MORTGAGE RATES » Home Mortgage Loan News

To help stabilize the real estate market, President Obama passed into law a new stimulus act that will give qualified first time home buyers a $8,000 tax rebate. If you buy a home between now and December 1st as a first time home buyer who meets certain criteria, that money can be yours.

Mortgage interest rates are at historic lows and that can save potential home owners tens of thousands of dollars over the lifetime of a traditional 30-year fixed-rate mortgage.Legislature has worked on improving communication between mortgage lenders and borrowers. Mortgage providers are now legally required to provide their applicants with a simple to follow "good faith estimate" so buyers can get a more accurate sense of what additional costs they may incur during the closing process.

There is also more government behind FHA mortgages, enticing lenders to get back in the business of issuing loans for qualified applicants. Until recent policy revisions, the maximum loan limits o FHA-insured mortgages was very low and not of use for many home buyers. The new changes have raised the limits, and a new crop of first time home buyers may be able to take advantage of that opportunity.

Finally, there are so many options to choose from at prices that have not been seen in a long time. Across the nation, home prices have been rapidly declining due to the current state of economic affairs. Although that decline is not helping the state of the country's finances, it is allows for more affordable homes.

If ever there was a perfect storm for home shoppers, may be it! By taking the steps to buy a home now, you will not only be taking a huge step towards greater financial independence in the future, but you will be doing your part to contributing to the cultivation of the American economy.

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Profiting from a foreclosure purchase is a goal for many first time real estate investors. It seems simple enough, buy a diamond in the rough for $25, put $100 into in a coat of paint and then sell it for hundreds of thousands of dollars. The concept is simple, but the process can be painstaking and require a lot of hard work, determination, and dedication from the investor. There are two basic ways an investor can make money on a foreclosure, either flip the property and sell it or rent it out.

The concept of flipping a home to make money on a foreclosure is to:

• Buy a low-cost house or apartment in a great location with excellent potential
• Secure the lowest rate mortgage to finance the purchase of the house and minimize your out of pocket purchasing expenses, since this is not a long term investment there are many mortgage options to choose from
• Invest some money (and lots of elbow grease) into fixing up the home and making it market ready
• Sell the home at a price that covers the initial investment, the cost for the repairs, pay off the mortgage and sell it for a profit
• Appreciate the house value

Fixing up and renting foreclosed properties is another way to make money in the real estate industry, you can do so by:

• Buy a low-cost house apartment in a great location with excellent potential
• Secure a low fixed rate mortgage to finance the purchase of the home since this is a long term investment it is better to know the long term rates so you can decide upon a rental fee
• Invest some money (and lots of elbow grease) into fixing up the home and making it market ready
• Calculate a rental price that should cover your monthly expenses for your mortgage, property taxes and income
• Find a tenant for your home and make sure to have them sign a lease

Whether the purpose for your purchase of a foreclosed property is for living or for making money - it is advisable that you do a thorough research of the property and the paperwork that is involved so that there are no surprises.

>>See Conditions of Foreclosed Homes

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