Why Do You Need an Attorney When Buying or Selling a House?

Buying a houseBuying a house will probably be the most significant and the largest financial purchase you will make in your life. Of course, the house buying or selling process is one of the most complex and stressful things that requires much time, knowledge and a lot of effort, but not only. Also, this process involves the law of real estate, because each state has its own requirements and certainly there are different cases and problems demanding special issues of practice in this field of law. A real estate lawyer is specially trained and has enough experience to deal with these problems.  That is why you should start with a consultation with an experienced real estate attorney, who can help you avoid making any mistakes in buying or selling a house.

Home Buying Statistics

The 2013 National Association of Realtors (NAR) has conducted a Home Buyer Survey and it claims that 16% of purchased homes were new houses. The average price for a house was $210,000. The average price for a new house constituted $259,000, and for a previously owned – $196,000.

According to NAR in 2012 the average household income of buyers was $83,300.

Financial Crimes Enforcement Network (FinCEN) states that 69,000 suspicious activity reports to mortgage loan fraud were received in 2012. Here you will find more information about home buying/selling statistics.

Who are All of the Parties Who Could be Involved in Your Real Estate Closing?

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Real Estate Mortgage Industry. Types Of Real Estate Mortgages

Buying a home is one of the biggest purchases a person or a family makes and it is also a difficult process. Not everyone has enough money on their accounts to buy a house, and this is when real estate mortgages come into play.

mortgageA mortgage is a loan made in exchange to the title of the borrower’s property. If not paid on time, the lender has the right to foreclose on the property and sell it to cover the loan. Mortgage lending is the primary source to finance private ownership of residential property. There are different types of mortgages, so let’s try to define each type of them.

fixedA fixed rate mortgage is one that includes an interest rate that remains the same for the entire life of the loan. Fixed rate mortgages are the most popular and their biggest advantage is that the homeowner is able to budget their expenses. The opposite of this is an adjustable rate mortgage that includes fluctuating interest rate that varies over the life of the loan and it is adjusted according to a set formula.

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