Book on refinancing recommendedQ: What's a good source of...

REAL ESTATE Q & A

August 15, 1993

Book on refinancing recommended

Q: What's a good source of information about refinancing a home mortgage loan?

A: The best I've seen is a 140-page book by Jack Friedman, titled "Keys to Mortgage Financing and Refinancing."

The book explains how to shop for a new mortgage, refinance an existing loan and avoid pitfalls. In addition to being a basic how-to book on conventional mortgages, it covers second mortgages and mortgage-related tax considerations. For information, write: Jack Friedman, 15851 Dallas Parkway, Suite 600, Dallas, Texas 75248.

Consumers prefer home warranties, poll says

Q: How do most homeowners feel about the value of a warranty program covering a home being resold?

A: In a survey of consumers conducted by the Gallup Organization, commissioned by the Home Warranty Association of California, 75 percent of homeowners agreed that a home warranty would give them a greater level of confidence in a home they might purchase.

Also, 79 percent of homebuyers and sellers rated home warranties (home protection plans) as one of the most important considerations in buying or selling a home.

Interest in owning vacation homes on the rise

Q: Is the interest in owning a vacation home increasing?

A: It's increasing substantially, according to a nationwide study, "The American Recreational Property Survey, 1993."

The survey was conducted by Ragatz Associates Inc. for the American Resort Development Association. It found that 43.8 percent of households in America now feel they have a chance of purchasing recreational property during the next 10 years, compared with only 26.2 percent in 1990. The responses were from households nationwide.

Motivations for this increased interest include the slowly improving economy in much of the country, the decline in mortgage interest rates and the maturing of the baby-boom generation into the age bracket where recreational property purchases become more interesting.

"The recreational property industry could potentially double in the next 10 years due, in part, to the increasing emphasis on planning for long-term vacation and leisure needs," said Tom Franks, president of ARDA. "We are definitely seeing a shift in the consumers' desire to purchase vacation property as opposed to renting year after year."

Beaches are the most preferred type of location for recreational property. Lake locations and mountain areas are the next preferred.

Homeowners Foundation is educational group

Q: What is the American Homeowners Foundation?

A: It's a nonprofit educational organization representing homeowners, prospective homeowners and home sellers in this country, founded in 1984. The foundation produces a variety of educational material for this target group. Its newest book is "How to Sell Your Home Fast." For information, write to the foundation at 1724 S. Quincy St., Arlington, Va. 22204.

James M. Woodard

Copley News Service

(Send questions to James M. Woodard, Copley News Service, P.O. Box 190, San Diego, Calif. 92112-0190.)

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