Explore Albany, NY

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Go for 20% down Putting 10 percent down may get you by, as long as you are sure that your income will remain steady or grow and you plan on keeping the home at least five years. Buyers should try to aim to save up 20 percent or more of the price. The risk of putting down too little: If the home ...

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Are you trying to sell your Albany NY home during this bad economy? First look around your home decide what necessary repairs need to be done. Sometimes it's easier to break this down room by room, making a list as you go. Focus on carpets...can it be cleaned or does it need to be stretched or re...

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With inventory piling up and home buyers now faced with multiple home choices in the same neighborhood, the first impression your home makes is more important than ever. It's no longer acceptable to pass off unfinished projects to home buyers in hopes that the buyers will overlook the flaws in fa...

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The cold season can pose a few challenges when trying to sell a home. Cold weather and the hustle and bustle of the holiday season can keep would-be buyers at bay. That's why it's especially important to maintain strong curb appeal throughout the winter months. Curb appeal, of course, is the firs...

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In many parts of the country, selling a home during the winter months can be a challenge. Dreary, cold weather and the end-of-the-year holidays can keep buyers away and heighten fears of your home staying on the market longer than expected. However, there are a few things you can do to enhance "c...

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Did you know that if you are an American buying your first Albany NY home between April 9, 2008 and July 1, 2009, the U.S. government will give you up to $7,500 in the form of a federal tax credit? The tax credit is part of recently-enacted legislation to help the nation recover from the recent ...
A down payment between 10 and 20% on your first home is more important today than ever before. Following the sub-prime mortgage meltdown, lenders are more cautious with mortgage applications and borrowers have (hopefully) learned some lessons about risky home loans. Of course, socking away $20,0...

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Mortgage pre-approval a powerful tool, but it also can make your mortgage a nonevent in the home buying process. Pre-approval vs. Prequalification The first things we need to understand are the differences between a pre-approval and a prequalification. Prequalification (the pre-qual) Prequalifyi...

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Once you know how much money you can borrow and have an estimate of your closing costs, you'll know the price range you can afford. You might already have your "dream home" in mind. Perhaps you want to settle down in a particular neighborhood, or maybe you just need more space for your growing fa...

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Take a look at houseing prices. This advice is old hat, especially now that we’ve learned quite a few property market lessons: get a feel for prices before jumping in. Check out sales comps data and price per square feet. Talk to real estate brokers about where the values are. Timing the market,...

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The City of Albany has numerous resources to assist home buyers in making the dream of owning your own home a reality. The Albany Community Development Agency is responsible for administering and distributing community development funds received annually from the U.S. Department of Housing and U...

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When it comes to securing a quality mortgage loan, it is important to look beyond the interest rate to the true cost of the loan, both now and in the future. Read the paperwork, including the fine print, carefully, especially if the interest rate is below market rates. Upon closer inspection you...

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Some homeowners may plan to move in a year or two, and they may be able to benefit from a variable rate mortgage. Every homebuyer will have a different set of circumstances, and it is important for the lender to consider those factors. Others will plan to remain in their home for decades, and th...

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When in the home buying process, do we have to disclose a parent's gift? Having generous parents is nothing to hide. An estimated one-third of first-time buyers purchase their home with a loan or a money gift from their parents. Lenders will ask for a gift letter stating that no repayment of the...

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Is PMI always required on low-down home loans? A growing number of private lenders are loosening up their requirements for low-down-payment loans. But private mortgage insurance, or PMI, usually is required on loans with less than a 20 percent downpayment. The Homeowners Protection Act states PM...

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What are the benefits of pre-paying the mortgage? By making additional payments that go toward the principal balance, you can save thousands of dollars and shave years off the length of your loan. Principal payments over and above the minimum monthly amount required by the terms of the mortgage ...

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Where do I get information on who regulates lenders? The following regulatory bodies oversee lenders: Comptroller of the Currency, Compliance Division, Washington, D.C., (800) 613-6743. Office of Thrift Supervision, Consumer Affairs, Washington, D.C., (202) 906-6237. Federal Deposit Insurance Co...

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  Where do I get information on IRS publications? The Internal Revenue Service publishes a number of real estate publications. They are listed by number: 521 "Moving Expenses" 523 "Selling Your Home" 527 "Residential Rental Property" 534 "Depreciation" 541 "Tax Information on Partnerships" 551 "...

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How do you clear up bad credit? There is no fast and easy way to repair damaged credit that took months or years to occur. The law allows negative information to appear on an individual's credit record from 7 to 10 years. Now, many states have specific timeframes if you challenge a credit blemis...

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Where do I get information on who regulates lenders? The following regulatory bodies oversee lenders: Comptroller of the Currency, Compliance Division, Washington, D.C., (800) 613-6743. Office of Thrift Supervision, Consumer Affairs, Washington, D.C., (202) 906-6237. Federal Deposit Insurance Co...

Albany, NY Real Estate Professionals