||Joan M. Cutler - Cape Realty Inc.|
Search for Homes
free cma request
South Florida Golf
The City of Cape Coral covers 114 square miles, with over 400 miles of canals that are beautifully landscaped for waterfront living with many options to choose from when searching for property or homes. If you are looking to begin investing in real estate check out this real estate seminars live event reviews.
I understand that making a decision to buy, sell or invest in property can be sometimes confusing, very time consuming and even frightening. There are many questions to ask, demands that need to be met because of your needs and comparisons that have to be done to make sure that you are getting all of what you paid for.
When you choose me as your realtor, you have my promise that your best interest is my top priority. Most of my customers have come from referrals, people I have helped who have referred their friends or family back to me because of the patience and knowledge I displayed while working with them.
It is my hope, when you decide to relocate or purchase property in Cape Coral, you will consider me for all your real estate needs.
Thank you for considering me and check out this Scott Yancey reviewed on this Wiki.
Joan M. Cutler
MLS - Realtor®
Refinancing your home can be an excellent way to bring down your monthly mortgage payment, raise cash, or consolidate debts with high interest rates. However, you need to do your homework before deciding to refinance. One important factor is the difference between current interest rates and the rate of your original loan. You also need to take into account the amount of time it will take to recoup the costs of refinancing.
When should you refinance?
The old rule of thumb is that you should refinance your home if interest rates fall more than 2 percent. That's because refinancing usually involves most of the same closing costs (loan origination fee, prepaid interest, etc.) as the original loan. For anything less than 2 percent, the savings on your monthly mortgage payment might not be significant enough to be worth your while and we followed the advice given here.
Savings vs. time
If all the information (survey, title search, etc.) for your old loan is still current, however, the lender may be willing to waive many of the fees. In addition, you may be able to roll the closing costs of a refinance loan into the new note. In other words, you don't avoid the closing costs, but instead pay them back over time along with the rest of the loan. If you consider this option, be sure to calculate the potential savings vs. the expense of paying off a higher principal balance.
Keep in mind that refinancing usually lengthens the time it takes to pay off your house. If you are 3 years into a 30-year mortgage and then refinance with a new 30-year loan, you'll end up making payments on the house for 33 years. Nevertheless, if the monthly savings are substantial enough, you still could end up paying much less over the long haul with the new loan.
Adjustable Rate Mortgages (ARMs)
Conversely, you may plan to move in a year or two, and find a lender who is willing to offer you dramatic interest rate savings with an ARM. In this case (and as long as the closing costs are minimal), it might make sense to switch from a fixed-rate loan to an ARM.
For example, if you have a $100,000 loan at 8 percent, you would build about $2,800 worth of equity in the first 3 years. Thus, if you refinanced, the new loan would only amount to $97,200.
Raising cash with home equity loans... use caution
Be cautious, however, of lenders offering 100 percent or 125 percent home equity loans--their rates are often markedly higher than traditional lenders. In addition, any amount you borrow that is above the market value of the house is NOT tax deductible.
Talk to your lender
When Should You Pay Points on a Loan?
When it comes to comparing interest rates for a mortgage loan, homebuyers often have the option of choosing a loan with a lower interest rate by paying points. Simply put, a point is equal to 1 percent of the loan amount. For example, with a $100,000 loan, one point equals $1,000. Points are usually paid out-of-pocket by the buyer at closing.
Paying points may seem attractive, because a lower interest rate means smaller monthly payments. But is paying points always a good idea? The answer generally depends on how long you plan to stay in the house. Let's look at an example:
Bob and Betty Smith are shopping for loan rates on a $150,000 home. Their bank has offered them a 30 year loan at 7.5 percent with no points. This works out to a monthly payment of $1,049.
However, their bank has also offered them a loan at 7 percent if they agree to pay 2 points (or $3,000). At this lower rate, their monthly payment drops to $998, or a savings of $51 per month.
By dividing the amount they paid for the points ($3,000) by the monthly savings ($51), we see that they will have to own the house for 59 months (or just under 5 years) before they will start to see savings as a result of paying points. If Bob and Betty plan to stay in the house for many years, then paying points could make good sense. But if they see themselves moving to another house in the near future, they'd be better off paying the higher interest and no points. (Note: for simplicity, the above example does not take into account the time value of money, which would slightly lengthen the break-even time.)
Can you deduct points on your income taxes, get advice from a real estate mogul.
Your Credit History
As part of the loan application process, virtually all lenders will want to see a copy of your credit report. The report will list all your long-term debts (credit cards, mortgage payments, automobile and student loans, etc), as well as your payment history. If you don't have a copy of your credit report, most lenders will generally require you to pay for a copy when they process your loan application.
However, most real estate experts agree that it is a good idea to obtain a copy of your credit report several months before you apply for a loan. This is so you have a chance to resolve any problems with your credit before your bank sees it. U.S. Federal law ensures that you have access to your credit report, which may be obtained from your local credit bureau or any of several national firms that specialize in credit reports.
Errors on your credit report
Bankruptcies and foreclosures
Copyright ©2000-2003 Homes.com, Inc. All Rights Reserved.
Click Here for Full Terms and Conditions
HOMES.COM is one of the largest Internet real estate sites with hundreds of thousands of homes for sale and apartment rentals with photos, descriptions, and relocation services.
The advertisers and publishers are not responsible or liable for misinformation, misprints, or typographical errors. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.