|
All agents are NOT alike! Find out why we are top real estate experts. Call us: 972-739-5288.
|
Find Out About the Latest Homes for Sale First!
We add our newest homes and other real estate listings to this web site first. It can be some time before they appear in the MLS.
Find Out More >
View All Offers >
|
"stressful time as stress free as possible"
"We want to thank Karen for making this stressful time as stress free as possible. She was always there to let us know that everything would be O.K."
"Martin and Helen Fusaro"
Read Quote >
View All Quotes >
|
 Compare
three mortgages at one time. Download TripleCalc now. It's
free. |
Karen Richards Group
is one of The Top Selling Real Estate Experts™
Find Out More > |
|
|
Bill Bates Cowboy Ranch
Come Play Where the Winners Play! When you’re deciding where to host your next event, look no further, Bill Bates Cowboy Ranch has it all.
Find Out More >
View All Affiliates >
|
|
The Best Mortgage Calculators On the Web! Please try our Java loan and mortgage calculators. They take a minute to load, but they are worth it! Each calculator has dynamic graphs and charts that change - right before your eyes - as you enter different information. Try each calculator with different interest rates, loan amounts, and payment schedules. The mortgage repayment schedule and other reports are fully customizable - just for your home, your interest rate, your loan amount, your taxes, and more. Would you like a print out, for your records and future reference? Each calculator includes a View Report button. Click it, hit print, and you have a report, customized just for you... Are Balloon Mortgages For You?
A balloon mortgage can be an excellent option for many home buyers. A balloon mortgage is usually rather short, with a term of five to seven years, but the payment is based on a term of 30 years. They often have a lower interest rate, and can be easier to qualify for than a traditional 30 year fixed mortgage. There is, however, a risk to consider. At the end of your loan term you will need to pay off your outstanding balance. This usually means you must refinance, sell your home or convert the balloon mortgage to a traditional mortgage at the current interest rates.
Definitions
- Mortgage amount
- Original or expected balance for your mortgage.
- Interest rate
- Annual interest rate for this mortgage.
- Term in years
- The number of years over which you will repay this loan. The most common balloon mortgage terms are 5 years and 7 years. After the mortgage term is complete, you will then need to refinance or pay off the remaining balance.
- Monthly payment
- Monthly principal and interest payment (PI). The monthly payment is calculated using a 30 year term.
- Total payments
- Total of all monthly payments over the term of the balloon mortgage. This total payment amount assumes that there are no prepayments of principal.
- Total interest
- Total of all interest paid over the term of the balloon mortgage. This total interest amount assumes that there are no prepayments of principal.
- Prepayment type
- The frequency of prepayment. The options are: none, monthly, yearly, and one-time payment.
- Prepayment amount
- Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
- Start with payment
- This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation.
- Savings
- Total amount of interest you will save by prepaying your mortgage.
The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Selling Your Home >Open House
If your home has been on the market for a few weeks, your real estate agent may suggest an "open house." Your agent puts up signs, gives you some pointers about how to prepare your home for showing and shows up early on Sunday morning. You may be tempted to stay around, but the best advice is to leave while your home is being shown!
When sellers are present at an open house, they can hamper the sales professional's ability to cultivate interested buyers, and can even squelch a sale. What would your response be, for instance, if someone strolls into your kitchen and says, "What awful wallpaper!" If prospective buyers know that you as the owner are present, they might feel reluctant to express their objections and concerns openly and directly to your agent.
If your objective is to get your home SOLD, the best thing to do is to get out of the way and let the sales professional do the job.
|
 |
| Q |
Fewer than 2 percent of homeowners build this type of home:
|
| A |
Fewer than 2 percent build a custom home; most buy an older home or select from a home builder's menu. |
 See More Real Estate Trivia > |
|
|
NUMBER1EXPERT™
© Best Image Marketing and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed. |
-
NUMBER1EXPERT™ 
