[tag]Credit unions[/tag] which are run as nonprofit cooperatives, typically do not have enough money to market their [tag]mortgage[/tag] offerings, and their mortgages are not offered through outside brokers. So consumers often overlook some highly useful alternatives that credit unions offer. About 200 credit unions affiliated with the [tag]Credit Union National Association[/tag] have offered a low-interest Home Loan Payment Relief mortgage since late 2005. The program is limited, with some exceptions, to borrowers with household incomes at or below their area’s median income.

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Because there are more houses and condos listed for sale in most communities than there are qualified buyers, that is known as a “[tag]buyer’s market[/tag].” The buyer is king. Unfortunately, many buyers (especially first-timers) are not aware of the best ways to buy a home to get the best price and terms. The place where more than 70 percent of today’s [tag]home buyers[/tag] start their search is on the Internet, usually at [tag]www.Realtor.com[/tag] and other large Web sites showing most local listings available. After searching local residence listings available and perhaps visiting a few open houses, the next step for savvy home buyers is to get preapproved in writing by a mortgage lender. The reason for this key step is to avoid disappointment later if you discover you have credit issues or can’t afford to buy the home you want.

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According to a recent study, the number of borrowers who are actually able to bring current their [tag]mortgage payments[/tag] through bankruptcy is declining, and more filers are ultimately turning their homes over to the lenders. The finding means investors in high-yielding [tag]mortgage-backed securities[/tag] should expect higher losses on the underlying collateral. At least part of the blame, says the report, lies with the bankruptcy law passed in October 2005. The law raised the bar for people to qualify for Chapter 7 “fresh start” [tag]bankruptcy[/tag] proceedings. [tag]Chapter 7[/tag] can enable individual filers to wipe away debts such as credit-card and medical bills so they can continue to make their mortgage payments. With access limited, more subprime borrowers are forced into Chapter 13, where some can’t maintain their payment schedules for more than a couple of months.

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Losses in loans made to the riskiest borrowers have raised fears that lenders would cease making many of the [tag]exotic loans[/tag] that have become popular over the past few years. Nearly 40 percent of all loans made in 2006 fell into the [tag]subprime[/tag] or [tag]Alt-A category[/tag]. Like most mortgages, Alt-A loans are sold by lenders to Wall Street investments banks, which package those loans into bonds called mortgage-backed securities. Mortgage-backed bonds are then sold to investors. Bonds based on he Alt-A loans are potentially riskier because in many cases borrowers do not prove their income, or have very little invested in their house.

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As hundreds of billions of dollars worth of these loans “reset” to higher monthly payments, many so-called [tag]subprime borrower[/tag]s — historically those with shaky credit histories — are sitting on financial time bombs. They’re finding out the hard way that the paperwork they signed may have buried them under a crushing debt load they can’t sustain. For some, the lesson learned is: “buyer beware.” But a series of interviews with subprime borrowers, mortgage lenders, appraisers, current and former regulators, and the inspector general of the Department of Housing and Urban Development paints a different picture — of a widespread pattern of questionable lending practices and outright fraud that has already sparked a wave of criminal and civil actions against various players in the $10 trillion market for [tag]residential mortgage[/tag]s.

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If you’ve made the decision to buy or sell a luxury home then it’s time to select the real estate professional who can best assist you. Not all good agents operate effectively in the upper-tier market. It is a market segment that requires special competencies.

1. Look for market knowledge and real estate skills. Not only should your agent know the city or area you are interested in, he or she should be knowledgeable about the price range you’ve targeted…

2. Notice special luxury affiliations and designations and ask what they mean. To zero in on professionals who specialize in the fine homes and estates market, look at an agent’s memberships and designations…

3. If you are selling, ask that the listing presentation include a specific marketing plan for your property. Don’t assume that the best marketing plan is always the most expensive. Listen to why the agent has included each element of the plan…

4. If you are selling, don’t let an agent “buy” your business. Choosing an agent based on the highest suggested list price is counterproductive if the house is overpriced…

5. Rapport and clear communication are important. Buying and selling can be stressful. Choosing an agent with whom you communicate clearly will help simplify the process…

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When you take out a [tag]mortgage[/tag], you must pay interest on the loan. Unfortunately, many homeowners are unaware of the fact that the interest may be [tag]tax-deductible[/tag], no matter what the interest rate. The interest you deduct may be secured by a loan on your first or second home. Be sure to talk to an experienced tax advisor–your deductions may be limited by whether the mortgages on your home total more than the fair market value of the home. You may deduct up to $1 million in the value of your home. For example, if your mortgage balance exceeds $1 million, your maximum deduction is the same as if you only owe $1 million. You can also deduct up to $100,000 in [tag]home equity debt[/tag]. However, if you took the home equity loan out for buying another property, or building or improving your home, you may deduct up to the maximum loan amount.

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Members of [tag]The Institute for Luxury Home Marketing[/tag] are knowledgeable professionals who have undergone extensive training in analyzing the luxury home market, providing quality service, and achieving effective results in the high-end residential market. Choose a member of The Institute as your [tag]real estate professional[/tag] and you know you are getting someone who actively seeks out the latest training in marketing strategies, stays on top of the changing market conditions, and knows how to handle the special needs of elite clientele.

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