Timing the market for the best possible opportunity to lock a mortgage rate on a new loan is certainly a challenge, even for professionals. While there are several generic interest rate trend indicators online, the difference between what’s advertised and actually attainable can be influenced at any given moment by at least 50 different variables …
Top Five Market Factors That Influence How Mortgage Rates Move Read More »
Providing proper asset documentation and the actual source of the funds is a critical element of the loan closing process. There’s nothing worse in a real estate purchase than making it all the way through the hoops and hurdles just to have a loan denied after the final documents have been signed due to the …
Source of Down Payment – Making Sure Your Cash To Close Comes From The Proper Source Read More »
Many borrowers go through the mortgage process in a haze, nodding, smiling, and signing through a bunch of noise that sounds like Greek. Even though you may have put your trust in your real estate and mortgage team, it helps to understand some of the terminologies so that you can pay attention to specific details …
Talk the Talk – Know the Mortgage Lingo at Closing Read More »
During periods of economic growth, when home values are typically just going up, most homeowners do not question appraisals much. And in times of turmoil when property values are declining, home sellers and even listing agents quite often question and pick apart appraisals. However, the actual appraisal process changed very little over the course of the …
The difference between APR and the actual note rate is very confusing, especially for First-Time Home Buyers who haven’t been through the entire closing process before. When shopping for a new mortgage loan, you may notice an Annual Percentage Rate (APR) advertised next to the note rate. The inclusion of an APR is actually mandated …
What’s The Difference Between Interest Rate and Annual Percentage Rate (APR)? Read More »
Although every situation is unique, it is not uncommon for homebuyers to qualify for a mortgage on a new home while still living in their primary residence. Perhaps you are outgrowing your current house, or have been forced to relocate due to a job transfer? Regardless of the motivation for keeping one property while purchasing …
Do I Need To Sell My Home Before I Can Qualify For A New Mortgage On Another Property? Read More »
FHA Mortgage Insurance Premium (MIP) is an important part of FHA Insured loan. Mortgage insurance is insurance that protects lenders against any losses that may result from a consumer defaulting on their FHA-insured home loan. FHA home loans require two types of Mortgage Insurance Premiums for all borrowers, regardless of down payment. The two types …
Understanding FHA Mortgage Insurance Premium (MIP) Read More »
You found the house you want to call home, but before you sign on the dotted line to make it official, your first order of action should include a home inspection. You now have only a few days from when you signed the purchase and sales agreement to have an inspection per your contract. Chances …
What You Need To Know About The Home Inspection Process Read More »
Most people are surprised to learn what appraisers actually look at when determining the value of a real estate property. A common misconception homeowners generally have is that the value of their home is determined after the appraiser has completed their physical property inspection. However, the appraiser actually already has a good idea of the …
What Do Appraisers Look For When Determining A Property’s Value? Read More »
Hey, I gave my real estate agent a $5000 Earnest Money Deposit check… Where does that money go? A basic and very obvious question that most First-Time home Buyers ask once their purchase contract gets accepted. According to Wikipedia: Earnest Money – an earnest payment (sometimes called earnest money or simply earnest, or alternatively a …
