"33th Best Place to Live in US by CNN in 2012"

The nation's "top places to live and learn" by GreatSchools.org. Washington-based C.Q. Press rated Gilbert the "safest municipality in Arizona, and 24th safest in the nation.

Val Vista Lakes - Water Wonderland Paradise

Val Vista Lakes offerings are the result of an artfully master planned community consisting of 900 acres. This luxury development includes twenty-four subdivisions of exquisite properties, some of which have lakefront and several of which are custom gated communities.

Seville - Deluxe Neighborhood for Every Lifestyle

Located in south Gilbert, Seville is a unique and beautiful golf course community. It features an 18 hole Championship Golf Course Designed By Gary Panks that gently winds its way throughout the community.

The Islands - Live by the Lakes

The Islands, located in Gilbert, Arizona, is the largest lake community in the Phoenix Valley. Elegantly constructed around a beautiful, peaceful lake, properties in the Islands are among Gilbert's most sought-after real estate.

Wednesday, September 26, 2012

What Is HUD Homes?

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A HUD home is a 1-to-4 unit residential property acquired by HUD (U.S Department of Housing and Urban Development) as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.

Who Can Buy a HUD Home?
Almost anyone (with valid SSN)! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.

HUD Homes are being sold in bidding process. Bids are accepted based on HUD's guidelines which include the highest net, not highest price.

Day 1 - 30 Owner Occupants only
Day 31+ Available for all bidders, including investors.

Uninsured properties have a 5 day owner occupant period and then go to daily and all bidders on day 6.

Owner occupant purchasers must occupy the property for 21 months and have not purchased a HUD Homes as an owner occupant in the past 24 months.

FHA Financing for HUD Homes:
  • IN - (insured) 203b with no MPS (minimum property standard repairs)
  • IE - (insured with escrow) 203b with repairs. Repairs must be less than $5,000. Repairs amount is determined by HUD and is financed b the Buyer (Buyer has to pay the repairs, added to loan amount)
  • UI - (uninsurable) property does not meet FHA guidelines) (6th day for investor)
  • UK - (uninsurable, 203K eligible) more than $5,000 in repairs and may qualify for 203K loan (6th day for investor)
Earnest Money:
  • $500 for purchase price of $50,000 or less
  • $1,000 for purchase price of $50,001 or more

Interested purchasing a HUD Homes? Contact me for more information.

Contact Swee Ng, Gilbert Real Estate Agent, Realtor in Gilbert AZ

Phoenix East Valley HUD Homes for Sale

Sunday, September 23, 2012

Five Money Saving Tips For New Home Buyers

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Are you a new homeowner looking for ways to save some money? Here are some great places to start.

When buying a new home, you probably have a "To Do" checklist longer than a loan application. But there are a few things you should put above "Do Happy Dance in Front of Co-workers who Rent."

Like "Find Ways to Save Money."

The good news is there are several ways you might be able to save a little green. From major moves like refinancing your mortgage, to more humble acts like bundling your Internet and cable with one company, the savings potential for new or prospective homeowners is big.

So, before putting on your dancing shoes, check out these five tips that could help you save.

Tip #1 - If You Can, Get a Shorter-Term Mortgage
If you’re still shopping for mortgage loans, or if you’re already thinking of refinancing (replacing your existing loan with a newer one), choosing a 15-year loan term - rather than a 30-year term - could be a smart financial move.

This means you could pay off your house in 15 years instead of 30 years. And that has some advantages, as well as some challenges.

On the plus side, a 15-year loan typically means a lower interest rate, says Fred Arnold, a member of the National Association of Mortgage Professionals (NAMB) board of directors. He says most lenders offer a rate that’s at least a half percent lower than the rate for a 30-year loan. This means you could pay much less in interest over the life of the loan.

How much? Here's one example:

If you borrowed $250,000 for 30 years at 4.5 percent, you would pay $206,016.78 in interest over the life of the loan, in monthly payments of $1,266.71. However, if you borrowed $250,000 at 4.0 percent for just 15 years, your monthly payments would rise to $1,849.22, but the total amount of interest would only be $82,859.57. That’s a savings of more than $120,000...a good chunk of change, wouldn’t you say?

As for challenges, because you are paying off the loan in half the time, your monthly payment will be higher, as the example above shows. So be sure you can afford it. And if you’re comfortable with it, Arnold says you could be on a strong financial path.

"Your payments might be higher, but it requires you to be disciplined and in many cases that’s how people become very wealthy," says Arnold, who adds that if you can’t afford to go all the way down to a 15-year loan, there are also 20- and 25-year options from some lenders.

Tip #2 - Get Rid of Your Private Mortgage Insurance (PMI)
If your down payment was less than 20 percent of the value of your home, it’s very likely your lender required you to buy private mortgage insurance (PMI), a policy that protects any losses the lender might take if you don’t make your loan payments.

And unfortunately, the PMI isn’t cheap. According to a mortgage consumer guide published by the U.S. Federal Reserve System, which oversees national monetary policy and banks, PMI could cost anywhere from $50 to $100 per month.

Wouldn’t it be nice to get rid of that? Good news: you can. The first way, of course, is to put 20 percent down when you buy a house. But if you couldn’t or can’t, don’t worry, you still have a shot at losing the insurance.

According to the Federal Reserve, when you make enough payments to gain 20 percent equity in your home (based on the original purchase price), you can send a written request to your lender to cancel the PMI.

The Federal Reserve adds that federal law requires your PMI payments to automatically stop once you reach 22 percent equity in your home - again based on your original purchase price and with a clean payment record.

Finally, you should know that PMI is different than LPMI, which stands for lender's private mortgage insurance. Some lenders buy LPMI and charge you a higher interest rate to cover the expense. According to the Federal Reserve, this type of insurance does not automatically cancel; instead, you must refinance your home to possibly get rid of it.

Tip #3 - Shop for the Best Home Insurance Rate
Buying a home is probably one of the biggest financial decisions you'll ever make. This means you should take some time to not only get the best rate on your home insurance policy, but also the best policy for your lifestyle and home.

Keep in mind that this is the insurance that protects you against financial loss from such things as theft, fire, flood, and other liabilities on your property. So, it’s important to get the right policy.

To do so, there are some key things to take note of.

To start, it’s important to purchase enough insurance in the event of a total loss of your home, says the Insurance Information Institute (III), which provides insurance information to the public, media, and government regulatory agencies. In addition, they say, remember that your home insurance also covers your possessions, so include them in your estimate.

Then once you get that all squared away, you need to make sure you’re getting the best rate possible. One way to do this, says the III, is to take the highest deductible you feel comfortable with. The deductible is the amount you pay out of pocket before your insurance kicks in.

For instance, the III says in their Home Buyers Insurance Checklist that "Since most people only file a claim every eight to 10 years, having a higher deductible saves money over time and preserves your insurance for when it’s really needed."

Tip #4 - Consider a Home Contractor for Some Projects, But Not All
We know. Your new home is great...but you want to make it even greater with some do-it-yourself (DIY) projects. After all, if you provide the sweat, you'll save a lot of money, right?

Well, maybe. Unless you’re a builder yourself, you might be in for sweat, tears, and a more expensive project. That’s why you may want to consider hiring a contractor.

But what’s to fear about not hiring a professional and doing it yourself?

"The unknown," says Dean Herriges, president of the National Association of the Remodeling Industry (NARI). "The unknown that is obvious to a professional but is not to the average layperson can cause a lot of problems for people trying to tackle a project themselves."

He says that often, the new homeowner will open up a wall and inadvertently create a major electrical, plumbing, or structural problem. Then, it’s going to cost even more than the original project to get a professional to fix it.

He adds, however, that there are some projects that are well within the skill set of a non-tradesman, including small roof repairs and paint jobs. As for the rest, think long and hard before deciding to tackle it yourself. Because really, wasn’t finding and buying the house stressful enough?

Tip #5 - Consider Bundling Your Internet, Cable, and Phone
There's nothing like watching that first big game in your own home. But before you call the cable company, there are a few things you should know, especially if you plan to use the same company for two or more of your digital services—also known as bundling. And if you do it right, bundling could save you some money, says Consumer Reports Magazine Senior Editor Jeff Blyskal.

First, he says to remember that the cable company saves money when you bundle because they only need one cable to deliver your cable TV, Internet, and home phone services. Bundling these three services is typically called the "triple play," and it stands to reason that you should pay less for that than if you ordered each service individually. In fact, Blyskal says the savings could run from 40 to 60 percent, depending on your area and the amount of competition.

However, if you don’t need a home phone (the third part of the triple play) and decline the service, don’t expect as big a discount on the other two services. You should still enjoy some savings, though, says Blyskal.
Unfortunately, though, this discount usually only applies for a limited time, typically anywhere from six months to two years, he says. So, bargain hard now for the longest term at the lowest rate; this is when you have the power since they want your business.

via yahoo homes

Friday, September 21, 2012

Home Buyer Tips: Affordability

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In 1981, it took 36% of the average family's budget to buy a home. Now it takes less than 15%. If you're interested in buying, it looks like history is on your side.

Thursday, September 20, 2012

Stratland Estates Real Estate and Homes for Sale Gilbert 85297

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Stratland Estates Real Estate and Homes for Sale | Gilbert AZ 85297

Last updated on

Located on northwest of South Higley Road and East Germann Road in Gilbert AZ 85297. Homes in Stratland Estates are built by Meritage Homes, Pulte Homes and Toll Brothers. Startland Estates features Community Amphitheatre, colonnade structure providing shaded picnic area over looking lake stocked with fish for catch and release, tree-lined streets with walking paths. Homes in Stratland Estates are built since 2007 and ranging from around 1,700 to over 4,000 sq/ft.

Stratland Estates, Gilbert AZ 85297


Stratland Estates Community and Demographic Information
Gain valuable insight into the Startland Estates community by looking at household incomes, crime risk, education levels attained and weather information. Use the map to locate points of interest like shopping, restaurants, and health care services.

School near Stratland Estates
Stratland Estates is served by the Higley Unified School District. Children live Startland Estates attend Coronado Elementary School, Sossaman Estates Middle School and Higley High School. Access Gilbert 85297 school detailed information on the Higley Unified School District, school ratings, test scores by grade, student-teacher ratio, and much more.

Affordable Financing Options
Several low down payment financing options including; FHA 3.5% 0.5% Down Financing, VA ZERO Down Financing, Conventional Financing and others are available. Contact Us to find out what loan programs you qualify for. Learn more about how to buy a house in Gilbert AZ with a low down payment.

Free Gilbert AZ 85297 Housing Market Trends Report
Sign Up for Free Gilbert AZ 85297 Housing Market Trends Report. The data used this Gilbert AZ 85297 Housing Market Trends Report is consolidated from multiple sources and includes current listings, recent sales, and more. Whether you’re a buyer or seller, the knowledge you gain will help put you in control of your real estate transactions.




Selling Your Home in Stratland Estates, Gilbert AZ 85297?
Contact Us or call Swee Ng, Gilbert real estate agent at 480.721.6253 today to discuss your potential Stratland Estates House Value and our comprehensive marketing plan. We will prepare complimentary competitive market analysis (CMA) to find out what your home is worth at today’s market. You also can view your house value instantly at www.gilbertazhousevalue.com.

Ready to Sell?
  • Call 480.721.6253 or Contact Us to schedule a Complimentary & NO OBLIGATION Seller Consultation
  • Go to sell.sweephoenixhomes.com for Comprehensive Marketing Plan when list with us
  • Click here to Check your Gilbert home's value instantly
  • Click here and Enter your zipcode and find out Market Snapshot for Free
  • Not Thinking of Selling Right Now? – Text Update to 480.788.6408 and Your Zip Code and I will send you the following update on the 1st of every month. NO SPAM – JUST ONE INFORMATIVE TXT PER MONTH
Ready to Buy?
  • Call 480.721.6253 or Contact Us to schedule a Complimentary & NO OBLIGATION Buyer Consultation
  • TXT AZ246 to 32323 to Download My GPS enabled Mobile App and Browse Homes on your smartphone
Swee Ng, Realtor with Keller Williams Realty who live, work and play in Gilbert AZ, specialty in Residential Resale, First Time Home Buyer and Investment Homes.

How To Choose The Right Home For You

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Wondering what makes a house truly a home for you? We’ll share some tips to consider in your home-shopping self-interest.

For example, size isn’t everything: small square footage can be beautiful when it comes to the right fit for the family and furniture in your home. It also makes sense to buy now and customize later. Make sure you like the floor plan first, too, and don’t focus only on finishing touches.

Read on for more expert advice to help you make a smart choice for your next home.

Don't expect perfection
“It's nearly impossible to find a perfect house,” says Pat Trainor of Coldwell Banker of High Country Realty. “And it's rare for a buyer to walk into a home and say it's perfect in every way.” So think in terms of how you can make this your perfect home by making a few changes to the things you don't like.

Buy a life, not an address
No matter how lovely a home is, if it doesn't fit your lifestyle, it won't make you happy in the long run. If you're a hiker, a charming house near the city's center won't be a good match. If you love to cook, a lovely house with a tiny galley kitchen will eventually disappoint. And if you're big entertainers, a house without decks, a big yard, and lots of room to park will become a frustration.

Include new furniture in your costs
Often, a new house feels like a new start and you'll want new furniture to fill all those pretty rooms. Keep this in mind as you calculate your costs. If money's an issue and you're choosing between two houses, choosing the one that will accommodate your existing furniture can be a wiser choice.

Choose a floor plan, not the finishes
“You can change out finishes, such as tile, paint and countertops, for less money than changing a floor-plan. Choose a house with a dining room, kitchen and living area that are the right size for your life, then tweak the finishes later,” says Cindy Jones of Crawford Olson Real Estate in McCall, Idaho.

Don't choose based on investment
For most people, a house is also a home—a source of comfort, safety, happiness, entertainment and well-being. A home

via yahoo homes

Saturday, September 15, 2012

El Dorado Lakes Gilbert AZ 85233 Real Estate and Homes for Sale

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El Dorado Lakes Gilbert 85233 Real Estate and Homes for Sale

Last updated on
El Dorado Lakes is located bordered by McQueen Road to the east and bisected by Guadalupe Road in Gilbert AZ 85233. El Dorado Lakes is surrounded by Kokopelli Golf Course, one of the golf course in Gilbert AZ. This golf course community was built in mid 1990s by Blandford Homes, home size are ranging from about 1,200 - over 4,000 sq/ft.

El Dorado Lakes, Gilbert AZ 85233


Conveniently Located in El Dorado Lakes
Residents in El Dorado Lakes enjoy near by shopping, grocery stores, restaurant and other amenities and minutes away to US 60.

What's nearby El Dorado Lakes

Community and Demographic Information for El Dorado Lakes
Gain valuable insight into the El Dorado Lakes community by looking at household incomes, crime risk, education levels attained, and potential for extreme weather. Use the map to locate points of interest like shopping, restaurants, and health care services.

El Dorado Lakes is served by Gilbert Unified School District. School aged children attend Playa Del Rey Elementary School, Mesquite Jr High and Mesquite High School. Access Gilbert 85233 school detailed information on school ratings, test scores by grade, student-teacher ratio, and much more.

Affordable Financing Options
Several low down payment financing options including; FHA 3.5% Down Financing, VA ZERO Down Financing, Conventional Financing and others are available. Contact Us to find out what loan programs you qualify for. Learn more about how to buy a house in Gilbert AZ with a low down payment.

Free Gilbert 85233 Market Report
Sign Up for Free Gilbert AZ 85233 Market Report. The data used this Gilbert 85233 Market Report is consolidated from multiple sources and includes current listings, recent sales, and more. Whether you’re a buyer or seller, the knowledge you gain will help put you in control of your real estate transactions.

Click here to view Homes for Sale in El Dorado Lakes

Ready to Sell?
  • Call 480.721.6253 or Contact Us to schedule a Complimentary & NO OBLIGATION Seller Consultation
  • Go to sell.sweephoenixhomes.com for Comprehensive Marketing Plan when list with us
  • Click here to Check your Gilbert home's value instantly
  • Click here and Enter your zipcode and find out Market Snapshot for Free
  • Not Thinking of Selling Right Now? – Text Update to 480.788.6408 and Your Zip Code and I will send you the following update on the 1st of every month. NO SPAM – JUST ONE INFORMATIVE TXT PER MONTH
Ready to Buy?
  • Call 480.721.6253 or Contact Us to schedule a Complimentary & NO OBLIGATION Buyer Consultation
  • TXT AZ246 to 32323 to Download My GPS enabled Mobile App and Browse Homes on your smartphone
photo of Swee Ng
Keller Williams Realty

15905 S 46th St #160
Phoenix , AZ , 85048
480-721-6253

Swee Ng, Realtor with Keller Williams Realty who live, work and play in Gilbert AZ, specialty in Residential Resale, First Time Home Buyer and Investment Homes.
Visit www.SweeEastValleyHomes.com for your Gilbert Real Estate needs.
Go to www.GilbertAZHouseValue.com to find out what your Gilbert house is worth instantly.

Seven Steps To Take Before You Refinance

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If you're considering refinancing your home, here are a few essential steps to take before signing on the dotted line.

Are you taking note of the low interest rates and wondering if refinancing might be a good option for you?

If done right, it could save you a significant amount of money.

But before you jump into this process, there are some important steps you should take to make sure refinancing is in your best financial interest, says Chris L. Boulter, president of Val-Chris Investments, Inc., a company specializing in residential and commercial loans. This includes checking your credit score and knowing the value of your home, among other things.
Want more details? Read on for specific steps you'll want to take before you refinance.

#1 - Understand What Refinancing Can Do for You
Refinancing your home is a big move, so you should know exactly what it is and how it could benefit you.

Essentially, refinancing is the process of getting a new mortgage to replace your existing one. The new loan, says Boulter, pays off the first and could give you a new interest rate, new monthly payment, and a new term length.

Usually, says Boulter, people refinance to reduce their interest rate (also known as the price of borrowing money) on their loan. This means that when you reduce your interest rate, you'll also lower the cost of borrowing money and therefore save money.

But that's not all. Refinancing could also help you go from a 30-year loan term to a 15-year loan (or vice-versa), switch from an adjustable-rate mortgage to a fixed-rate mortgage, consolidate your first and second mortgages, and much more.

So, do your research, contact a mortgage lender, and find out how you could benefit from refinancing.

#2 - Check Your Credit Score
Do you know what your credit score is? If not, you should probably get on top of it because having a good credit score is important when it comes to refinancing, says Boulter.

Particularly, your credit score determines whether you qualify for refinancing, as well as what kind of interest rate you'll get. Generally, the higher the score, the lower your rate, says Boulter. And to get the historically low rates now available, you'll need a very good score: 720 or above, he adds.

In case you're wondering, that's on a scale of 300 to 850, according to the Fair Isaac (FICO) scale, which Boulter says is the one that most banks use.

So, what happens if you're not thrilled with your score? You can still make strides to help improve it. In fact, 65 percent of your credit score is determined by two factors: your payment history and the amounts you still owe, according to the FICO website.

So, it may take time to build up your score into the positive, but if you make sure to pay all bills on time and pay down as much debt as possible, you'll definitely be going in the right direction.

You can get one free copy of your credit score every year. The only authorized website to fill orders for the free annual credit report is annualcreditreport.com, says the Federal Trade Commission, a federal agency that prevents business practices that are unfair to consumers.

#3 - Check Your Equity
Equity is something else you'll want to become familiar with, too. Why? Because equity - the difference between the current market value of your home and the amount you still owe on your mortgage - plays a part in determining whether or not you can refinance.

Lenders normally want you to have at least 20 percent equity in order to refinance, according to Boulter. He says this is because of the real estate market downturn, and the fact that lenders are cautious when lending money with real estate as collateral, which is exactly what they do when you refinance your home.

The good news is that there are still options out there for those with little or no equity, according to Making Home Affordable (MHA), an official program of the Department of Treasury & Housing and Urban Development.

#4 - Shop Around
You probably shop around for the best price on bread, so when it comes to a mortgage - which could be hundreds of thousands of dollars - it makes sense to shop for the best interest rate.

However, according to Boulter, don't expect to find a lot of difference in rates. Because of recent laws and a banking industry with fewer companies, he says there is less variety in rates.

"That said, it certainly makes sense to get a second opinion on the terms that have been negotiated," he says.

And even if it's just the slightest different in interest rates, when it comes to borrowing hundreds of thousands of dollars for 15 or 30 years, a small difference in the rate could mean a big difference in cost over time.

#5 - Learn How Much You Will Lower Your Interest Rate
For you, the whole point of refinancing is probably to save money by lowering your interest rate, which, remember, is essentially the price you are paying to borrow the money.

And because there are costs and fees associated with refinancing (more on that in #6), you need to make sure you lower your rate enough to make refinancing worthwhile. Generally speaking, if you can lower your rate by three-quarters of a percent, refinancing is worth considering, says Boulter.

To get an idea of what your new interest rate might be, Boulter says that most lenders will give good faith estimates that spell out costs, fees, and interest rates - with no commitment on your part.

One important point to note, says Boulter, is that the more fees and costs you pay up front or out of pocket, the lower your rate may be. Similarly, you could also have the option to take a lower rate and then add the amount you would pay for fees and costs into the amount you borrow.

#6 - Understand Your Closing Costs
Did you think that paying interest on the loan was the only price you had to pay?

Well, your bank thinks otherwise. There are other costs and fees associated with your loan, known as closing costs, and it's important to make sure that the refinancing savings outweigh them.

To help you better understand what closing costs involve, here's a brief breakdown of some of the more common major costs and fees, although they could change from lender to lender:*

Loan Origination Fee: Your lender charges this to cover such things as attorney fees, document preparation fees, notary fees, and more. It might be called an underwriting fee, administrative fee, or processing fee. The average cost is $2,537 with a 10 percent down payment.

Application Fee: Your lender charges this fee to cover processing your loan request and checking your credit. The median cost is $365.

Points: These represent a one-time fee from the lender. One point equals one percent of the amount of the loan. For example, one point on a $100,000 loan is $1,000. These fees are usually between .5 and 1 percent, according to Boulter.

Appraisal Fee: This is a determination by a professional appraiser of the worth of your property. The lender wants to make sure it is worth at least the loan amount. The Federal Reserve notes that the median cost is $292, but Boulter says it could be up to $700.

Lender-Required Home Inspection Fees: Depending where your home is located, the lender may want inspections of the house's systems and structure. This cost is estimated to be anywhere from $300 to $500.

Private Mortgage Insurance (PMI): If you are borrowing more than 80 percent of the market value of the home, or in other words, if your down payment is less than 20 percent, the lender will usually require mortgage insurance. This insurance covers the lender's loss if you don't make the mortgage payments. The estimated cost is $50 to $100 per month.

#7 - Determine How Long You Plan to Stay in Your Home
Is this your dream home? The one in which you want to stay until you're old and gray? You should know, because the answer can help you determine whether refinancing is the right move for you.

Basically, says Boulter, if you're planning to stay in your home for at least a year to two years after refinancing your mortgage, it's probably worth it to refinance.

Why? Because of those closing costs we discussed earlier. Essentially, since getting a new loan costs money, it takes time for the savings to outweigh the costs. For example, let's say you borrow $300,000 and it costs 1.5 percent in closing costs. That's $4,500. If your monthly payment goes down by $300 per month, it will take 15 months to pay for those closing costs in savings.

*Unless otherwise stated, all costs and fees information according to "A Consumer's Guide to Mortgage Settlement Costs" published by the Federal Reserve Board, the main governing body of the Federal Reserve System which oversees national monetary policy and the banks.

via yahoo homes

Thursday, September 13, 2012

The Top 6 Mortgage Mistakes

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During the 2007-2009 financial crisis, the United States economy crumbled because of a problem with mortgage foreclosures. Borrowers all over the nation had trouble paying their mortgages. At the time, eight out of 10 borrowers were trying to refinance their mortgages. Even high-end homeowners were having trouble with foreclosures. Why were so many citizens having trouble with their mortgages? Let's take a look at the biggest mortgage mistakes that homeowners make.

1. Adjustable Rate Mortgages
Adjustable rate mortgages seem like a homeowners dream. An adjustable rate mortgage starts you off with a low interest rate for the first two to five years. They allow you to buy a larger house than you can normally qualify for and have lower payments that you can afford. After two to five years the interest rate resets to a higher market rate. That's no problem because borrowers can just take the equity out of their homes and refinance to a lower rate once it resets.

Well, it doesn't always work out that way. When housing prices drop, borrowers tend to find that they are unable to refinance their existing loans. This leaves many borrowers facing high mortgage payments that are two to three times their original payments. The dream of home ownership quickly becomes a nightmare.

2. No Down Payment
During the subprime crisis, many companies were offering borrowers no-down-payment loans to borrowers. The purpose of a down payment is twofold. First, it increases the amount of equity that you have in your home and reduces the amount of money that you owe on a home. Second, a down payment makes sure that you have some skin in the game. Borrowers who place down a large down payment are much more likely to try everything possible to make their mortgage payments since they do not want to lose their investment. Many borrowers who put little to nothing down on their homes find themselves upside down on their mortgage and end up just walking away. They owe more money than the home is worth. The more a borrower owes, the more likely they are to walk away.

3. Liar Loans
The phrase "liar loans" leaves a bad taste in your mouth. Liar loans were incredibly popular during the real estate boom prior to the subprime meltdown that began in 2007. Mortgage lenders were quick to hand them out and borrowers were quick to accept them. A liar loan is a loan that requires little to no documentation. Liar loans do not require verification. The loan is based on the borrower's stated income, stated assets and stated expenses.

They are called liar loans because borrowers have a tendency to lie and inflate their income so that they can buy a larger house. Some individuals that received a liar loan did not even have a job! The trouble starts once the buyer gets in the home. Since the mortgage payments have to be paid with actual income and not stated income, the borrower is unable to consistently make their mortgage payments. They fall behind on the payments and find themselves facing bankruptcy and foreclosure.

4. Reverse Mortgages
If you watch television, you have probably seen a reverse mortgage advertised as the solution to all of your income problems. Are reverse mortgages the godsend that people claim that they are? A reverse mortgage is a loan available to senior citizens age 62 and up that uses the equity out of your home to provide you with an income stream. The available equity is paid out to you in a steady stream of payments or in a lump sum like an annuity.

There are many drawbacks to getting a reverse mortgage. There are high upfront costs. Origination fees, mortgage insurance, title insurance, appraisal fees, attorney fees and miscellaneous fees can quickly eat up your equity. The borrower loses full ownership of their home. Since all of the equity will be gone from your home, the bank now owns the home. The family is only entitled to any equity that is left after all of the cash from the deceased's estate has been used to pay off the mortgage, fees, and interest. The family will have to try to work out an agreement with the bank and make mortgage payments to keep the family home.

5. Longer Amortization
You may have thought that 30 years was the longest time frame that you could get on a mortgage. Are you aware that some mortgage companies are offering loans that run 40 years now? Thirty five and forty year mortgages are slowly rising in popularity. They allow individuals to buy a larger house for much lower payments. A 40-year mortgage may make sense for a young 20-year-old who plans to stay in their home for the next 20 years but it doesn't make sense for a lot of people. The interest rate on a 40-year mortgage will be slightly higher than a 30 year. This amounts to a whole lot more interest over a 40-year time period, because banks aren't going to give borrowers 10 extra years to pay off their mortgage without making it up on the back end.

Borrowers will also have less equity in their homes. The bulk of payments for the first 10 to 20 years will primarily pay down interest making it nearly impossible for the borrower to move. Besides, do you really want to be making mortgage payments in your 70s?

6. Exotic Mortgage Products
Some homeowners simply did not understand what they were getting themselves into. Lenders came up with all sorts of exotic products that made the dream of home ownership a reality. Products like interest only loans which can lower payments 20-30%. These loans let borrowers live in a home for a few years and only make interest payments. Name your payment loans let borrowers decide exactly how much they want to pay on their mortgage each month.

The catch is that a big balloon principal payment would come due after a certain time period. All of these products are known as negative amortization products. Instead of building up equity, borrowers are building negative equity. They are increasing the amount that they owe every month until their debt comes crashing down on them like a pile of bricks. Exotic mortgage products have led to many borrowers being underwater on their loans.

The Bottom Line
As you can see, the road to homeownership is riddled with traps. If you can avoid the traps that many borrowers fell into, then you can keep yourself from financial ruin.


via yahoo homes

Tuesday, September 11, 2012

Chaparral Estates Gilbert 85295 Real Estate and Homes for Sale

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Chaparral Estates Gilbert AZ 85295 Real Estate and Homes for Sale

Last updated on

Chaparral Estates is located on Higley Road - on both sides and lies just south of Williams Field Road in Gilbert AZ 85295, offers direct access to the 202 Loop freeway. Chaparral Estates featuring Biking/walking paths, Playgrounds and plenty of grassy areas for outdoor fun makes it perfect for a growing family. Homes in Chaparral Estates are built in early 2000 and ranging from 1,100 - over 5,000 sq/ft.

Chaparral Estates Gilbert AZ 85295 Real Estate, Homes for Sale, House Value
Chaparral Estates, Gilbert AZ 85295


Conveniently Located in Chaparral Estates
Residents in Chaparral Estates enjoy near by shopping, grocery stores, restaurant and other amenities. Chaparral Estates is just minutes south of the Loop 202 San Tan Freeway and SanTan Village.

What's nearby Chaparral Estates


School near Chaparral Estates Gilbert AZ 85295
Chaparral Estates community is served by the Higley Unified School District. School aged children in Chaparral Estates attend on site Chaparral Elementary, Cooley Middle School and Williams Field High School.

Affordable Financing Options
Several low down payment financing options including; FHA Financing, VA ZERO Down Financing, Conventional Financing and others are available. Contact Us to find out what loan programs you qualify for.

How to buy a house with low down payment

Gilbert AZ Housing Market Report
View Gilbert AZ Housing Market Report. The data used this Gilbert AZ Market Report is consolidated from multiple sources and includes current listings, recent sales, and more. Whether you’re a buyer or seller, the knowledge you gain will help put you in control of your real estate transactions.

Chaparral Estates Gilbert AZ 85295 Homes for Sale

Selling Your Home in Gilbert AZ
Contact Us or call Swee Ng at 480.721.6253 today to discuss your potential Gilbert AZ House Value and our comprehensive marketing plan. We will prepare complimentary competitive market analysis (CMA) to find out what your home is worth at today’s market.

What's My Gilbert AZ Home Worth?
Enter your home address and see your house value instantly for free

Ready to Sell?
  • Call 480.721.6253 or Contact Us to schedule a Complimentary & NO OBLIGATION Seller Consultation
  • Click here to Check your Gilbert home's value instantly
  • Not Thinking of Selling Right Now? – Text Update to 480.788.6408 and Your Zip Code and I will send you the following update on the 1st of every month. NO SPAM – JUST ONE INFORMATIVE TXT PER MONTH
Ready to Buy?
  • Call 480.721.6253 or Contact Us to schedule a Complimentary & NO OBLIGATION Buyer Consultation
  • TXT AZ246 to 32323 to Download My GPS enabled Mobile App and Browse Homes on your smartphone
Swee Ng, Realtor and Gilbert AZ resident specializing in win-win real estate transaction through great communication and fighting for his clients' best interest. After all, this is more than real estates, this is about your life and your dreams.

If you are looking to buy or sell your home in Gilbert AZ, we hope you will consider us. Contact us today for complimentary consultation.
Buyer's Representation Services (NO COST TO HOMEBUYERS)

Monday, September 10, 2012

Ahwatukee August 2012 Market Statistics

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Median Sold Price in Ahwatukee (by zipcode) August 2011 - August 2012
Ahwatukee August 2012 Market Statistics by Swee Phoenix Homes Group
*Active Listing
Ahwatukee
279
85044
104
85045
41
85048
134
As 9/4/12. source armls. Information is deemed to be reliable, but is not guaranteed.

View All Homes for Sale in Ahwatukee
View Traditional/Regular Homes for Sale in Ahwatukee
View Homes for Sale in 85044
View Homes for Sale in 85045
View Homes for Sale in 85048
View Bank Owned Properties Listing in Ahwatukee

Chandler August 2012 Market Statistics

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Median Sold Price in Chandler (by zipcode) from August 2011 - August 2012
Median Sold Price in Chandler by zipcode August 2011 - August 2012
* Active Listing
** Price/SQFT
Chandler
768
$106
85224
105
$101
85225
141
$93
85226
93
$116
85248
184
$114
85249
219
$106
85286
125
$115
* Active Listing as 9/4/12
** Price/SQFT as 9/10/12
source armls. Information is deemed to be reliable, but is not guaranteed

View All Homes for Sale in Chandler
View Traditional/Regular Homes for Sale in Chandler

Gilbert August 2012 Market Statistics

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Median Sold Price in Gilbert (by zipcode) from August 2011 - August 2012
Median Sold Price in Gilbert by zipcode August 2012
*Active Listing
**Price/SQFT
Gilbert
846
$103
85233
111
$103
85234
148
$99
85295
143
$104
85296
149
$99
85297
140
$102
85298
154
$111
* Active Listing as 9/4/12
** Price/SQFT as 9/10/12
source armls. Information is deemed to be reliable, but is not guaranteed

View All Homes for Sale in Gilbert
View Traditional/Regular Homes for Sale in Gilbert
View Homes for Sale in 85233
View Homes for Sale in 85234
View Homes for Sale in 85295
View Homes for Sale in 85296
View Homes for Sale in 85297
View Homes for Sale in 85298
View Bank Owned Listing in Gilbert

Wednesday, September 5, 2012

Higley Manor Gilbert 85297 Real Estate and Homes for Sale

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Higley Manor Gilbert 85297 Real Estate and Homes for Sale

Last updated on

Higley Manor is located at South Higley Road and East Pecos Road (2 miles south of Loop 202), Gilbert 85297 is brand new community (2012) built by Meritage Homes. Higley Manor homes offer incredibly energy-efficient homes, ranging 2,584 - 5,157 sq. ft. Amenities that include, Basketball, Greenbelt, Park, Trails.

Welcome to Higley Manor, Gilbert 


Home features:
Lot size ranging from 70 x 120 to 90 x 150
8' front door
10' ceilings on first floor (varies per plan), some plan is 12'
Up to 4 car garage (per plan)
Extreme Energy Efficient features
Optional Solar System

Higley Manor is served by the Higley Unified School District. School aged children in Higley Manor attend San Tan Elementary (K-8) and Higley High School.

Golden Gate 2,584 sq/ft
3 Beds, 2.5 Baths, 3 Car Garage
Great Basin 2,859 sq/ft
4 Beds, 3 Bath, 3 Car Garage
Grand Canyon 3,283 sq/ft
4 Beds, 2.5 Baths, 3 Car Garage
Joshua Tree 3,318 sq/ft
4 Beds, 2.5 Baths, 3 Car Garage
Redwood 3,464 sq/ft
4 Beds, 3 Baths, 3 Car Garage
Sequoia 3,596 sq/ft
4 Beds, 2.5 Baths, 3 Car Garage
Yosemite 3,772 sq/ft, 
5 Beds, 3.5 Baths, 3 Car Garage
Mesa Verde 3,919 sq/ft
4 Beds, 3.5 Baths, 3 Car Garage
Rocky Mountain 4,279 sq/ft
5 Beds, 4 Baths, 4 Car Garage
Yellowstone 4,365 sq/ft
5 Beds, 3.5 Baths, 3 Car Garage
Grand Teton 4,929 st/ft
6 Beds, 4 Baths, 3 Car Garage
Acadia 5,127 sq/ft
6 Beds, 4.5 Baths, 4 Car Garage
Olympic 5,674 sq/ft
6 Beds, 3.5 Baths, 4 Car Garage

Remember New Home Home Sales Associate represent builder, so if you would like an experienced Realtor to represent you should you decide to purchase I will need to go with you on your first visit to the model house. (Read why it is important to work with a Realtor.)

Sunday, September 2, 2012

Happy Labor Day

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Smarthome Amazon Alexa 'works with'