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What is a Reverse Mortgage?

This is a special type of mortgage specifically for homeowners 62 and older designed to aid retirees with limited income to turn their home’s equity into cash to spend however they see fit (typically to help cover living expenses). Unlike traditional mortgages, reverse mortgages do not require the borrower to make monthly payments. Instead, the loan is repaidContinue reading “What is a Reverse Mortgage?”

What’s the Difference Between Prequalified and Preapproved?

When you get prequalified, you get an estimate of an amount you may be able to borrow based on the information you provide regarding your finances. Prequalification also allows you to discuss your goals and needs with your lender to find the right mortgage option. Once you’ve been prequalified, you will usually get a letterContinue reading “What’s the Difference Between Prequalified and Preapproved?”

What is Seller or Owner Financing?

Seller financing is when the Seller of a property agrees to act as the bank and directly finances a purchase for the Buyer, most common in land purchases. Usually, the down payment is at least 20% The interest rate and the amount of payment are all negotiable The remainder can be spread over 5, 10,Continue reading “What is Seller or Owner Financing?”

What’s Next?

I think that we would all agree that this market has been like none other that wehave seen (but then international pandemics don’t come around often, thankgoodness). What started in 2020 looking like a potential real estate blight, became a buyingand selling frenzy instead. Fueled by low-interest rates and lowinventory, prices soared and properties flewContinue reading “What’s Next?”

Typical Buyer & Seller Closing Costs

When you make an offer on a property, a grid in the sales contract lists all sorts of costs and designates who pays what. If the Buyer is getting a mortgage, there are specific lender fees. The Buyer usually pays: costs associated with their loan-origination fees processing and preparation fees credit report fees for long-termContinue reading “Typical Buyer & Seller Closing Costs”

Should You Invest in Short-Term Rentals on the Kenai Peninsula in 2022?

According to AirDNA, a company that provides data and analytics for the short-term rental industry, the Kenai Peninsula is one of the best places in the United States to invest in vacation rentals in 2022. It ranked number 2 on their list, which comes as no surprise to those of us who have lived inContinue reading “Should You Invest in Short-Term Rentals on the Kenai Peninsula in 2022?”