value and prestige, few things can be measured up to gold. Valued both for its practical properties—such as malleability and conductivity—as well as its aesthetic properties, gold has long been its own commodity as well as a basis for commerce. Today, gold is considered among the most stable forms of currency; although the price may fluctuate, it maintains financial power even while bonds and securities may falter. Because of this characteristic, investing in gold is considered safer than many other investments. ]]> http://amargulis.com/2011/11/the-ups-and-downs-of-the-gold-market/ A big part of homeownership is safeguarding what is yours. When you purchase a home through a mortgage lender, you will be required by the lender to also purchase homeowner’s insurance (also called hazard insurance). This policy covers a number of potential calamities that can befall the property, from theft of personal belongings to the total destruction of the building. This insurance protects both the lender from losing their investment on the property and the homeowner’s peace of mind should a disaster occur. ]]> http://amargulis.com/2011/11/understanding-homeowners-insurance/ It may be hard to imagine, but the unthinkable can happen! With good fortune and responsible money management on your side, you will pay off your mortgage and take full possession of your house. Whether you plan to sell your property or keep it for your family, there are still a number of steps you’ll need to take before you’re completely ready to enjoy the satisfaction of ownership. ]]> http://amargulis.com/2011/10/life-after-mortgage/ These are great times for buying real estate if you know where to look. One of the ways to find great deals is at a real estate auction. The Department of the Treasury holds several real estate auctions each year throughout the entire United States and in Puerto Rico. These properties include everything from undeveloped lots to large, multi-unit residential buildings and commercial property, all of which have been seized from their previous owners due to criminal activity. Money from sales of these properties is deposited in a fund that is used to help finance law enforcement and provide restitution to any victims of the related crimes. For the law-abiding, however, these auctions represent a chance to find and purchase new homes at a fraction of the cost one might find on the standard housing market. ]]> http://amargulis.com/2011/10/deals-and-steals-at-treasury-auctions/ The loan application is nothing without the review of an underwriter who lies at the heart of the mortgage approval process. The underwriter evaluates the application and the property side by side and then renders a final decision regarding the risk that the lender is considering. Underwriters accomplish this task by utilizing several different sets of guidelines, including those set up broadly throughout the industry nationwide. These regulations, as well as their own insights and experience, are all factored in to their final determination. The underwriter’s primary job is to carefully scrutinize the potential borrower to assess whether they will be able to pay back the loan they receive within the time allotted. The clearest way to make this assessment is to review the borrower’s financial situation. Underwriters will examine: ]]> http://amargulis.com/2011/10/understanding-the-underwriting-process/ Anyone who has a mortgage can attest to the volume of legal paperwork that is involved in the process. When you review your mortgage, you may notice a number of different sections known as clauses or covenants, which govern the details of the mortgage transaction and ownership of the property thereafter. Considering the sheer amount of paperwork required in a home purchase, you’ll be better equipped if you can walk into each meeting knowing what some of these basic clauses mean before you begin putting your signature to paper. ]]> http://amargulis.com/2011/09/and-there-is-always-a-clause/