A mortgage is a type of loan that is specifically meant to enable an individual or business to purchase real estate. The payment period and interest rate for the loan is usually specified. The person borrowing a mortgage offers the lender some claim on the property that is being purchased to serve as collateral in case he or she defaults in repaying the loan. A mortgage enables an individual or business to purchase a house or building without paying the full price upfront. In case of a default on repayment, the property is sold and the mortgage lender recovers the loan amount.
There are several types of mortgages that are available for home buyers. The two main types are fixed-rate mortgage and adjustable rate mortgage. Generally, a fixed rate mortgage is one whose interest rate remains consistent for the entire duration of the loan, which could be 15, 20 or 30 years. While this consistency may be beneficial, it could become a disadvantage if interest rates were to fall, since the interest payments would be considered high.
An adjustable-rate mortgage, also known as a variable-rate mortgage, has an interest rate that is generally lower than that of the fixed mortgage. In addition, the rates usually fluctuate after the initial period, depending on interest rates during the loan period. This means that if the interest rates increase, your loan payments will also rise.
Another type of mortgage is the Federal Housing Administration loan, which is also called Government Guaranteed Mortgage Loan. This type of loan is meant for first-time home buyers who receive moderate to low income. The interest rate for this type of loan is fixed, and the requirements for qualification are minimal. In addition, a smaller down payment is demanded, making it easy for consumers to purchase homes. However, it is important to note that the amount of the loan may be limited.
A balloon mortgage usually has a fixed rate, with payments that are relatively low. The loan period is usually fixed, and the full balance for the loan is due immediately after the initial period, and should be paid in a single lump sum. The loan period is usually between 5 and 7 years, which makes it risky for many borrowers.
An interest-only mortgage gives the borrower the option of only paying the interest amount for a given period. This means that in the short term, the borrower has very low monthly payments to meet. However, once this period is over, the payments increase to include the principle amount, which could be expensive, especially since the repayment period is significantly shortened by the interest-only period.
A reverse mortgage is one that is meant for senior citizens who have sufficient equity, which is converted to cash. The borrower is not expected to make any payments to the lender as long as he or she resides in the purchased property. In such a case, the interest rate could be fixed or adjustable, depending on the lender. However, borrowers are advised to ensure that a reverse mortgage loan is federally insured before accepting it.
Thursday, April 12, 2012
Tuesday, April 10, 2012
Omaha Real Estate Made Easy: Three Top Tips for Purchasing a Home in Omaha
Small-town friendliness, a vibrant cultural life, and a solid economy make Omaha, Nebraska an all-around great place to live. With choices ranging from downtown condos to graceful historic homes in quiet neighborhoods, you're sure to find a little piece of Omaha real estate that's perfect for you and your family. Before you jump in, though, there are a few things you should know that will make buying real estate in Omaha easier.
Inspect Older Homes Closely
Omaha offers numerous older and historic homes. Many of these have been preserved carefully and are in excellent condition, so a buyer can move in and live comfortably right away. Not all older homes are this way, though. Some may require extensive renovations that not only add to the total cost of the property, but also delay your move-in date.
If you're considering an older home, it's essential to have a professional inspect for potential problems. This way you'll learn whether or not repairs are needed and how extensive they may be. All that said, many historic Omaha homes, particularly those in the Dundee and Benson neighborhoods, offer charm and character that make them worth a little renovation.
Newer homes also have their advantages and disadvantages. They may be more expensive than older homes and are typically located in less quiet neighborhoods. You may also need to invest in landscaping after buying a recently build property.
Learn About the Omaha Real Estate Market
No matter how much you know about another city's real estate market, you may be surprised at what type of home and what locations are the most or least expensive in Omaha. The internet is an invaluable tool for digging up accurate information on Omaha home prices. A little quick research can show you what recently sold homes sold for as well as the square footage, number of bedrooms and bathrooms, and date of construction of those homes. Getting up to speed on the local real estate market helps you find the best home options in your price range. While it's wise to get familiar with what homes are selling for, don't lose too much time trying to find the "perfect" home at the "perfect" price. No two homes are quite the same and pricing is often somewhat subjective.
Hire an Expert Realtor
A knowledgeable and experienced realtor is your greatest ally in your search for a new home. Even better, you as the buyer don't have to compensate the realtor for his or her work. That payment comes from the seller. To get a realtor with the highest expertise, hire a full-time agent rather than someone who just sells homes on the side. A full-time professional is better able to keep up on the real estate market, changes in laws, zoning issues and other critical details.
A professional agent can also help you find a quality home loan lender, help you sort through loan application paper work, and guide you in getting your mortgage approved. Keep in mind that a smart real estate agent who's truly on your side will make sure you've got financing figured out before you delve into the home buying process.
Buying your home is likely to be one of the largest financial transactions you'll ever make, so professional guidance is essential. While your agent can do a lot for you, you'll still need to keep good track of the whole process and read all related paperwork and contracts carefully.
It's hard to go wrong choosing Omaha as a place to live, but buying Omaha real estate is fraught with complexities that can trip you up. Before you make any major decisions, get settled on what you want and how much you can pay, familiarize yourself with Omaha's real estate market, and get an experienced real estate agent on your side.
Inspect Older Homes Closely
Omaha offers numerous older and historic homes. Many of these have been preserved carefully and are in excellent condition, so a buyer can move in and live comfortably right away. Not all older homes are this way, though. Some may require extensive renovations that not only add to the total cost of the property, but also delay your move-in date.
If you're considering an older home, it's essential to have a professional inspect for potential problems. This way you'll learn whether or not repairs are needed and how extensive they may be. All that said, many historic Omaha homes, particularly those in the Dundee and Benson neighborhoods, offer charm and character that make them worth a little renovation.
Newer homes also have their advantages and disadvantages. They may be more expensive than older homes and are typically located in less quiet neighborhoods. You may also need to invest in landscaping after buying a recently build property.
Learn About the Omaha Real Estate Market
No matter how much you know about another city's real estate market, you may be surprised at what type of home and what locations are the most or least expensive in Omaha. The internet is an invaluable tool for digging up accurate information on Omaha home prices. A little quick research can show you what recently sold homes sold for as well as the square footage, number of bedrooms and bathrooms, and date of construction of those homes. Getting up to speed on the local real estate market helps you find the best home options in your price range. While it's wise to get familiar with what homes are selling for, don't lose too much time trying to find the "perfect" home at the "perfect" price. No two homes are quite the same and pricing is often somewhat subjective.
Hire an Expert Realtor
A knowledgeable and experienced realtor is your greatest ally in your search for a new home. Even better, you as the buyer don't have to compensate the realtor for his or her work. That payment comes from the seller. To get a realtor with the highest expertise, hire a full-time agent rather than someone who just sells homes on the side. A full-time professional is better able to keep up on the real estate market, changes in laws, zoning issues and other critical details.
A professional agent can also help you find a quality home loan lender, help you sort through loan application paper work, and guide you in getting your mortgage approved. Keep in mind that a smart real estate agent who's truly on your side will make sure you've got financing figured out before you delve into the home buying process.
Buying your home is likely to be one of the largest financial transactions you'll ever make, so professional guidance is essential. While your agent can do a lot for you, you'll still need to keep good track of the whole process and read all related paperwork and contracts carefully.
It's hard to go wrong choosing Omaha as a place to live, but buying Omaha real estate is fraught with complexities that can trip you up. Before you make any major decisions, get settled on what you want and how much you can pay, familiarize yourself with Omaha's real estate market, and get an experienced real estate agent on your side.
Monday, April 9, 2012
5 Incredible Sailing Destinations
The Top Five Places in The World To Sail
Avid sailors vary in their opinions on what makes a great sailing destination. Some prefer natural beauty, some seek smooth seas and gentle winds, and others prefer a challenge. A few choice sailing spots offer something for everyone, though. These five locations bring together some of the best features of any sailing destination worldwide.
The Grenadines
Situated between the Caribbean islands Saint Vincent and Grenada, the lush, tropical rain forests and aquamarine waters of the Grenadines are postcard perfect. Most of these small, remote islands aren't accessible by air, which makes sailing not only a way of life for the locals, but also the ideal way in for travelers.
Spend the afternoon relaxing on the soft, white sands of Princess Margaret Beach, dance the night away in Port Elizabeth on Bequia island or explore the extensive reefs found throughout these islands.
The weather is inviting year round so great sailing awaits you no matter when you schedule your trip. The Grenada Sailing Festival at the end of January and Carnival in August are particularly good times to visit.
Cyclades, Greece
South-east of the Greek mainland, the Cyclades archipelago consists of over 220 islands encircling the sacred island of Delos, the mythic home of Apollo and Artemis.
Sailing past these large and small islands gives you time to take in the view of the rocky hills and traditional white-and-azure Greek architecture. Stop by Mykonos Island to enjoy a day on Paradise Beach or tour the Aegean Maritime Museum. Visit Santorini Island to sample wine made from the famous Assyrtiko grapes while enjoying one of the island's equally famous sunsets.
The Cyclades' climate is mild and dry, with no significant winter, so it's worth a visit any time of year. Sailing the Aegean can be a challenge, though, so plan to spend at least two weeks working your way through the area.
San Diego, California
Although the San Francisco Bay area garners the most attention of all California's sailing destinations, the waters around San Diego also make for enjoyable sailing.
Get a close-up view of the sinuous Coronado Bridge and the Star of India, a windjammer build in 1863 and the world's oldest active sailing ship. Sailing San Diego Bay gives you the opportunity to see both the historic ships of the Maritime Museum and modern U.S. Navy craft, too. For shopping, dining, and entertainment, lively Seaport Village offers plenty of opportunities.
While the seas and winds around San Diego are typically moderate, the Pacific ocean is highly unpredictable. If you decide to go, be prepared for difficult weather.
Whitsundays, Australia
Australia and New Zealand both boast miles of spectacular waters and coastline. Among the best-loved sailing destinations in this part of the world are the 74 islands of Australia's Whitsundays. This archipelago, sheltered in the heart of the Great Barrier Reef, offers magnificent forests and white sand beaches surrounded by turquoise waters.
If it's peace and quiet you're looking for, stop by Whitehaven Beach. For restaurants, shopping opportunities and other modern attractions, Airlie Beach is the place to head.
This tropical area receives a considerable amount of rainfall, but the weather is warm and seas largely calm most of the year. Winter is an exception. Southerly winds are strong from April to September, so certain south-facing anchorages are best avoided during this time.
Yasawa Islands, Fiji
One of the most untouched of all popular sailing destinations, the Yasawa Islands offer not only gentle, warm winds and unforgettable scenery, but also a chance to connect with another culture. Native Fijians are renowned for their friendliness and someone might just invite you along for a night-time lobster hunt or even dinner at their own home.
Wildlife is particularly abundant on and around these islands. Coral, colorful tropical fish, and manta rays inhabit the waters, while over 200 species of birds enliven the forests. The steep, jagged peaks of the island's volcanic mountains provide a dramatic background to the waters and forests.
Sailing conditions are generally excellent any time of year. In some areas, however, the coral reefs make for tricky sailing, so consult knowledgeable locals before you head out.
If it's warm breezes and crystal-clear seas you seek, set out for the Grenadines or the Yasawa Islands. If a cosmopolitan atmosphere is more your thing, consider San Diego or the Whitsundays. For fine weather and a chance to explore ancient history, the Cyclades are ideal. The list of breathtaking sailing destinations around the world is nearly endless, but any of these top spots is well worth an extended stay.
Avid sailors vary in their opinions on what makes a great sailing destination. Some prefer natural beauty, some seek smooth seas and gentle winds, and others prefer a challenge. A few choice sailing spots offer something for everyone, though. These five locations bring together some of the best features of any sailing destination worldwide.
The Grenadines
Situated between the Caribbean islands Saint Vincent and Grenada, the lush, tropical rain forests and aquamarine waters of the Grenadines are postcard perfect. Most of these small, remote islands aren't accessible by air, which makes sailing not only a way of life for the locals, but also the ideal way in for travelers.
Spend the afternoon relaxing on the soft, white sands of Princess Margaret Beach, dance the night away in Port Elizabeth on Bequia island or explore the extensive reefs found throughout these islands.
The weather is inviting year round so great sailing awaits you no matter when you schedule your trip. The Grenada Sailing Festival at the end of January and Carnival in August are particularly good times to visit.
Cyclades, Greece
South-east of the Greek mainland, the Cyclades archipelago consists of over 220 islands encircling the sacred island of Delos, the mythic home of Apollo and Artemis.
Sailing past these large and small islands gives you time to take in the view of the rocky hills and traditional white-and-azure Greek architecture. Stop by Mykonos Island to enjoy a day on Paradise Beach or tour the Aegean Maritime Museum. Visit Santorini Island to sample wine made from the famous Assyrtiko grapes while enjoying one of the island's equally famous sunsets.
The Cyclades' climate is mild and dry, with no significant winter, so it's worth a visit any time of year. Sailing the Aegean can be a challenge, though, so plan to spend at least two weeks working your way through the area.
San Diego, California
Although the San Francisco Bay area garners the most attention of all California's sailing destinations, the waters around San Diego also make for enjoyable sailing.
Get a close-up view of the sinuous Coronado Bridge and the Star of India, a windjammer build in 1863 and the world's oldest active sailing ship. Sailing San Diego Bay gives you the opportunity to see both the historic ships of the Maritime Museum and modern U.S. Navy craft, too. For shopping, dining, and entertainment, lively Seaport Village offers plenty of opportunities.
While the seas and winds around San Diego are typically moderate, the Pacific ocean is highly unpredictable. If you decide to go, be prepared for difficult weather.
Whitsundays, Australia
Australia and New Zealand both boast miles of spectacular waters and coastline. Among the best-loved sailing destinations in this part of the world are the 74 islands of Australia's Whitsundays. This archipelago, sheltered in the heart of the Great Barrier Reef, offers magnificent forests and white sand beaches surrounded by turquoise waters.
If it's peace and quiet you're looking for, stop by Whitehaven Beach. For restaurants, shopping opportunities and other modern attractions, Airlie Beach is the place to head.
This tropical area receives a considerable amount of rainfall, but the weather is warm and seas largely calm most of the year. Winter is an exception. Southerly winds are strong from April to September, so certain south-facing anchorages are best avoided during this time.
Yasawa Islands, Fiji
One of the most untouched of all popular sailing destinations, the Yasawa Islands offer not only gentle, warm winds and unforgettable scenery, but also a chance to connect with another culture. Native Fijians are renowned for their friendliness and someone might just invite you along for a night-time lobster hunt or even dinner at their own home.
Wildlife is particularly abundant on and around these islands. Coral, colorful tropical fish, and manta rays inhabit the waters, while over 200 species of birds enliven the forests. The steep, jagged peaks of the island's volcanic mountains provide a dramatic background to the waters and forests.
Sailing conditions are generally excellent any time of year. In some areas, however, the coral reefs make for tricky sailing, so consult knowledgeable locals before you head out.
If it's warm breezes and crystal-clear seas you seek, set out for the Grenadines or the Yasawa Islands. If a cosmopolitan atmosphere is more your thing, consider San Diego or the Whitsundays. For fine weather and a chance to explore ancient history, the Cyclades are ideal. The list of breathtaking sailing destinations around the world is nearly endless, but any of these top spots is well worth an extended stay.
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