Where do I get information on who regulates lenders? The following regulatory bodies oversee lenders: Comptroller of the Currency, Compliance Division, Washington, D.C., (800) 613-6743. Office of Thrift Supervision, Consumer Affairs, Washington, D.C., (202) 906-6237. Federal Deposit Insurance Corp., Consumer Affairs, Washington, D.C., (800) 934-3342. Your state departments of real estate or commerce also may regulate the lenders in your area. Where do I get information on finding the best loan? For information on how to find the best home loan for you, check out this booklet: "How to Shop for a Mortgage," by the Mortgage Bankers Association of America, 1125 15th St., N.W., Washington, DC 20005; call (202) 861-6500. Where do I get information on lock-ins? For information on lock-in mort... 11/03/2008

What are the risks of "b" and "c" loans? The major risk is the cost of the loan. Desperate home buyers who are not selective when seeking an "A-," "B," "C" or "D" loan may find themselves locked into long-term loans with outrageous fees and interest rates. "Watch out how costly they are," said Jon Riccardi, a mortgage broker with MPR Financial in Albany, Calif. "Some of the quotes are a little difficult to quote." Traditional lenders who offer conforming loans are extremely competitive. They must offer desirable terms or lose their share of the market. Meanwhile, hopeful home buyers who were rejected often turn to mortgage brokers and specialized mortgage lending businesses. Alternative lending sources not only offer a variety of loan products but also are more willing to deal with hig... 11/03/2008

What is a wrap-around loan? "This method of seller financing is risky if the underlying first loan has a "due on sale" clause because the loan might be called due when the first lender becomes aware that the property has transferred title," says Dian Hymer, author of "Buying and Selling a Home, A Complete Guide," Chronicle Books, 1994. A seller usually will want to incorporate a late charge to encourage the buyer to make monthly loan payments on time. "A buyer will probably want to stipulate that prepayment of the loan be without penalty. This should not cause a problem unless the loan payments are a source of retirement income, in which case early prepayment could have negative financial repercussions for the seller... "Most sellers prefer to have a due-on-sale provision included in t... 11/03/2008

Where do I get information about housing discrimination? For information about housing discrimination, call the U.S. Department of Justice at (202) 514-2000, 950 Pennsylvania Ave., NW DC 20530 or your local U.S. Department of Housing and Urban Development office.For detailed information, the booklet, "Your Loan is Denied, Defending Yourself Against Mortgage Lending Discrimination," is available from the Center for Investigative Reporting, 500 Howard Street, Suite 206, San Francisco, CA 94105-3008 or call (415) 543-1200. Where do I get information on consumer credit laws? For information on consumer credit laws, contact the National Foundation for Consumer Credit, 8701 Georgia Ave., Suite 507, Silver Springs, MD 20910; call (301) 589-5600. Where do I get a copy of my credit report? For ... 11/03/2008

What is negative amortization? Negative amortization occurs when the monthly payments on a loan are insufficient to pay the interest accruing on the principal balance. The unpaid interest is added to the remaining principal due. When home prices are appreciating rapidly, egative amortization is less of a possibility than when prices are stable or dropping, particularly for the borrower who made a small cash down payment to begin with. The combination of negative amortization and depreciation in home prices can result in a loan balance that is higher than the market value of the home. Adjustable rate mortgages with payment caps and negative amortization are usually reamortized at some point so that the remaining loan balance can be fully paid off during the term of the loan. This could ... 11/03/2008

The Internal Revenue Service publishes a number of real estate publications. They are listed by number: 521 "Moving Expenses" 523 "Selling Your Home" 527 "Residential Rental Property" 534 "Depreciation" 541 "Tax Information on Partnerships" 551 "Basis of Assets" 555 "Federal Tax Information on Community Property" 561 "Determining the Value of Donated Property" 590 "Individual Retirement Arrangements" 908 "Bankruptcy and Other Debt Cancellation" 936 "Home Mortgage Interest Deduction" Order by calling 1-800-TAX-FORM. How do I reach the IRS? To reach the Internal Revenue Service, call (800) TAX-1040. 11/03/2008

What are the benefits of seller financing? Seller financing offers tax breaks for sellers and alternative financing for buyers who can't qualify for conventional loans. If you are a seller, the risks you face are the same as those facing any lender: Is the borrower a good credit risk? Will the property hold enough value over time to allow for the repayment of all loans made against it? You should run a full credit check on the borrower, require hazard insurance on the property and include a due-on-sale clause. There also are financing, disclosure and repayment-term requirements that need to be met. It is wise to consult a lawyer when putting together this kind of transaction. How are the rates set for seller financing? The interest rate on an owner-carried loan is negotiable. Ask your ... 11/03/2008

What is a lease option? When a renter signs a lease with an option to purchase a property for a specific price within a certain time frame, that is called a lease option. In most lease-option situations, a portion of the rent is applied to a future down payment.Lease options are most popular among buyers who don't have enough funds for a down payment and closing costs. Where do I get information on lease options? Contact your real estate agent (some even specialize in such transactions) or read up on lease options at the public library. If you have a real estate attorney, ask if he or she has any prepared information you can review. Most bookstores have a fairly hefty real estate book section these days. Many current real estate books have at least a section on lease options. If you ar... 11/03/2008

Can I get a HUD home for as little as $100 down? If you are strapped for cash and looking for a bargain, you may be able to buy a foreclosure property acquired by the U.S. Department of Housing and Urban Development for as little as $100 down.With HUD foreclosures, down payments vary depending on whether the property is eligible for FHA insurance. If not, payments range from 5 to 20 percent. But when the property is FHA-insured, the down payment can go much lower. Each offer must be accompanied by an "earnest money" deposit equal to 5 percent of the bid price, not to exceed $2,000 but not less than $500. The U.S. Department of Veterans Affairs also offers foreclosure properties which can be purchased directly from the VA often well below market value and with a down payment amount as l... 11/03/2008

Are there programs for fixer-uppers? If you need home loan to buy a "fixer-upper" and remodel it, look at the U.S. Department of Housing and Urban Development's Section 203(K) loan program. The program is designed to facilitate major structural rehabilitation of houses with one to four units that are more than one year old. Condominiums are not eligible. A 203(K) loan is usually done as a combination loan to purchase a "fixer-upper" property "as is" and rehabilitate it, or to refinance a temporary loan to buy the property and do the rehabilitation. It can also be done as a rehabilitation-only loan. Investors no longer may participate - only owner-occupants. Owner-occupants are required to come up with only 3 to 5 percent. HUD requires that a minimum of $5,000 be spent on improvements. ... 11/03/2008

$239,000 This historic 4 unit home was just listed and is perfect for owner occupancy. The home has over 4,600 square feet of living and and features a huge two story 2,000 S.F. apartment perfect for owner occupancy!  Owner this building and live in an apartment that is larger then many entire homes for only $500/month with your good credit. Many Separate utilities and other units are fully occupied. Ready to move in!  Call me or visit us online to find out how at Albany NY Real Estate for Sale     10/25/2008

I recently had the pleasure of sitting through one of the most tension filled and difficult closings I have had in the last several years. I represented the buyer and the sellers were represented by the listing agent that worked for a major local real estate company. The day before the closing there was a contractual issue that arose that resulted in a riff between the listing agent and her clients. The terms were clearly spelled out in the contract but the sellers claimed the listing agent never explained the contract or misrepresented it. Again the terms were clearly spelled out and signed by the seller so in my opinion the blame falls squarely on the seller. However, the upshot was the listing agent ended up rebating approximately $800 of her commission to the sellers which apparentl... 10/25/2008

If you find yourself saying, "I must sell my Albany NY house now," you have come to the right place. I know how to get your house sold as quickly as possible. If you have a special situation like a landlord that wants to sell now or you are behind on payments and are facing foreclosure, please do not hesitate to contact us, we can help you sell it fast. In spite of what you hear in the media, you can list your property with a professional real estate agent and get it sold fast. A strong agent makes sure you price your property correctly to sell fast, and will market your property aggressively. Listing will get you your the best price, in the shortest time, with the least amount of hassless so you do not have to lose it to Foreclosure. But if your property needs repairs that you cannot d... 10/22/2008

If you're looking for Albany NY New Construction, then you've come to the right place. This site was designed to be a comfortable, hassle free place to check out Albany NY New Construction in the Capital District and surrounding areas. I hope you find everything you need here on the real estate market in the Capital District. I am a REALTOR who listens, meets your needs, negotiates, and handles all the details for you. I respect your time and give you service beyond the sale. My commitment to you as your REALTOR is to make your selling or buying experience as hassle free as possible. I am committed to giving you 110% service. There is never any pressure and there never will be. Thanks for stopping by! View our Albany NY New Construction Listings.   10/22/2008

If you're looking for Albany NY Land for sale, then you've come to the right place. If you have a piece of land to sell, we can help you with that as well. This site was designed to be a comfortable, hassle free place to check out Albany NY Land in the Capital District and surrounding areas. I hope you find everything you need here on the real estate market in the Capital District. I am a REALTOR who listens, meets your needs, negotiates, and handles all the details for you. I respect your time and give you service beyond the sale. My commitment to you as your REALTOR is to make your selling or buying experience as hassle free as possible. I am committed to giving you 110% service. There is never any pressure and there never will be. Thanks for stopping by! View our Albany NY Land for ... 10/22/2008

It seems interest in buying Albany NY foreclosures or HUD homes is growing. I am getting more and more calls about buying HUD homes. Buying a HUD home is easy! A HUD home is a home that was purchased using an FHA loan with a bank or mortgage broker. Since it was an FHA insured loan HUD takes the home back if the purchaser defaults on the loan.  When I first started in the business in the early 90's HUD homes were not widely marketed by many real estate brokers. In fact, I can remember driving to the local HUD office every Friday to obtain a paper list of the homes available when the office opened. Today,finding a HUD home is much easier. I have a link on my site under the buyer section of my site for all HUD homes listed by county. Just click on the "search HUD Foreclosures" on the left... 10/19/2008

Despite the media hype now remains a great time to buy a home. There is still a relatively high inventory and good selection of homes for sale entering the fall market. If you have good credit today's rates just dropped below 6% for a 30 year fixed rate.  If you want to check daily mortgage rates be sure to try Albany Mortgage Rates the site is updated daily with the most recent rates. For a limited time if you apply for a mortgage with Vista Home Funding and mention you heard about them from Albany NY Real Estate they will waive the mortgage application fee!  10/02/2008

Doing business as an Albany landlord and real estate investor is a challenge. I often describe the difficulties to clients of dealing with the City of Albany. The Albany Water department and building departments are two  of the most difficult to deal with. Below is a story of from a local investor trying to inject private capital and sweat equity into a depressed area of Albany. Real Estate has created wealth for many in the Albany market. However, it is not without hard work and pitfalls.  In his own words. "Late last summer I started working on a deal to buy anabandon 9 unit apartment building in a very bad Albanyneighborhood that is getting state and local money tofuel its turn around.  Apparently only multi milliondollar companies qualify for these subsidies, butthat's just a side b... 03/19/2008

We are please to annouce our new listing  2 West van Vetchen St Albany NY= $109,900nice starter home offering 3 Bedrooms, 1 Full bath.  enclosed in front porch perfect for summer nights.  Wall to Wall over hardwood.all bedrooms upstairs with full bath.Nice Walk up Attic. Ready to be finished.Great One way street.Steven A. DearstyneKeller Williams Capital District518-724-5917  03/12/2008

It's a call I am starting to get all too often. A buyer will call on one of my listings that they then find isn't suitable for them for one reason or another after a brief phone conversation. They indicate they are not working with a Realtor and will only work with the listing agent on a property. I think someone somewhere must have written a book telling buyers they will get a better deal calling listing agents directly.  This is logic I don't comprehend. The listing agent has a duty to the seller and offering through the listing agent will create dual agency.Working only with listing agents means the buyer has a considerable amount of time and effort to call dozens of agents rather then building a fiduciary relationship with one buyer's agent. A buyer's agent serves a valuable purpose... 03/07/2008