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Don't be discouraged about this scenario, however. Keep in mind with 30-year fixed rate mortgages going for under 6 percent right now, high interest rates in today's market, means 8 - 10 percent. My first mortgage was a 2-1 buy down with perfect credit and my interest rate started at 10 percent and went up a percentage point per year for the next two years - interest rates are really all a matter of perspective. Should you wait to sell/buy property? I get this question a lot. Real estate is a great investment no matter when you buy - if you're willing to let time work in your favor. Obviously, there are peaks and valleys in the real estate market just like any other investment…

Periodically you may hear from individuals who want to make $1 million in real estate -- quickly and with no money down. Usually they want to know more about real estate foreclosures -- how to buy them and how to profit from such homes. Foreclosure properties can be a good place to invest for exponential growth (or loss). There are some deals out there for little or no money down, but potential investors should take precautions because foreclosed properties can involve significant risks…

Many would-be home buyers are dismayed at the ever-increasing price of their rent and housing in general. In addition, they just can't seem to make enough money top afford the purchase of a home. They are in industries that will not provide them more opportunity than what they have now. As an example, someone who's salary was at $15,000 and though there are houses priced about $50,000, their debt to salary ratio knocks them out of the buying arena at this time. They can't see homeownership as a part of his future. For people in this situation there is hope.. Someone making $15,000 could purchase a house in several markets with today's interest rates…

The description on a piece of property may read "diamond in the rough." Which means either it needs lots of work or perhaps just a little TLC. But exactly how "rough" can a house be before a lender decides the collateral is not healthy enough to issue a mortgage? And what happens if you want the seller to fix something before you'll close the deal? Upon contract, one of the first things you'll want to do is have the home inspected for structural integrity, defects and potential problems. Note this is not the function of a licensed appraiser who determines the market value for the home…

What hurdles are out there in a seller's market that a buyer may have to contend with besides the common problems with a seller's market? There's not enough inventory and too many buyers? There's also the problem that a house can actually sell for too much. This can happen when a contract price exceeds an appraisal from the bank. When this occurs the buyer must come up with the difference or the seller must reduce the sales price down to the appraisal. Apart from taking the above noted actions, buyers can beef up contracts without going over the appraised value of a property and having to renegotiate the contract or resulting in a failed contract altogether. These strategies may include using monetary and non-monetary offers in the contract…

Looking for a home in a community that's adapting well to the new economic order? Seek a region teeming with knowledge-based jobs and global trade. Look for a dynamic, fast-changing economy steeped in competition. And ferret out a digital economy built on an infrastructure of technological innovation. And don't forget, while regions that operate out of the economic box can be boons for your personal goals and global progress, they can just as quickly become outposts of economic volatility that wreak havoc on the best laid plans. Silicon Valley is a prime example. Ground zero for the new economy, Silicon Valley led the nation into its longest economic expansion ever. The region also led the nation into dot combustion when the bubble began to burst. The area emerges from recession fraught with economic uncertainty leaving it short of the top of the economic pecking order, according to "The 2002 State New Economy Index: Benchmarking Economic Transformation in the States"…

Since Sept. 11, more and more Americans have pushed safety and security high on their list of requirements for the community where they might buy a home. Some are reconsidering the allure of big city urban living, especially when a greater use of technology can permit them to live virtually anywhere and telecommute to the city for work. Based on largely anecdotal evidence obtained from real estate agent interviews Forbes.com recently produced "The Best Houses in the Safest Places," a survey for luxury homes off the beaten path. The magazine found 16 cities in 11 states it deemed as "conceivably" safer than big cities…

What is PMI? Although the borrower pays the monthly (or annual) premium, this insurance is solely for the benefit of the lender. It is designed to protect the lender should they have to foreclose on your property, and the price that the property is sold at a foreclosure sale does not equal the outstanding balance on your mortgage loan. Unfortunately, although many lawyers believe that the monthly PMI premium can legally be deducted as "mortgage interest", the Internal Revenue Service takes a strong position that such payments are not deductible…

Your boyfriend will be paying half of the mortgage and half of the utilities. Does he have any interest in obtaining half of the property in the future - whether or not you stay together as a couple? Does he believe that he will be obtaining any ownership rights because he is making these payments? What about furniture? Will you be furnishing the entire house, or will your friend share in these expenses? What happens should you decide to split? Will you be able to afford to carry the house on your own, or will you need to get a roommate to assist you financially? If both of you were to go on title, the law is universal in the United States…

If you're close to buying a home in the coming year, then you'll want to keep a close eye on your holiday spending. You don't want to hamper your chances of getting a loan, and you'll want to be sure you have plenty of cash on hand in your first year of homeownership. The International Mass Retail Association in a late October survey estimated that holiday shoppers will spend an average of $863 on gifts this year. However, they ultimately end up spending some 15 to 30 percent more, the association says. Because your credit history is so important in obtaining a loan, you'll want to refrain from opening any credit accounts for major appliance or electronic purchases. You'll also want to avoid running your existing credit cards to their limits. Why? When you apply for a mortgage, the lender may request a credit score as well as a credit report…

If you've been waiting to get through the holidays and closer to warmer weather before beginning the search to buy your first home, you're not alone. The traditionally busy spring real estate season is just around the corner, meaning heavy competition looms. But there are things you can do as a potential homebuyer to get a head start. The number of home sales in 2002 shattered records with 5.56 million existing and 979,000 new homes sold throughout the country, according to National Association of Realtors chief economist David Lereah…

Yearning for a brand, spanking new home but don't have any cash for a down payment? That may no longer be a problem under a new "strategic partnership" announced recently between the Nehemiah Corp. and the Homebuilders Financial Network. Under the terms of the alliance, Nehemiah will offer down payment assistance to cash-starved buyers who have their eyes on houses built by any of the 20 builders throughout the nation whose in-house mortgage operations are run by HFN…

If you're preparing to buy a house during what is typically the busiest buying and selling time of the year, then offers may be flying, loans may seem confusing, and everything may be moving way too fast. This is why it's important to do everything you can to protect yourself throughout the entire home buying process. Low mortgage interest rates and a strong underlying demand for housing drove total state existing-home sales to a new record in the first quarter of 2003 with 34 states experiencing sales increases over the first quarter of 2002, according to the National Association of Realtors. According to the NAR, many states that saw sales decline actually had a shortage of homes for sale - and the biggest price increases…

A couple have been looking for the right house to buy for the last year or so. Property values have skyrocketed so we have been searching for well-priced "handyman specials", figuring we could buy at a good price and make improvements ourselves, over time. They found the perfect house in a great neighborhood for $230,000…

What hurdles are out there in a seller's market that a buyer may have to contend with besides the common problems with a seller's market? There's not enough inventory and too many buyers? There's also the problem that a house can actually sell for too much. This can happen when a contract price exceeds an appraisal from the bank. When this occurs the buyer must come up with the difference or the seller must reduce the sales price down to the appraisal. Apart from taking the above noted actions, buyers can beef up contracts without going over the appraised value of a property and having to renegotiate the contract or resulting in a failed contract altogether. These strategies may include using monetary and non-monetary offers in the contract…