Home Purchase | A. Margulis

By: A Margulis  09-12-2011

Prime properties can have many—or, if you’re very fortunate, all—of the below features:

Comes with a view – Owning a home with a scenic landscape is something that appeals to almost everybody.

Located in a highly rated school district – If you already have children or plan to start a family, this will be a major consideration.

Close to shopping, entertainment, or nature – This is more dependent on your preferences, but proximity to high-activity areas will also increase the value of the home if and when you choose to sell it.

Close to public services and work – Easy access to community services, such as public transportation and emergency stations (police, fire, hospital) is important, as well as proximity to work…nobody enjoys a long commute.

Community pride – Neighborhoods that have withstood hard economic times and which display the residents’ pride in being there are not only more pleasant places to live, but also have more value than neighborhoods where upkeep is not a priority to the homeowners.

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Refinance | A. Margulis

The current “refi boom” is indicative of the uncertain status of the United States right now—the last time lenders saw this many people seeking to refinance was in the middle of 2003, when unemployment was high, the country was embroiled in two wars, and a couple of high-profile corporations, such as Enron, were ruined by their own malfeasance.


Finance | A. Margulis

Payment history – 35% This element of the credit score is given the most weight, since your payment history expresses how responsible you have been about paying bills on time. Outstanding debt – 30% The greater your current debt—including credit cards at their limits or other monthly bills for large items—the lower your credit score will be.


Loan Process | A. Margulis

Underwriters will render one of four decisions, based on the borrower’s request, history, and purported value of the home: they will either approve the loan, approve the loan with conditions, suspend judgment, or deny the loan. They will look at both the total amount owed and the current monthly payments being made.- Monthly income, including all regular salaries, commissions, and self-employment income.


Home Owner Tips | A. Margulis

One of the most important pieces of mortgage paperwork you signed at the outset of your loan was the “deed of trust,” which certified that you had a mortgage on your particular property and were paying it off to your lender. Other lenders, however, will simply return the promissory note you signed, indicating that the note has been paid and canceled, and it will then be your responsibility to secure the deed of trust release.