Is There Still Profit in Wholesaling Phoenix Homes?

Phoenix, AZ was widely considered one of the first housing markets to start turning around in the U.S. and became the epicenter of a new real estate investment surge. So is there still any room for the city’s home prices to grow and profits for those wholesaling homes?

Last year real estate investors from all over the country and in fact all over the world descended on Phoenix to scoop up bargains on single family homes to be converted to rental properties. This has led to some incredible growth, in the region of over 30% per year.

However, the increased competition has also driven many to other locations since early 2012. Giant private equity firms and individual investors alike have turned to the likes of Detroit and Atlanta in search of more distressed properties.

So is Phoenix’s growth sustainable and should you still consider wholesaling homes there?

A panel of experts and report from the Phoenix Business Journal quizzed on the city’s status, not only concluded that Phoenix doesn’t just still have potential but hasn’t even really gotten into full recovery mode yet, let alone a new boom phase.

Local business analysts point to the fact that despite, apparently sporting some impressive digits in home price growth recently the city still has to regain 60% of the jobs lost in the crisis before really kicking into high gear.

This is in addition to local property ownership still resting 20% below previous highs and the springboard point needed to be reached before really launching into a new boom phase.

In summary the report predicts another 40-50% growth in Phoenix housing prices to go. Based on historical housing cycles and an estimated 10-15 years of upward movement to go it could easily well surpass this.

Even the pessimists can’t deny the additional boost the returning jobs will provide. This is on top of the fact that around 40% of locals simply can’t qualify for a mortgage today due to credit issues. However, many are already well on the way to mending their finances and credit scores and will provide additional kindling for the housing market once they can get home loans.

39% of Arizona home owners are also still underwater but as more opt for short sales and others see equity return more homes will go up for sale, fueling the market with new transactions and providing more upward momentum in home prices.

Let the competition head off to Detroit or Atlanta, there is plenty of room for growth here and rising rents. Those wholesaling homes, rehabbing and flipping houses and even continuing to expand rental portfolios will all find plenty of opportunity in the Phoenix market and perhaps even more bargains as others keep heading off to the latest ‘hot spot’ in the media.

What You Should Know Before Signing An Atlanta Home Refinance Loan

If you are in the market for an Atlanta home refinance loan, be aware that there are certain things that you should become familiar with before you apply for a loan. Do you know what to look for in a lender? Do you know what type of refinance loan that you want to receive? These are just a few questions that you should have answered before you begin to search for a loan. Keep reading to uncover the answers to these questions and more.

When you are searching for the right lender for your Atlanta refinance loan, do some pre-qualifying with several different loan companies. Just make sure that these companies do not pull your credit report to pre-qualify you. Having too many inquires on your credit report will lower your credit score. What you are looking for is a loan company that is receptive to your needs, quick to answer questions and one that has the ability to lock in a low interest rate.

You also should check out any loan company thoroughly by running them through the Better Business Bureau website to see if they have many complaints filed against them. Be leery of those loan companies that contact you out of the blue. There are quite a few predatory lenders out there.

Another thing to take into consideration is the type of loan refinance that you want. It is probably in your best interest to find a fixed rate mortgage refinance. This way your payments won’t go up if the interest rates rise. If you can afford it, you may want to consider a 15 year refinance loan instead of a traditional 30 year loan. This will save you a ton of money over the years and allow you to build equity in your home faster.

Always remember that you should get everything in writing and know what you are signing before you sign it. If you don’t understand the contract, get your attorney to look it over. Make sure that you are aware of any closing costs and fees before you sign. You do not want any last minute surprises on the day of closing.

Getting an Atlanta home refinance loan can be a great way to free up extra money each month. You can use the extra money for bills, savings or home improvements, and it’s a great way to help you become financially stable.

Grace Periods Do Not Work in Home Loan Modification

A number of people around the Atlanta area are working with home loan modifications. They are doing this as a means of helping to afford their mortgages and to avoid adding themselves to the nearly two thousand foreclosures that Fulton County deals with each month. However, an Atlanta home loan modification will not feature a grace period at any time.

A grace period in a loan is a period of time where a person is not going to have to pay anything off. This means that the person can miss something and not be punished for it. This could be a useful thing but at the same time it will end up not being a factor in an Atlanta home loan modification.

The Atlanta home loan modification one is in will not feature a grace period like this when it is in its trial stage. A person who is in a trial modification must make all of the payments on it on time. Failing to make payments on time in the trial period will cause a person to end up losing the loan and dealing with the original terms on the loan.

In some cases the modification will not be cancelled. However, it can be delayed substantially. Remember, a person who is with a trial modification is on a very short leash and is not going to have a grace period to work with for getting the loan paid off.

When the loan modification does become permanent there is still no grace periods involved. The punishment for missing a payment and being late on it during the final period of the modification is going to be the same as what one dealt with. The same late fees and added interest charges will still be involved. This is used because the lender should be expecting the client to make payments on time when a modification is being handled.

Also, the chances of a lender trying to start the foreclosure process sooner are important to see. The lender might want to start the foreclosure process sooner if a person does not pay off mortgage loan payments on time after the modification. This is due to how the lender will want to believe that the borrower is actually going to pay off the loan in a respectable period of time. A lender who sees that a client is not paying it off properly will end up being more likely to pay it off.

It will be a good idea to take a look at this when it comes to dealing with an Atlanta home loan modification. The grace period that might be found with some other types of financial investments is not going to be present in the Atlanta home loan modification that one can get. The investment that is used here should be something that a person can easily pay off over time. Using this standard is critical for anyone to work with when getting something to work out right on a mortgage loan.