Green Real Estate Appraiser

Defining home equity

Posted on September 30, 2016 | Leave a comment

Home equity is an important source of wealth for homeowners. According to a study by the Federal Home Loan Mortgage Corporation (Freddie Mac), access to home equity contributes to the purchasing power of homeowners. The study also suggests that home equity has a larger impact on consumer spending than wealth derived from stock equity.

Market Value

Home equity derives in part from the market value of your home. The basic market value of your home is based on the price a buyer is willing to pay and the price a seller is willing accept. Market value is influenced by prevailing economic conditions, the supply and demand for housing and the cost of mortgage loan funds. To account for the effects of all these factors on market value, compare your home to the sale price of similar homes in your neighborhood. Contact the appraisers at www.scappraisals.com for your home value questions.

Outstanding Debt

The market value of your home is compared against the outstanding debt on your mortgage. The outstanding debt on your home is based on the principal of your loan. The principal is the amount you borrowed to finance the purchase of your home. Your monthly mortgage payments pay down the principal and pay your lender interest.

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Try a backyard Mini-Orchard

Posted on September 29, 2016 | Leave a comment

orchard

Choosing the right dwarf rootstock will result in miniature orchards, although you’ll still need to prune to keep trees down to size, Parker said.

“There are different dwarfing rootstocks, starting with 8-foot trees and going to 15 feet,” he said. “But you can’t just plant them and let them go. A dwarf tree doesn’t know it’s supposed to stop growing at 8 feet. Dwarf trees are smaller than the standard size, but they still need to be trained and pruned.”

Safety is yet another advantage when managing smaller trees. It’s easier to scout them for damage and they require less ladder work — especially when applying chemicals.

“Most homeowners don’t have the necessary equipment for spraying over their heads,” said Michael Bush, an extension entomologist with Washington State University’s Yakima County office. “Toxic spray residues can drip down and run all over the applicators. A lot of pesticide labels warn against spraying more than 10 feet (high). They suggest that you hire a professional.”

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15 Questions you can expect from your mortgage lender

Posted on September 28, 2016 | Leave a comment

EMPLOYMENT AND INCOME

1. Where do you work?

2. How much do you make? (You’ll be expected to document income with copies of income tax statements, as well as giving the lender permission to request your tax return transcript by signing Form 2506-T. If you collect a paycheck, you’ll provide copies of pay stubs and W-2s.)

3. How long have you been at your job?

4. How is your income derived — steady salary or irregular income? (If your income varies, you may need to provide details.)

WHAT WORKS IN YOUR FAVOR:

You can prove steady employment (two or more years) with the same employer or in the same line of work.

WHAT COMPLICATES AN APPLICATION*

You are self-employed or a contract worker.

disclaimer: for information and entertainment purposes only

Defining home equity

Market Value

Outstanding Debt

Try a backyard Mini-Orchard

15 Questions you can expect from your mortgage lender

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