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Current Mortgage Rates

These days, within the real estate market, mortgage rates are at around a 3% rate. The percentage of mortgage rate depends on a few key factors that firstly include the lending company that is providing the lending. In terms of Optimum First Mortgage, as stated on Zillow, the mortgage rate they are offering is at 3.277%, which falls at just about average or a little below average for what the usual mortgage rate is today. In terms of the Optimum First Mortgage percentage point, it is based on a 30 year fixed rate. The lending is based on a $240,000 lending amount, which means that per month, this percentage rate will yield a cost of $1,044 per month. It is also based on down payment of $60,000 and no pre-payment penalty. Conversely, a 15 year fixed rate can have a lower percentage rate with another lending company. For example, Aurora Financial, which is a direct lender, has a 2.750% rate that yields to $1,629 a month. READ MORE

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For Sale by Owner Advice

For Sale by Owner or FSBO is commonly referred to when a home is sold by the owner without the usage of a real estate agent or broker. The home owner represents themselves and may consult with real estate professionals along with a lawyer, but do not pay a commission for the sale of their home. If you are interested in selling your home and you are the home owner, there are several tips and tricks that will make the process easier. In order to successfully sell your home under a FSBO, it is important to ask advice from friends and family. Have others take a look at the state of your home and ask them what they think could be improved. This will give you amazing insight into how potential buyers will view your home once on the market. The next tip is to not be afraid to spend money on upgrading your home. The reality is that many potential buyers that are looking to purchase a home is interested in an updated home that they do not have to spend a lot of money in upfront. That means that everything in your home should be updated to the specifications of the other homes in the area and even more so, if you want to make a quicker and more profitable sale. Don’t fret about spending money on upgrading anything that seems it doesn’t work properly or efficiently and if you have extra money to spend on painting, carpeting and other vitals within your home, do it, because everything upgraded will add up to a better sale. The technique of home staging is also a great way to engage in a successful FSBO. Place modern furniture and lighting concepts in order to showcase your home to the best of its ability. When you are showing your home to potential buyers, don’t have anyone else in the home, and leave your pets out of the equation all together. Potential buyers want to visualize how your home will be when they live there, and anything that does not make them feel like it could be their home will sway them from purchasing it altogether. READ MORE

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House Styles in the Portland Area

It is very important as a property owner or manager to get an idea of housing styles in your area. The reason for this is because of the fact that in order to sufficiently price the property accordingly or price the rental amount, you must utilize the other housing styles to get an idea of how much you can fairly charge tenants. The housing styles in the area can vary from different styles and this can change the price dramatically. If the housing styles in the area are priced above market value, then you can fairly price your specific property or properties above market value as well, and can gainfully get the price that you request. The housing styles in the area also make a difference to individuals who are looking at the property that you have for rent or that you are selling. People that are interested in a home are not only interested in the home that they will be living in, but they are also interested in the area around them as a whole. As the saying goes, people don’t just buy the house, they buy the whole neighborhood. It is important to have an idea of the area that the home you are offering is in. You must know the housing styles in order to convey to potential buyers or potential renters the type of area that they will be living in. People will get a greater sense of the area if you give them the insight into the housing styles that surround them. And, this will help you to easier sell the property or rent the property. And, you also want to ensure that the housing styles coordinate with the specific buyer is looking for. The housing styles can range from vintage to modern and if a potential buyer is interested in a certain type of home, it is best to point them in the right direction. The housing style will also be helpful in giving information to the potential buyers or renters about the type of furniture that they will need to get making the purchase a much more comprehensive and exciting one for the buyer or renter. READ MORE

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Maine Home Buyer Tax Credits

These days, there are amazing tax credits for a lot concerning the real estate industry. Namely, the first-time home buyer tax credit as an exceptional tax credit for first-time home buyers. The first-time home buyer tax credit for 2012 includes getting 20% of the interest that you pay back every year for the next 30 years. The 2012 home buyer tax credit is actually better than the home buyer tax credit that has been offered in previous years. And, it is important to have the knowledge of any tax credits because this will weigh in on how much buyers are willing to spend on a home taking the tax credit into consideration. There are many benefits for the tax credits offered and they include reducing the liability of federal income tax for the homebuyer, giving the homebuyer more money to use on the purchase of a home. The other benefits include giving a Maine homebuyer access to more money each month, thus lessening debt and other issues that may arise from a larger purchase, and the tax credit can be utilized with any type of mortgage that also includes adjustable rate mortgages. But, this tax credit cannot be used with tax-exempt bond programs. The tax credit can be claimed for as long as the buyer lives in their home, given that they pay interest on the mortgage loan and that they purchased it as their primary residence. There are certain qualifications and specifications that must be met in order for homebuyers to receive this great tax credit. Certain regulations include buying a home within a certain specified area of Maine, be an eligible borrower as showcased by the MCC program fact sheet, not be using the home as a business or a place for trade, the buyer must purchase the home as their primary residence, the price of the home purchase must not exceed certain limits, as well as many more. All in all, this specific tax credit will save a first-time homebuyer a wealth of money over the years and is very beneficial for all parties involved. READ MORE