There are two basic types of mortgage loan programs, conventional and government-backed. A conventional loan is one where the issuing lender assumes the risk of making the mortgage. Should the loan ever go into default and the lender is forced to foreclose, the lender is on the hook for the entire loss.
There’s a term in real estate that’s relevant to buyers and sellers alike, which is fair market value. Fair market value lets you know how much a home would theoretically sell for in an ideal world where logic was the determining factor. Basically, the fair market value would be what a seller would get if they were in no hurry and waited for the perfect offer.
It’s not uncommon to find someone who owns not just one or two rental properties but several. Say, 10 or even 20. Or more. Why might you ask? Lending guidelines make it much easier to finance a subsequent rental unit after successfully owning and managing the first rental.
For the past year, open houses weren’t really happening throughout most of the country because of the pandemic. Now that vaccines are available and slowly, the country is starting to return to a sense of normalcy, there may be an uptick in open houses.
Freddie Mac's results of its Primary Mortgage Market Survey® shows that "Mortgage rates are down below three percent, continuing to offer many homeowners the potential to refinance and increase their monthly cash flow. In fact, homeowners who refinanced their 30-year fixed-rate mortgage in 2020 saved more than $2,800 dollars annually. Substantial opportunity continues to exist today, as nearly $2 trillion in conforming mortgages have the ability to refinance and reduce their interest rate by at least half a percentage point"
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