All Blog Entries by Bill Mann

Some of Coastal Delaware’s wealthiest buyers may be getting a mortgage without putting a single dollar down. And we aren’t talking about single-bedroom fixer-uppers, either! 

It's called 100% financing, and, at first blush, it looks suspiciously like a version of the strategy that sent the economy reeling in 2008.  But lenders feel that well-heeled Rehoboth Beach residents who are getting a mortgage through these programs are totally different.  How so? you may ask. 

For openers, these loans are offered only to the super-qualified: those with serious investment portfolios they can use as collateral. That means getting a mortgage with zero cash for the down payment. That can carry an additional tax benefit, since the borrower won't have to pay a

Many have reported on Robert Shiller’s recent comments on the investment aspect of homeownership. Shiller, a Yale professor and co-founder of the Case-Shiller Home Price Index, is famous for making provocative comments on house prices and the financial benefits of owning a home. In a recent Bloomberg Television interview, Shiller responded to a question about homeownership as an investment this way:

“So, why was it considered an investment? That was a fad. That was an idea that took hold in the early 2000′s. And I don’t expect it to come back. Not with the same force. So people might just decide, ‘Yeah, I’ll diversify my portfolio. I’ll live in a rental.’ That is a very sensible thing for many people to do.”

Today, we would like to debate

Many communities in Coastal Delaware and around the US are seeing their energy costs increase; sometimes dramatically. Whether you are energy conscious or just trying to save money, there are many steps you can take to lower your Lewes home bills while helping the environment at the same time

Below are several energy-saving measures to help you save money either in your current house or future residence. 

• Keeping your home at a comfortable temperature uses more energy than anything else.
• Seal windows and doors to prevent air leaks, and close doors and air vents to rooms that are not often used.
• Changing filters in your heating system monthly can also help it run more efficiently, with the added bonus of increasing the

Paying off the mortgage on your Coastal Delaware home faster not only means that you’ll be able to enjoy the peace of mind that comes with completely owning your property earlier, but you may also save thousands of dollars in interest payments.

Below are seven clever tips to help you get your mortgage payments on the fast track.

Pay as large a down payment as you can reasonably afford. The more you can put down, then the less you’ll have to borrow from the bank.

When you are choosing a mortgage, look at the fine print to find out if any restrictions apply to paying early. Some lenders will charge you for making extra or early payments. 

2012 Migration Patterns by Atlas Van Lines

Sometimes, even after your mortgage application has been approved, you have to scratch your head at apparent non-sequiturs that attach to the process (for instance, when a loan is made contingent upon your repaying an ultra-low-interest credit account).

Even more so if your perfectly dandy financial situation results in a turndown. How could this happen? The answer usually makes perfect sense…but only if you understand that bankers and mortgage brokers are bound by policies and procedures that apply to everyone currently buying homes in Rehoboth Beach. Knowing the rules ahead of time can influence how readily mortgage applications are approved. Some guidelines:

Forget adding "mattress money." 

Your bank account gets a thorough going-over, of

If you lost your Lewes Beach home due to foreclosure, you probably haven't given up on the dream of owning a new home. The good news is that a number of guidelines have changed which may allow  you an opportunity to buy that new home sooner than you think.  

There are a few guidelines that lenders follow to determine when you’ll qualify for financing after foreclosure. Arming yourself with this information may help you qualify again for a mortgage.

Foreclosure With Extenuating Circumstances

Generally, lenders will take into consideration any extenuating circumstances surrounding the foreclosure on your Delaware real estate. 

Was there a death or illness that prevented you from earning money to pay your mortgage? Did you have a job transfer

There was plenty of discussion and debate leading up to the New Year's looming "fiscal cliff". Ultimately, the event was avoided, but not before legislation was passed which may benefit homeowners in Rehoboth Beach and nationwide. 

If you have yet to file your 2012 taxes, take a minute to review the tax limitations and credit extensions, which Congress passed through the HR 8 legislation. You'll want to ensure you're paying the proper tax bill come April 15.

Of course, every individual's tax situation is unique. Review your allowable deductions and credits with your tax preparer.

Energy Updates
The tax credit for homeowners to receive a ten percent deduction, up to $500, for energy efficient improvements to homes is extended for 2013.

Estate

The Sussex County Association of REALTORS® (SCAOR) released numbers recently that prove what public perception has held to be true for several months now – real estate is on the rise, in southern Delaware and across the country.

Year end totals for 2012 show a 14 percent increase in sales over the previous year, with more than 4,000 real estate transactions taking place in Sussex County during the calendar year. That equates to nearly 11 sales every single day of 2012.

Additionally, the average single-family home in Sussex County sold for $327,122 last year, up 9 percent over 2011.

“We’ve known for some time that our real estate markets in southern Delaware were on the rebound, but it’s nice to see that confirmed in actual data,” says Bob McVey,

The other day Marc Davison, a good friend and founder of the marketing, design & strategy firm 1000watt, forwarded us a booklet released by Ford entitled 13 TRENDS FOR 2013. It is a must read for all businesses as it clearly states the thirteen consumer trends that will help business dominate 2013. However, we had one objection to something mentioned in the report.

In Chapter 12, they make the statement:

“The home-ownership dream is dissolving.”

Ford substantiates this claim by saying that

“Just 12% of whites between age 18 and 34 told Pew that owning a home was ‘one of the most important things’ in their life.”

We were so shocked by this assertion that we decided to research the claim. The citation at the back of the Ford