Preparing to buy a home? We encourage buyers to ask prospective lenders these 10 important questions at or prior to mortgage application. (1) What are your qualifying guidelines? Ask about requirements relating to your income, employment, assets, liabilities and credit history. Qualifications for 1st-time homebuyer programs, Veterans Affairs loans and other government-sponsored mortgages are typically less stringent. […]
Suppose you bought a house and later discovered, to your dismay, that the stucco exterior concealed a nasty case of dry rot. Or suppose that when you fired up the furnace in the winter, you discovered a cracked heat exchanger leaking gas into your home. The best way to avoid unpleasant surprises like these is […]
In the United States, most home buyers borrow money in the form of a mortgage loan, and mortgage lenders always requires that the buyer purchase homeowner’s insurance as a condition of the loan, in order to protect the bank if the home were to be destroyed Home insurance, also commonly called hazard insurance, or homeowner’s […]
It’s Sunday morning, you’ve just picked up your Starbucks and are checking out the latest home listings on your favorite mobile real estate search app before you hit the road for a day of open houses. You’re DYIing this real estate thing, and you think you’ve got this covered—after all, thanks today’s real estate consumer search sites […]
So you’ve made a decision to buy a home and intend to apply for a mortgage to fund your purchase. From now until you close, there are a number of simple, yet important mistakes you want to be sure to avoid. Even if you have good credit, there are things you can do to make lenders think […]
An earnest money deposit is a specific form of security deposit made in real estate transactions to demonstrate that the applicant is serious and willing to demonstrate an earnest of good faith about wanting to complete the transaction. Earnest money deposits are one of the most misunderstood parts of the home-buying process. Depending on where you live, you can expect to […]
After years of speculation about mortgage interest rates, the Federal Reserve has begun increasing the Fed Funds Rate. The Fed Funds rate sets the cost of borrowing for the banks, and consequently the cost of mortgages for homebuyers. With additional moves at hand, there is concern that more expensive mortgage rates could hamper the housing […]
Choosing a lender or a mortgage broker can be a bit overwhelmoing — there are so many options to choose from, and your choice will have a large impact on the rates and terms of your mortgage. Follow these tips to select the banker or broker who can get the best mortgage deal for you. […]
Prepare yourself by knowing the less-obvious costs of owning a home. Insurance, maintenance and more add up faster than you think. Buyers too often focus on a home’s list price or mortgage payment to determine what they can afford. However, the less-obvious costs associated with homeownership can affect the monthly bottom line. To help home […]
If you’ve been aching to buy a home but haven’t been able to seal the deal we feel your pain. After all, pent-up demand left over from tight supply over the past two years, against the backdrop of mortgage rates remaining near historic lows, combined with continued low inventory levels and fewer homes for sale […]
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