Lower interest rates have motivated you to refinance your home loan. The lower rate may save you a tremendous amount of money over the life of the loan, but you should also expect to pay the lender the typical closing costs associated with any new loan, including service fees, points, title insurance protection and other expenses.

Why do I need to purchase a new title insurance policy on a refinanced loan?

To the lender, a refinance loan is no different than any other home loan.

An alternative to a non-conforming loan is the use of a land contract, which is allowed in some states. A land contract is an agreement between a buyer and a seller, where the buyer agrees to make periodic payments to the seller. The title to the property only transfers to the land contract buyer on fulfillment of the land contract obligations.

A land contract can be helpful for those who need time to establish or improve their credit rating. There are only small closing costs, and payment can help establish a good mortgage payment record. This can help establish an overall good credit rating, and it is possible for the buyer to later refinance the land contract with a conforming loan.

Unfortunately, when economic activity declines and housing activity decreases, more real estate enters the foreclosure process. High interest rates and creative financing arrangements also are contributing factors.

When prices are rapidly accelerating during a real estate "bonanza", many people go to any lengths available to get into the market through investments in vacation homes, rental housing and "trading up" to more expensive properties. In some cases, this results in the taking on of high interest rate payments and second, third and even fourth deeds of trust.

If you know exactly why you are selling, then it is easier for you to set the right plan of action to get what it is that you want.

If you are a seller who needs to close a sale as quickly as possible, then you should know that getting the highest price possible is not one of your priorities. It does not mean that you won't or cannot get the highest price, but it means that the price is not the deciding factor. A buyer who can give you a quick closing time will appeal much more to you than a buyer who can offer you more money but the negotiation and closing time drag on.

There really is no such thing as a "no-cost" mortgage loan. There are always costs, such as appraisal fees, escrow fees, title insurance fees, document fees, processing fees, flood certification fees, recording fees, notary fees, tax service fees, wire fees, and so on, depending on whether the loan is a purchase or a refinance. The term "no-cost" actually means that your lender is paying the costs of the loan. All a "no cost" loan means is that there is no cost to you, the borrower.

Except that you pay a higher interest rate.

So, where are all the people coming from in our valley?  Many of you have asked this question & I ran across this article from United Van Lines covering the basics of their survey.

I hope you enjoy.  Please contact me when you know anyone needing to buy or sell Idaho Real Estate!  I appreciate your referrals!

Many sellers think about taking their home off the market during the holidays. This may be the best time of year to find a serious, qualified buyer who may be in town visiting family for the holidays. This article spells out some good advice for sellers during this time of year.  When you are thinking of buying a home, think of Idaho Real Estate!  Call Don Wixom for quality service throughout the year!

The 5 reasons a property will sell or NOT sell:

1. Location

People will either like the location or not.  Most people like to be situated either in the right school district to meet their needs, close to work, a particular neighborhood or someplace with a view. In most instances, people look for location first.  You know what they say; "Location, Location, Location!"  If your home is in a poor location or has questionable surroundings or neighborhood, any of the remaining four reasons may need extra attention. Idaho Real Estate is always a good location, but there are always possible surroundings that aren't as desirable...

2. Price

Especially in our current Idaho Real Estate market, PRICE can be THE most strategic reason a buyer will buy.  As your agent, I will provide you (my seller) with comparable properties in both "Active" and "Sold" categories. It's best to be as high as possible when compared to the "SOLD" properties (to get the highest price possible) however,  price average or below when compared to the "ACTIVE" properties (your competition). Some sellers will say something like, "We can always come down..."  However, in a competitive (buyer's) market, some buyers won't even look at a home that seems to be overpriced (above average). Listen to the advice of your agent when determining the pricing strategy of your Idaho home.