Question and Answers with Condo CanDo

Friday, April 18, 2008

Points…Paying Extra…The Short Sale

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC

There are many things to like about being an active real estate broker on a full-time basis.There are many things to love. Like learning. Learning constantly about the Charlotte market and a business that is as changing as the river. Did you know that Real Estate professionals are required to attend two classes to keep their license in good standing?

I have been taking quite a few because they give me an opportunity to discover options.From these classes, I create our Q/A for this day.
So let’s get started on our Question and Answer session:

Question: For years I have heard it is a wise move to pay one extra payment a year at least and that will save you lots in interest.
Answer: I learned this today from Jim Garrison who is joining The Real Estate Lady.com. Here goes. For years I have paid lots more on principle. No more. I’ll sock that extra money into a savings account because it will earn more for me and help me nurture that path to wealth. We’ll hear more from Jim about this when he comes aboard.
Question: If you have missed several payments and know you can’t bail out and foreclosure is imminent, can you start taking the necessary steps to a Short Sale even before you engage a real estate broker?
Answer: Yes. It’s the rule of being pro-active and starting the process yourself. Taking charge can help reduce the stress and understanding the process is knowledge building.

Question: If you make purchases based on 90 days same as cash or a year same as cash and you pay it off early or on time, is that great for your credit score?
Answer: No. Those terms are through a finance company. Not well regarded by the score keepers.

Question: By paying down the rate with points you might be throwing good money down the drain?
Answer: Not necessarily. Depending how your mortgage is structured, you may save a good bit and build wealth as well. Listen for Jim Garrison’s take.
Question: Is there such a mortgage that would accommodate a major renovation?
Answer: Yes and Jim will tell us how.

Question: Who is Jim Garrison?
Answer: The latest team member on TheRealEstateLady.com and he’s fabulous.

Tomorrow we do the week’s wrap and what a great week it has been.
Have a good one and thanks for joining us.

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC