When purchasing a home, the homebuyer can expect the transaction to be finalized at the time of settlement, or once both parties have executed all documents and the lender issues a funding authorization. However, for certain transactions, most notably refinances, the loan is not officially funded until the borrower’s right of rescission has passed. The … Continue reading Understanding the Right of Rescission
Once you find your dream home, there are quite a few financial details you’ll need to take care of. Today, we’re going to help you get one step closer to financing by demystifying the appraisal contingency. What Is an Appraisal Contingency? An appraisal is a process that determines the fair market value of a home, … Continue reading What Is an Appraisal Contingency?
Homeowners understand the time, energy, and costs that go into buying a home, but when it comes time to sell their home, they may not be as prepared. Whether it’s making repairs and upgrades to increase a home’s value, or taxes that need to be paid, there are potential costs that homeowners must realize when … Continue reading What Costs Do I Face as a Home Seller?
Purchasing a home may seem like an intimidating process, especially if you are a first-time buyer. To ease the stress of buying a home, ask your mortgage lender these six questions: How Do I Determine My Homebuying Budget? Before setting your sights on a house, you need to know what you can afford. When setting … Continue reading 6 Questions to Ask Your Mortgage Lender
Buying a home is an exciting milestone in anyone’s life. As a homeowner, you are free to decorate your home as you wish and are no longer tied to any rental obligations. However, when it comes to financing a home, there are many factors at play that can affect the interest rate you obtain on … Continue reading What Factors Determine Home Loan Rates?
Whether you’re looking to buy your first home, or you consider yourself a seasoned investor, finding the perfect property is always an exciting experience. Oftentimes, your first visit to a potential new property comes in the form of an open house. An incredibly valuable and insightful experience, open houses can provide you with an inside … Continue reading 4 Warning Signs to Look for at an Open House
A borrower’s employment history is an important aspect of the mortgage loan application process. Such loans are typically for large sums of money; therefore, lenders want to reduce the risk of default from the borrower by ensuring they have a stable two-year history of employment. Steady, continuous employment gives lenders a strong indication that a … Continue reading Effect of Employment Gaps on Mortgage Approval
Refinancing a mortgage can be financially beneficial for homeowners, especially now as interest rates for mortgages have been declining to historically low rates. For homeowners who are interested in refinancing, an often asked question is whether or not refi is possible if a person’s credit score is low. While having bad credit definitely has an … Continue reading Can a Mortgage Be Refinanced With Bad Credit?
While many states are navigating various reopening phases to resume operations suspended during the novel coronavirus pandemic, the road to economic recovery in America is looking to be long and challenging. With the unemployment rate in the United States at its highest rate since the Great Depression, millions of people who have been left with … Continue reading What Is the CARES Act?
For many homeowners, being able to pay off your mortgage early sounds like a great idea. It’s likely one of the costliest payments you have to make each month and the idea of being able to save on interest payments can surely be attractive. In some cases, it can have profoundly positive financial and psychological … Continue reading The Downside of Paying off Your Mortgage Early
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