First Time Home Buyer Tips
When it comes to diving into home ownership for the first time, it can seem like there are so many things you just don’t know. Whether you’re getting advice from your real estate agent, your friends or your family, there are so many things that seem like common sense that they might be lost in the mix of details. ...
First Time Home Seller Tips
Are you selling your home? If it’s your first time going through a home sale, you’ve probably got a lot of questions about the process. In today’s post, we’ll share four tips that can help to keep your home sale moving along smoothly. Let’s get started!
Tip #1: Enlist The Help Of A Professional
First, you’ll want ...
Closing Costs
What costs should I expect at the loan closing?
At the loan closing, you will be required to pay your down payment and other various closing costs and fees. Most of the closing fees are paid by the buyer, but some of the fees are prorated, by date, to the seller and the buyer.
At times, fees such as the credit ...
Government Loan Programs
FHA loans
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her ...
Home Appraisal
What is the purpose of a home appraisal?
A home appraisal is generally required by the lender in order to establish that the value of the home will be sufficient collateral for the amount of the loan. The appraisal fee is generally paid by the buyer, sometimes required at the time of the loan application but ...
Home Inspection
When should I have a professional home inspection done?
An independent professional home inspection, done at the right time, could save you thousands of dollars. The results may influence your purchase price, the terms of or contingencies to the purchase agreement and the type of insurance coverage you decide is ...
Loan Checklist
Documents required vary from loan to loan, but generally the following are required, often for up to two years back:
Personal identification – current driver’s license for each applicant. Also Green Card(s) if applicable Most recent 30 days of consecutive pay stubs Most recent two years W-2’s Most recent two years ...
Loan Process
Prequalification – Before starting to look at homes potential homebuyers, that need mortgage financing, should meet or speak with a mortgage broker/loan officer to review theiremployment histories, verifiable recurring monthly incomes, credit histories/credit scores, debt-to-income ratios and documentable liquid ...
Loan Programs
Which Loan Is Right for Me?
Choosing the right mortgage depends largely on how long you plan to stay in your home. Whether you’re a first-time buyer, a short-term resident, or settling in for the long haul, understanding your timeline helps match you with a loan program that fits your financial goals and ...
Mortgage Glossary
Adjustable Rate Mortgage A mortgage loan were the interest rate adjusts periodically based on the changes of a specified index such as the one-year Treasury Bill or the LIBOR.
Amortization The calculation of the amount of the installment payment it takes to pay off the obligation at the end of a fixed period of time....