January 15, 2001

Welcome to 0nly4Homebuyers Issue 28

As publisher of this newsletter, I would like to take this opportunity
to wish each and every one of you a Happy and Prosperous New
Year! I hope you all find some useful information in the articles that
are presented here. Please feel free to write me with your questions,
comments or suggestions for future issues. Your input is appreciated.
If you would like to read more articles about buying or selling a home,
please visit our website at http://www.creativemortgageco.com/
Cindy Snyder

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Specialty Homes have Special problems
By: Cindy Snyder

Is your dream home a rustic log cabin by the lake? How about
a circular shaped home or an earth home? These types of homes
are called "specialty homes" and as wonderful and unique as they are,
they have special problems to go along with them.

In order to get financing you will need an appraisal. If your dream
home is a one of a kind, it makes it hard to get it appraised. The
homes very uniqueness is the problem. An appraiser pulls what are
called "comps" which are other homes that are similar to yours that
have sold in your general area in the last few months. The appraiser
will compare size, condition, amenities, acreage, etc of these homes
to yours and this is, at least partly, how they come up with a value.
If no other homes are like yours…..it makes it hard to set a value on
the house.

The second problem is that lenders prefer a more "generic-type"
house. Why? A specialty home will appeal to a much smaller
number of people, whereas a regular home will appeal to more
buyers. Should you default on the loan, the lender may have a
harder time reselling the home. Many lenders only offer ARM's
(Adjustable Rate Mortgages) on these types of homes. Some require
a higher down payment and others will require a higher interest rate.

Another thing to consider is the resale. It is estimated that a
"regular" house will appeal to 50% of the people. A specialty
home will appeal to only about 10%. Which means that you
may have a hard time selling it yourself when the time comes
so be prepared to wait for the right buyer to come along.

If you are dead set on that little log cabin nestled in the hills on the
lake, you may not be concerned with these things. However, it is
certainly something to consider if you are thinking about a specialty
home.
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Understanding Interest Rates and Points
By: Cindy Snyder

The interest rate that you are quoted by a lender is the number that is
multiplied by the loan balance to determine the interest payment. The
rate quoted on a mortgage is an annual rate, but it is applied monthly.
This is called the APR (Annual Percentage Rate).

On a Fixed Rate Mortgage, the interest rate is "Fixed" meaning it
does not change over the life of the loan. If you keep the loan for
1 year or 30 years, the rate stays the same. Many people prefer
the Fixed Rate over an adjustable rate because it can not ever change.

On an Adjustable Rate Mortgage, (ARM) it can change each year.
Usually the first year the rate stays the same. After the first year,
it may go up (or down) depending on the current rates. You can
get ARM's that are fixed for 1, 3, 5 and even 10 years before the
rate changes. Usually this is a trade off since the rate starts out
being lower than with a fixed rate, but it can end up higher, just
depending on the changes in the economy. If you don't plan to
be in the house for a long time, this may be the way to go.

Points are related to the interest rate. A lender may offer a fixed
rate at 7.5% with zero points or 7.0% with 2 points. Each "point"
will cost you 1% of the loan amount. For example, with a $100,000
loan, each "point" would cost you $1,000. This is called buying down
the rate. The points are paid at closing along with all your other
fees. Only you can decide if buying down the rate is right for you.
If you are planning to be in the home for a long period of time,
it may be worth it to you. However, if you think you may refinance
at some point in the future, maybe not.

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See you next month!

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