Indianapolis Mortgage Terms – A Few Basic Mortgage Words You Should Understand

Indianapolis Mortgage Terms – A Few Basic Mortgage Words You Should Understand

An Indianapolis mortgage is a form of a loan intended for buying a house. Like any other loan, a mortgage loan charges interest. It differs from other loans in many ways that have to do with the interest rates charged and the time taken to repay the loan.

Common terms referring to mortgage loans include:

Interest and Principle

A large amount of the repayment consists of interest charges while the remaining amount covers the repayment of the principle. The interest rate is the charge that the bank makes you pay to lend you the money. The principle is the amount you actually owe on the home, minus the down payment. This interest rate will vary from one Indianapolis bank to the next.

Equity Acquired

This is determined by the down payment you make when acquiring a mortgage. If the total value of your property is $500,000 and your mortgage covers $400,000, the equity you own on that property is $100,000. This represents the down payment you made. As the years go by, your equity will increase since the amount of money that goes directly to the house payment, not the interest, adds to your total equity.

Mortgage Loan Repayment Period

The mortgage loan repayment period, also known as amortization, is the length of time you take to pay back your mortgage. This period is usually between 25-30 years.

Mortgage Term

The total time that your Indianapolis mortgage agreement is in action is referred to as the mortgage term. The normal mortgage term is usually five years. At the expiry of each term, you can negotiate new terms of the mortgage in terms of interest rates and repayments if you so wish.

Open and Closed Mortgage

With an open mortgage, it is possible to pay back a bit of your loan or the whole amount at any time. With a closed type of mortgage, the interest rates charged are lower but the prepayment options are fixed to a certain amount.

Method of Payment

The payment of a mortgage is done monthly or bi-weekly and is usually sent to the lender with pre-authorized payments directly from a bank account.

These are some of the common terms you will come across when dealing with an Indianapolis mortgage loan.
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Mortgage Pre-Approval In Indianapolis - What You Should Know

Mortgage Pre-Approval In Indianapolis - What You Should Know

Purchasing a home is an expensive affair and most people rely on a mortgage to help them buy a home. Before you even start your search for a home, it is important to seek mortgage pre-approval in Indianapolis. This simply means that the bank carries out an audit of your financial status and pre-approves a mortgage, giving you the payment terms and the amount approved.

Mortgage pre-approval is a very important part of real estate deals. It helps you plan for your Indianapolis home purchase knowing ahead of time that you will get financing from a bank.

There are certain things that a bank looks for during the pre-approval stage. These factors help the bank make an informed decision on the amount of money they will lend you.

The Process of Mortgage Pre-Approval

You are required to meet with the loans officer at your Indianapolis bank or financial institution to make a mortgage application. The bank acquires special permission to carry out a thorough credit check on you after you make an application so be prepared to sign some forms and bring in verifiable proof as required.

Here are some of the things the bank seeks to establish:

• Your employer’s name, length of employment and your current monthly salary
• Total household earnings per year
• Annual investment earnings and its interest rates
• Annual income received from other sources like tips and commissions
• Income earned during the last two years for businessmen
• A record of total property owned, for example, jewelry, cars, furniture, bank accounts, registered retirement savings plan and other investments
• Any child support received or paid out for the last two years
• A list of all liabilities

With this information, the bank is able to establish your financial position and pre-approve your mortgage. After this, you can easily look for a Indianapolis house to purchase in full confidence that you have an approved mortgage in place.
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How to Find the Right Downtown Indianapolis Condo

How to Find the Right Downtown Indianapolis Condo

Downtown Indianapolis condo is a form of a house that resembles an apartment but is owned by the individual. The access to the common facilities falls under the legal rights associated with individual ownership. This type of housing is controlled by the Home Owners Association, representing joint ownership.

It’s necessary to learn everything you can before purchasing a condo about the Home Owners Association. Before any purchase, buyers should ask about the terms. Each association has its own rules and regulations in terms of noise, pets and so one. Be sure that you can comply with the set rules.

Also, it is important to know the amount you need to pay for maintenance and other fees. The Association should furnish you with financial statements for you to review before you make a final commitment.

Important Things to Consider

• During the inspection period, buyers are supposed to have all the financial documents of the Home Owners Association. Make sure that you get access to these documents. If you need any help, ask your real estate agent.
• Ensure that you get all the documents in good time. Financial documents often arrive incomplete a day to two before closing, giving you little time to study them and make a good decision.
Two thirds of the association’s budget should be operating expenses like water, power, maintaining the elevator and landscaping. If the expenses exceed this, it is important to find out why this is the case.
• Note the monthly dues you are charged for the Downtown Indianapolis condo. Consider all of the long-term replacements and repairs and then add up the total costs. The monthly dues charged should be a reflection of the amount needed to take care of these expenses.
When you find the right Downtown Indianapolis condo from the right Indianapolis Home Owners Association, you have found yourself a good deal.
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How to Create a Spacious Geist Townhome

How to Create a Spacious Geist Townhome

Geist townhomes are great properties but they can be a bit limiting in terms of space. Rooms are usually smaller than those of a typical home. You’ll have to be creative to fit in everything that you need without your house feeling squeezed.

The good news about creating a spacious townhome is that it provides a good environment and comfort for a family. There are simple tricks that you can use to make your Geist townhome appear spacious.

Tips to Make your Townhome Spacious

When choosing furniture for your home you have to consider the size, shape and color. Keep all your furniture small in size and light in color. This will ensure easy movement around the home.

Artistic pieces are instrumental in creating beauty. Use of large hanging mirrors in your Geist townhome visually doubles the space. Display artwork and pictures that occupy less space to make your home look classier and bigger.

The use of bright colors increases the amount of light in the house by reflection. Neutral colors work best in small spaces such as townhouses and it is best to stay away from darker tones. Use different shades of the same color to generate interest and avoid contrasting colors. You can create contrast using accent pillows and small accessories.

The fewer items you have, the more space you create. Larger items should be arranged first and then the rest follows. This will ensure the creation of more space for other items. Remember to get rid of old and unnecessary items.

By following the above guidelines you are guaranteed to create a beautiful and spacious townhome. This will give you a good environment and easy movement making your Geist townhome comfortable for you and your family.
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Are You Afraid Of Buying Your First Carmel Home?

Are You Afraid Of Buying Your First Carmel Home?

Let's face it. Buying your first
Carmel home can be a bit unnerving, to say the least. This is a commitment that needs to be made for the long-term and a lot of thought needs to go into it. Not to mention money!

Here are a few things that you can do to settle yourself down and come to terms with buying your first Carmel home.

1. Don't panic

Don't let your emotions get in the way of a logical decision. Breathe and relax. Think of the benefits of owning your own home and release the panic. Most of your thoughts may be focused on the “what ifs", such as "What if I lose my job and can't afford the mortgage?” or “What if I get injured and can no longer work?" You'll have to deal with these "what ifs" during many stages of your life and if you fall prey to them now they can stop you from accomplishing a great many things. After all, isn't life itself a big "What if?"

2. Learn everything you can

Fear of the unknown is a heavy burden to bear. Most of the problem that you are dealing with stems from the fact that you have unanswered questions or certain things that you may not fully understand about the real estate process.

Sit down with your real estate agent before buying your first Carmel home and find out everything you can about it. The more you learn the better able you'll be to make a well-informed decision about a house purchase.

3. Talk it out

The best way to get rid of your fear is to talk it out with your Carmel Real Estate agent. He has dealt with this fear with many other clients and understands exactly what you are going through. Be up front and ready to discuss them in order to get them under control.

If you're afraid of stepping forward and buying your first Carmel home, understand that almost anyone making this decision is in the same boat. The difference is always how you choose to handle it.
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How to Choose the Right Geist Neighborhood

How to Choose the Right Geist Neighborhood

When you’re buying a new home, there are more things to consider than just the size and condition of the house you’re thinking of buying. It’s also extremely important to consider the
Geist neighborhood before committing to buying a house.

We’ve all heard it before – “if it sounds too good to be true, it probably is”. If you find a home that doesn’t’ require any repairs, and it’s selling for a low price, then there might be a problem with the Geist neighborhood.

Before buying a home, you should learn a few things about the neighborhood. Everything from the crime rate, to the school system can be found with a minimal amount of research. In fact, just by searching Google for the name of Geist, and phrases like “crime rate” will yield a lot of important information, and you won’t even have to leave the house to get that information.

It’s also a great idea to hop in the car and take a ride around the neighborhood. Just by looking around at what people are doing, and how they are interacting with one another, you can learn a lot about a neighborhood. For example, if you see two people walking their dogs who stop to chat for a minute, then that may be an indication that the overall social climate in that neighborhood is a friendly one.

Remember, buying a home is a big decision. You’re going to be living there for years, and finding out that your new home is in a bad Geist neighborhood after moving in could be a real let down. By spending a little extra time doing some research before committing to purchasing the house, you can be sure that you’re moving into a good Geist neighborhood.
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Get A Mortgage In Indianapolis With No Down Payment

Get A Mortgage In Indianapolis With No Down Payment

Times are tough. The economy isn’t doing well, and as a result, many people looking to buy a home don’t have a lot of money for a huge down payment. Fortunately, there’s hope. Many banks are now offering
Indianapolis mortgages with no down payment, or a very low down payment.

Not everyone is going to be eligible for these programs though. If you’ve got good credit, but no savings, chances are you won’t have a lot of trouble finding a Indianapolis mortgage that suits your needs. If, on the other hand, your credit isn’t great, you’re going to have a little more difficulty in finding a mortgage with either no down payment, or a low down payment.

If your credit is OK, just go to the bank, and ask about mortgage options with low down payments. They’ll be happy to give you plenty of information on the various types of mortgages they offer.

Be aware that by skipping the down payment, you’re going to be paying the house off longer, and as such, paying more interest over time.

If your credit isn’t great, there’s still hope. Talk to your Indianapolis real estate agent, and find out if there are any special programs available in your area that you might qualify for. For example, there are a number of programs for veterans that offer mortgages with no down payment.

Don’t underestimate your real estate agent’s usefulness here. They want you to buy a home, and they’ll give you every bit of advice they can to make that happen. If there’s a program in the Indianapolis area that you’re eligible for, they probably know about it.

It’s not easy to find a no down payment Indianapolis mortgage, but with a little effort, you may find one if you need it.
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Fast And Safe Sale Of Carmel Real Estate Property

Fast And Safe Sale Of Carmel Real Estate Property

Carmel real estate market has changed a lot over the last few years. This has made it more challenging to sell homes quickly leaving homeowners frustrated.
Selling a house is made harder by the fact that it is not a liquid investment like stocks.

Below are some situations that demand a fast sale of property.

• Difficulty Selling a Property
This situation occurs when there is stiff competition in the market and a variation of prices, giving the buyers many options.

• Arrears
You may be having trouble meeting your monthly repayment obligations and need to sell your Carmel home quickly.

• A Declaration of Bankruptcy
If you are declared bankrupt, you may want to sell your property to resolve some of the financial issues you are facing.

• Home Inheritance
A deceased relative may leave you their home as an inheritance. This may prompt you to want to sell/dispose of it if you do not need another house.

• Being Transferred
A job transfer to a different town could lead you to sell your current property and buy another one elsewhere.

• Filing for a Divorce

A divorce case may require you to split your assets with your spouse. This could include selling your Carmel property for a more accurate division between the two of you.

• An Unoccupied Home

An idle home yields no value to you and you may want to sell it off for the financial benefits.

No matter what situation you are in, a qualified Carmel real estate agent can help you sell off your Carmel real estate property safely and profitably.
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Quick Facts About A Indianapolis Home Equity Line of Credit

Quick Facts About A Indianapolis Home Equity Line of Credit

Indianapolis home equity line of credit, home equity line, or Flex line (HELOC) is a loan where the lender advances a loan to the borrower using the borrower’s home equity as collateral. Many people confuse this line of credit with a home equity loan.

With a home equity loan the borrower gets the whole amount in advance while with a HELOC, the lender determines how much of the loan the borrower can access.

Calculation of Interest for a Indianapolis home equity line of credit

The HELOC interest rates are adjustable and are calculated on a daily basis. The interest rate of HELOC is calculated based on an index, usually the prime rate. The lender lumps a margin to this rate to come up with the final interest rate to be charged.

This means that if the prime rate is 5% and the lender’s margin is 3%, the interest rate charged will be 8%.
A HELOC is divided into two distinct phases. They are:

The Draw Period
At this stage, you can borrow any amount of money at any time using your Indianapolis home equity line of credit up to your credit limit. During this stage, you only pay the interest on borrowed money. There are no penalties if you pay part or the full amount borrowed during the draw period. This period lasts between five to fifteen years.

The Repayment Period
This stage takes place when the draw period ends. The borrower has two options in terms of repayment of the loan. The lender might decide he wants the amount borrowed paid in full or can schedule a repayment plan where the borrower pays in installments.

An Indianapolis home equity line of credit has gained popularity due to its flexibility both in terms of lending and the repayment schedule. There are also reduced costs of borrowing because the interest paid is adjustable.
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Factors Affecting Indianapolis Real Estate Pricing

Factors Affecting Indianapolis Real Estate Pricing

Indianapolis real estate pricing involves the different ways of rating and putting a price tag on a home or property. The price of a house can be affected by different factors.

The best measure for estimating Indianapolis real estate pricing for different locations is using median prices of homes over a period of time. These prices are usually stated per square meter or per square foot. Any real estate investor should take these factors into account before making a decision regarding where to buy or build real estate.

One of the main factors affecting the cost of real estate is the location. Indianapolis property that is located in a good neighborhood that is easily accessible to the downtown core will obviously cost more. The demand for such property is higher and this drives the pricing up.

Two houses can be the exact same size and be in the same Indianapolis neighborhood but the cost may differ by a large margin. This can simply be due to the quality of construction and finishes used to build the property. Using good construction material and classy finishing is an easy way to add to the value of a property.

As would be expected, houses differ in price based on their size. This also applies to the size of land they are sitting on.

If a property is located in an area in Indianapolis where demand is higher than supply, the price of that property will be high and vice versa.

The vast majority of people purchase a home using a mortgage. The ability of people to access and meet the requirements of a high mortgage will have an effect on the price of real estate in certain areas.

You can use these simple factors to help you make a decision on the best location to invest in real estate and what to look for. This will help you make the best return from your investment either for rentals or for a future re-sale.
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Cheap Flooring For Indianapolis Rental Units

Cheap Flooring For Indianapolis Rental Units

As a landlord, the pain of having to constantly change the flooring in your apartments can be a huge hassle. Floors are often damaged when people move in and out of an apartment. You can change floors easily by taking advantage of cheaper floor replacements that still look great. You need affordable yet nice floor finishes to keep your
Indianapolis rental units looking good.
Here are five cheap flooring options that you can consider.

Floor laminate
This is made by joining two or more layers of materials. Though it looks like a wooden floor, laminate is made purely out of synthetic fiber. Laminate can withstand high traffic and does not scratch. This floor finish is excellent but does take well to water and moisture.

Carpets are low-priced, very affordable, readily available and easy to set up in Indianapolis rental units. This kind of flooring requires minimal maintenance and comes in various qualities that are meant to suit various needs.

Vinyl plank and tile
Vinyl plank resembles wood while vinyl tile resembles ceramic, slate and marble. It can cost as little as $1.25 per square foot. In simple terms, these synthetic planks can be made to suit your interior design and are long lasting.

Carpet Tile
Carpet tile is simply modern carpet that is made in tile form. The square tiles fit together well to cover the floor. Carpet tile is cheap, easily to install and maintain. This floor finish is ideal for Indianapolis rental units.

Traditional sheet vinyl
Traditional sheet vinyl is fairly rough and hard to destroy. It is a multipurpose floor that is suitable for rooms in the house like the kitchen and bathroom. Sheet vinyl is usually glued down onto subfloors or concrete floors to increase its durability and give a glossy look.

These options for cheap flooring should reduce your renovation headaches and tone down at least one of the cost of maintaining your Indianapolis rental units.
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