Ask Moishe Alexander adout reverse mortgage

What’s a reverse mortgage?

A loan against your home that requires no repayment for as long as you live there.

How’s it different?

• To qualify for most loans, the lender checks your income to see how much you can afford to pay back each month. But with a reverse mortgage, you don’t have to make monthly repayments. So your income generally has nothing to do with getting the loan or the amount of the loan.

• With most home loans, if you fail to make your monthly repayments, you could lose your home. But with a reverse mortgage, you don’t have any monthly repayments to make. So you can’t lose your home by failing to make them.
• More info here
  

Information and tools for beginners.

Canadian Funding Corporation wants you to be informed

Q&A for first-time home buyers:

What can I afford to buy?

Each buyer is unique – and we’ll help you find out just what you can afford. Your income and your debts will typically play the biggest roles in determining your price range. It’s simple to make an estimate, just run the numbers for yourself using our Affordability Calculator.

Do I have enough money to buy my first home?

We offer a range of mortgage programs, and we’ll help you determine which can work for you – some of our loans require little money down. You’ll also need to consider closing costs and the escrow account for taxes and insurance. But don’t get overwhelmed: it’s a snap to figure out how much money you’ll need, using our handy Affordability Calculator.

What about my less-than-perfect credit report?
Our special solutions program can help:

• We offer loan options ideal for those who have a few “dings” on their credit report.
• We try to work with every customer to develop an individual mortgage program – we call it your personalized rate, because no two are alike.
• So we try to develop a custom program based on your credit worthiness.

What’s the best loan program for me?
That depends on a number of factors, including:

• How long you’ll stay in the home;
• How much money you’ll put down;
• How you’ll finance the closing costs.

For information on the loan programs and rates available, visit Loan Programs on the Coldwell Banker Mortgage website.

What are the tax benefits to owning a home?

You may be able to deduct the interest you pay on the mortgage loan and some of the financing costs of the home, such as points. And your property taxes could be deductible. You should consult your tax advisor for more information. or veiw here.

Real Estate in Bulgaria – A good time to buy ?

posted by Moishe Alexander

At the end of 2008 prices for Bulgarian property were up 11.7% from a year earlier and whilst this would be good growth in any other market, for Bulgaria it was a rapid slowdown. Prices rose 27% in 2007, 16% in 2006 and 37% in 2005 as Europeans and Russians rushed in to buy, prior to the accession of Bulgaria into the EU. The main areas attracting foreigners were on the Black Sea coast and in Bulgaria’s ski resorts, with the resorts of Bansko, Pamporovo and Borovets attracting a lot of overseas buyers. But as with most other countries, demand for property in Bulgaria is slowing. At the end of 2008, building permits were down 15% compared to a year earlier and in January of this year around 5% of Bulgaria’s real estate agencies shut down.

In 2007 Bulgaria was the fourth most popular destination for British overseas buyers and the number one destination for Russians, because of the countries strong economy it was also the destination of choice for a number of multinational companies who’s employees also helped push up prices. Things are different now and there is a definite cooling down of the economy and Bulgarian property prices are predicted to drop around 10% this year, mainly due to low demand.

But interest in real estate in Bulgaria is likely to continue and this year may well be a good time to buy as the market looks to remain relatively stable. Tourism in the country is also likely to help prevent the market from stagnating too much. A recent survey carried out by British up market store, Marks and Spencer’s’ Financial Services division recently listed Bulgaria as the cheapest place to take a winter ski holiday. With a three course meal costing around $9.00 per person as opposed to $40.00 in Italy and $56.00 in France and a bottle of beer costing only $1.20. The country is also seeing expansion of Budget Airline routes, so will be accessible to more people, another factor that continues to help property appreciation in Europe.

for more info:

http://www.expatdailynews.com/2009/04/real-estate-in-bulgaria-good-time-to.html

Mortgage rates are rising

Mortgage rates are rising because they’re tied to the 10- year yield. Although fixed-rate mortgages remain below their levels from a year ago, they have been advancing recently along with Treasury yields, adding to worries about sluggish home sales and faltering home prices.

The average U.S. 30-year fixed-rate mortgage was at 6.12 percent Thursday, up from 5.98 percent a week ago, according to sources The average 15-year fixed mortgage was at 5.82 percent, up from 5.69 percent last week.

It’s too soon to say if the trend will continue said Moish Alexander, but investors who had high hopes for a Fed rate cut this year are now pricing in their reduced expectations. Economic data has been too strong to warrant lower rates anytime soon; despite the tepid housing market, the job market has remained stable, wages keep ticking up and manufacturing activity is clawing its way back from stagnancy