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Posts tagged "real estate"

Home mortgage rates falling

People in Delaware who are in the market for a new home may be happy to learn that mortgage rates have been going down nationwide. After average long-term mortgage rates rose for three weeks in a row, they went down at the end of May. On May 21, Freddie Mac reported that the average rate for a 30-year mortgage was 3.84 percent, and the average rate for a 15-year mortgage was 3.05 percent.

Avoiding last-minute mortgage problems in Delaware

There are several things that can happen that may lead to problems with a mortgage at the last minute when a person is trying to purchase real estate. It is important that people who are interested in engaging in a real estate transaction understand the issues that are often at play.

Obtaining a more favorable mortgage

Delaware residents might be interested in learning more about different strategies homeowners have successfully employed to obtain a more favorable deal on their mortgage. Acquiring a mortgage to purchase or refinance a home is typically the biggest financial decision many people will make. The abundance of options associated with selecting lenders and pricing options can be overwhelming for many consumers. Following up on referrals from friends and family members may be one of the most valuable resources for finding a great deal.

Property sellers' required disclosures to buyers

Anyone in Delaware who is planning on selling a piece of real estate could be interested in what disclosures they would be required to make by law. The general rule is that a seller is obligated to disclose to a buyer any possible problems that could have a bearing on the property's value.

Understanding mortgage liens and title theory

Delaware homeowners may be confused about how mortgage loans, liens and property titles work. For example, many people view mortgages as loans made to facilitate the purchase of real estate. However, a mortgage is not technically a loan. Rather, it is an interest in the property, which the lender holds as protection against financial loss should the borrower fail to meet his or her obligation to pay the debt.

Determining the time to refinance a mortgage

As mortgage rates remain low, Delaware homeowners may be considering refinancing. There are several factors that weigh into the decision to refinance including timing, whether the mortgage has been refinanced in the past and the homeowner's financial status. Experts agree that it is not a good idea to refinance a mortgage more than once. This is because each time the mortgage is refinanced, closing costs are added that can erode the potential savings from reduced interest rates.

Eminent domain in Delaware explained

Private property ownership is one of the bedrocks of American society. However, the government reserves the right to obtain privately owned real estate to further its ends. This is known as "eminent domain," and it is a somewhat controversial, but long-standing law, both on the federal and state level.