Lakewood has special regulations


Every area has its own building regulations. You need to know how these restrictions will affect the design of your Lakewood home. Issues to consider include zoning, setbacks, rights of way and easements. Most subdivisions have CC&Rs (Covenants, Codes and Restrictions). Studies of Lakewood demonstrate that these carefully to make sure they are not too restrictive for your needs or create excessive building costs.

 

Lakewood Fixed or Adjustable?


The fixed rate mortgages offer Lakewood real estate buyers peace of mind with predictable monthly payments. Taxes may go up but the principle and interest will remain fixed throughout the life of the loan. When interest rates were rising rapidly in the late 1970s, lenders came up with ARMs or Adjustable Rate Mortgages. With an ARM, the borrower assumes the risk of rising interest rates. Both have their advantages and disadvantages.

 

Lakewood HOME BUYING MORTGAGE PITFALLS TO AVOID


ALL MORTGAGES ARE NOT ALIKE. There are far too many variables—type of mortgage, term, lender and amount of points to mention a few—not to investigate all of your options in Lakewood. Don’t simply accept the first plan presented to you, whether it is from a mortgage broker, an agent or on the recommendation of a friend. Spend time comparing to get the best plan for you.

HOME INSPECTION – A MUST. If you should ever think about skipping the Lakewood home inspection in order to save money, stop and give yourself a good shaking. In the scheme of things, the Home Inspection fee is small potatoes but it is a very important step for any buyer to take. Going without a Home Inspection or choosing an unqualified inspector puts you at risk for not knowing about potentially expensive or even hazardous defects in the property.

 

Lakewood. How Much Should You Offer?


Or more precisely, what does the seller owe on the property. If a seller owes $400,000 on the Lakewood real estate he or she is not likely to welcome an offer for $350,000. If you want to negotiate price, make sure you don’t waste your time negotiating where there is no room to budge.

Even if the loan is high, if the seller is in default there is a possibility of a short sale as many lenders will reduce the loan balance in order to move the property. Most lenders do not want to foreclose and manage homes and the Lakewood market is no exception.


 

Before You Buy Your Lakewood Home


Whether you are a first time buyer or someone who is moving up to a more expensive home it’s a good idea to start by cleaning up your credit report. Let’s say you apply for a loan to purchase an Lakewood condo, town home, single-family home or any type of Lakewood. The lender will check out your monthly income and outgo to determine if you can afford to repay the loan. Therefore, it is to your advantage to pay off as many high-interest consumer loans as possible. If you are planning on buying a car, a boat or other major purchase, put it off until after you have bought your selected Lakewood real estate. Lenders look for certain patterns they consider red flags. These are: late payments, overextension, liens, garnishments and, of course, bankruptcy. Remember, debts reduce the amount of cash you can spend on the Lakewood you want to buy, so clear the decks as much as possible before applying for a loan

The Benefits of Selling Lakewood


As you know, you are allowed to sell your Lakewood principal residence once every two years and exclude up to $250,000 ($500,000 for a married couple) of the gain of the sale on your Federal income tax. Please note: This is not a once in a lifetime tax savings and you don’t have to be any certain age or buy a more expensive property. If you meet the two-year residence test you can sell your principal residence every two years if you are so inclined and the market cooperates. But this tax saving does not affect rental property unless you convert the rental to your personal residence, live in it for two years and then sell it.