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“Talk of joy: there may be things better than beef stew and baked potatoes and home-made bread -- there may be.”

-Ray Stannard Baker (under penname David Grayson), 1870-1946, Journalist and Author, Adventures in Contentment

Tip Of The Month

If you are considering buying a new house, but are concerned about selling your old one, a bridge loan might be the solution. A bridge loan can cover the gap between the two transactions. A typical bridge loan might be structured like this:

• The bridge loan is used to pay off the existing mortgage. The remaining money (minus six months’ prepaid interest and closing costs) will be used as a down payment on the new house.

• Bridge loans typically have a term of one year.

• When you sell the old home, the bridge loan will be paid off. If it is sold within six months, any unearned interest payments will be credited back to you.

• If the old home is unsold after six months, you will begin making interest-only payments on the loan.

• The mortgage on the new home must be financed by the same lender through whom you have the bridge loan.

 
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Volume 2, Number 9
September, 2005

Welcome to “At Home with HouseHunt,” HouseHunt’s Monthly Consumer Newsletter. Here you will find useful information and tips on choosing a loan, celebrating Labor Day, moving, dealing with Home Owners' Associations, and much more.

The HouseHunt Team- information you need for all your real estate needs

Seasonal Suggestion

Do you want to host a Labor Day party but are stuck on how to make it fun? Instead of your standard backyard barbeque, try hosting a Labor Day Luau! more>>

Make Moving Easy

You may think that you just have to hire some professional movers and throw your stuff in boxes before moving day, but moving is a lot more complicated. A recent Realty Times article offers tips on making moving smooth. more>>

Through the Eyes of a Bank: What Can You Afford?

Almost everyone will need a mortgage at some point in their life. We’ll help you understand exactly what a bank is looking for when they give you such a big loan. more>>

7 Homeowners' Association Secrets You Should Know

Think you won’t have to deal with your homeowners’ association (HOA) as long as you don’t paint your house purple and stick a yellow slide on the roof? Think again. There are many things you may not know about HOAs that may come back to bite you. more>>

A Word from the Wise: Start Saving Earlier!

The phrase, “do as I say, not as I do,” applies well to financial planning. Most seniors would do things differently if they could. more>>

Save Big by Refinancing

You may think that refinancing is a big pain for a small gain, but a recent MotleyFool.com article says otherwise. Refinancing can mean big savings for you and your family. more>>

Find Your Real Estate Agent

Although personal referrals from a friend, neighbor or relative still rank number one with 37% of the vote, an increasing number of homeowners are turning to Internet web sites to find a real estate agent, according to a recent consumer survey conducted by HouseHunt, Inc. more>>
Monthly Survey Question

Would you rehire your last real estate agent?
Yes No

Did your real estate agent stay in contact with you after closing?
Yes No
 

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