What Makes Low Down Payment Loans Possible? Simply put, mortgage insurance protects the mortgage company against financial loss if a homeowner stops making mortgage payments. Mortgage companies usually require insurance on low down payment loans for protection in the event that the homeowner fails to make his or her payments. When a homeowner fails to […]

Income. Debt. Down Payment. Closing Costs. Two Years Income Tax Returns. Assets. Liabilities. IRAs. You want WHAT? Just what can I afford? Buying a home in today’s marketplace is a bit intimidating. And your new home purchase is likely to be one of the most important decisions you’ve ever had to make. Usually it’s one […]

A Real Estate Professional can help you find your perfect home, but only you can decide how much you are willing to offer for it. The Real Estate Professional can supply you with information about the selling prices and marketing time of other houses in the area. Once you have determined the amount you are […]

When a buyer makes an offer to purchase your home, your Real Estate Professional will contact you promptly. The Real Estate Professional will scrutinize the document, review it with you carefully, and answer your questions. The written offer is important because it lays out all the terms of the proposed transaction and will become a […]

Your newly constructed dream house is almost ready and it’s time for the all-important walk-through with your builder. Do you know what you should be looking for? Some problems may not be readily visible, even if you hire a professional inspector. Fortunately, most builders offer a warranty to cover problems in the workmanship of a […]

Antique moldings, a unique staircase and a colorful past give one listing a historic charm that can’t be replicated, yet another home is brand-new with all of the latest high-tech amenities. Which one is right for you? We’re fortunate to have a variety of home styles – and ages – to choose from in the […]

If your home is giving you “the squeeze” because your family has grown or you’re seriously thinking about buying a home in a more upscale neighborhood, then you may be ready to move up to your next home. But how do you get started? Begin with a “reality check.” Take some time to really look […]

Here’s a nice surprise…good news involving the word “taxes.” Recent changes in the tax laws have made real estate a more attractive investment than ever before. As a homeowner you are eligible to take advantage of these tax changes and deductions to keep more money in your pocket this year. Profits from the sale of […]

Since obtaining a home inspection is one of the most important steps in purchasing a home, I thought I’d take the opportunity to provide some insight into the home inspection process. A qualified inspector can point out potential costly problems with the home you are considering buying, and a good inspector will give maintenance advice […]

1. Get “Pre-Approved” – Not “Pre-Qualified!” Do you want to get the best property you can for the least amount of money? Then make sure you are in the strongest negotiating position possible. Price is only one element in the negotiations, and not necessarily the most important one. Often other terms, such as the strength […]

As you know, renting has two big problems – the rent can go up, and you don’t have anything to show for it except a pile of rent receipts. Me, I like knowing that every month I’m $50 or $100 richer, no matter what. That doesn’t sound like much, but if you saw a $100 […]

You can never be too trusting when it comes to buying real estate. The buyer is entitled to know what he/she is getting for their money. The buyer should insist on an inspection and full disclosure of the house being purchased. Why Do You Need an Inspection? An inspection is an opportunity to have an […]

Everyone is familiar with the conversation where the other person says, “Yes, but..” This person is agreeing with you but only if certain conditions are met. A purchase agreement is similar in that you are agreeing to buy a property subject to certain things being met. The conditions you set are called contingencies. It is […]

The art of the deal is negotiating. The goal, when you’re countering a buyer’s offer, is to get the highest price and best terms possible. Once you reject the initial offer, you must decide how much to counter. The answer is easy when the market is hot. You will counter at full price or more. […]

When it comes to real estate contracts, time is of the essence. In many cases, placing time constraints on your offer can often work to your advantage. If you’ve ever seen a telethon fund-raiser, you would notice that over 90 percent of the donations are generated in the last half hour. Even if the telethon […]

Less is more If you’re new to investing or real estate and don’t know the first thing about interest rates, here’s a good tip: the higher the interest rate, the more expensive it’s going to be. High interest rates mean you will have to pay back more on the money you borrow. Another good rule […]

1. Get “Pre-Approved” – Not “Pre-Qualified!” Do you want to get the best property you can for the least amount of money? Then make sure you are in the strongest negotiating position possible. Price is only one element in the negotiations, and not necessarily the most important one. Often other terms, such as the strength […]

You are about to make what will most likely be the largest transaction of your life: your home mortgage. Unfortunately, many homebuyers do not take the time to research some of the little but weighty intricacies of mortgages. Researching the mortgage process takes little time compared to the tens of thousands of dollars it could […]

Key Questions to Ask Yourself and Lenders When Shopping for a Mortgage! Traditional Fixed Rate Mortgage? Graduated-Payment Mortgage? Adjustable Rate Mortgage? FHA Mortgage? Two-Step Mortgage? You are wondering which kind of mortgage is best. The answer: There is no one correct answer. Deciding which type of mortgage will best fulfill your needs can be difficult. […]

Avoid the 10 Most Common, Painful, Frustrating Mistakes First-Time Home Buyers Make Buying a residence can be a hair raising experience. You will experience a roller coaster of emotions while finding the right place, securing the loan and finally moving in. For most of us, the first time home purchase is the largest investment we’ve […]

Finding the right real estate professional requires doing a little research and asking a few questions. You need to know everything about the selling process. What is the marketing strategy? What kind of advertising will be done? Is the Real Estate Professional capable and willing to communicate effectively? Can the Real Estate Professional effectively present […]

Here are some suggestions to help you prepare for your search. Needs and wants list Make a list of your needs and wants. Do you need an extra bathroom, a garage, a fenced backyard, lower utility bills? Do you want a fireplace, a short drive to work, a lakeside view, or maybe minimal yard work? […]

How do I obtain title insurance and what does it cost? Let the title company, attorney or agent handling the closing of your property know that you want to purchase an Owner’s Title Insurance Policy. When choosing a title insurer, look for a company with experience, as well as the financial strength to protect you. […]

How much you can borrow will depend on your income, down payment, job stability, existing debts, credit references and payment history. Lenders usually use the following two qualifying guidelines to decide how much of a loan you can manage: Your monthly housing expenses – mortgage payment, property taxes, insurance, etc. These expenses should be no […]

You’ve done it. You’ve bought a home and now own part of The Dream. In the process you’ve also acquired many responsibilities and concerns. There are mortgage payments to make, records to keep and maintenance work to complete. Below are a few tips for the new owner. Mortgage payments Every month you’ll receive a statement […]

Time spent shopping for a mortgage is time well spent. Before you rule out one loan or another, give some thought to your particular needs and wishes. Prequalifying before house hunting puts you ahead of the game. You already know the standard of mortgages for which you qualify. The message is simple: Shop for a […]

Time spent shopping for a mortgage is time well spent. Before you rule out one loan or another, give some thought to your particular needs and wishes. Prequalifying before house hunting puts you ahead of the game. You already know the standard of mortgages for which you qualify. The message is simple: Shop for a […]

What is an Escrow? An escrow is a deposit of funds, a deed or other instrument by one party for the delivery to another party upon completion of a specific condition or event. It is an independent neutral account by which the interests of all parties to the transaction are protected. When opening an escrow, […]

A valid real estate contract must be in writing and be freely offered by the buyer and accepted by the seller. All parties to the contract must be legally competent to do business. Money or other valuable consideration needs to be exchanged for title to the property. Keep in mind that if things go wrong, […]

The sale is formally ended at the closing table. In most transaction, the closing lasts less than an hour and often occurs at the title company office. Your Real Estate Professional and the buyer’s agent may be present, and a title company officer or escrow agent will preside. Basic documents The sale actually consists of […]

Despite an excess of loans and lenders, comparison shopping has been eased by the development of computer-loan origination systems and mortgage-reporting services – firms that survey major lenders in metropolitan areas every week or so and publish information sheets on who is offering what loans on what terms. Shop for lenders offering the best deals. […]

There is no way to guarantee a “smooth” path from an approved contract to the settlement table, but doing your part is at least half the job. Expect minor problems and delays along the way. On the seller’s side, title problems are a common cause of postponed settlements. On your side, bureaucratic snags such as […]

1. Spending more than you make. This can lead to real danger in not being able to afford to purchase. Create a budget you can live with and cancel credit cards you do not use before applying for a loan. 2. Not Saving Enough for Down Payment and Closing Costs. Be sure to include these […]

A great way to make the home-buying process flow smoothly is to educate yourself and learn from mistakes others have made – this can make the difference between buying the home of your dreams and buying a “lemon.” Not getting pre-qualified or pre-approvedIf you receive pre-qualification or pre-approval from a reputable lender, your negotiating position […]

1. Not doing your homework. Enter the market well-prepared by researching location, school district, deed restrictions and taxes. 2. Trying to make a shrewd investment. Focus on finding the best place for you and your family to live rather than trying to predict the real estate market. 3. Choosing a poor location. Consider what part […]

Whether you’re planning a move across town or across the country, making the move hassle-free is what it is all about. Besides the traditional garage sale and packing of boxes, there are a few details you won’t want to forget before you begin loading the truck: Plan Ahead Experts recommend scheduling moves at least one […]

Flooding is not covered by a standard homeowners insurance policy. To determine if you need flood insurance, ask your insurance professional, mortgage company or neighbors about the flood history in your area. If there is a potential for flooding, you should consider purchasing a policy that covers the structure and your personal belongings. Flood insurance […]

Everything is negotiable when buying a house. For some reason, most buyers either don’t believe it or don’t like it. Here’s a partial list of what’s negotiable when you buy a home: Price Financing Closing costs (except where specified by financing or law) Occupancy (When can you get the key and move in?) Painting (Will […]

About one month away from your move, you’ll want a detailed checklist to make sure nothing is forgotten. Four weeks to go: Call moving companies for a free estimate. Cost will vary depending on distance, weight and optional services. Look through your house to determine items to be discarded or donated to charity. Have a […]

Now that you’ve decided to buy a home, what happens between now and the time you legally own it? The next step is to obtain title for the property from the title company. A title gives the owner the right to possess and use the property. But before receiving title, the title company will need […]

You’ve found the mortgage you want and you’re ready for the next step – the loan application. The process costs anywhere from $100 to $500 and is usually non-refundable. Lenders levy the fee to cover the costs of running credit reports and filling out mortgage-insurance applications. What to expect You will need raw material, and […]

Put negotiations in writing. Don’t reveal your strategy, and don’t make oral offers. You want to buy the house, but don’t hand over money until you’re sure the seller is legally capable of conveying a good title and meeting other conditions. The seller, in turn, doesn’t want to deliver the deed until you’ve paid for […]

An appraisal of real estate is the valuation of the rights of ownership. The appraiser must define the rights he intends to appraise. The appraiser does not create value, the appraiser interprets the market to arrive at a value estimate. As the appraiser compiles data pertinent to a report, consideration must be given to the […]

Many home buyers are very worried about how their credit report will affect their ability to buy a home. We even heard one story that an applicant was denied a mortgage because he had returned a rented videotape late! Of course, that could never happen. Most people will not need to worry about the effects […]

When you insure your home, you should insure your home for the total amount it would cost to rebuild your home if it were destroyed. If you don’t have sufficient insurance, your insurance company may only pay a portion of the cost of replacing or repairing damaged items. There are three ways to insure the […]

SHOP AROUND Friends, family, the phone book and Internet are some of the sources you can use to find homeowners insurers. Get a wide range of prices from several companies. But don’t consider price alone. The insurer you select should offer both a fair price and excellent service. Quality service may cost a bit more, […]

Mortgage insurance can usually be canceled by the home buyer after he or she has at least 20 percent equity in the home. Borrowers should contact their servicer to find out the procedure for canceling mortgage insurance when they think they have achieved 20 percent equity. Guidelines for canceling private mortgage insurance are set by […]

Private mortgage insurance is a type of insurance that helps protect the mortgage company against losses due to foreclosure. This protection is provided by private mortgage insurance companies and allows mortgage companies to accept lower down payments than would normally be allowed. Private mortgage insurance also enables mortgage companies to grant loans that would otherwise […]

Although the insurance protection concept is similar, there are differences between private mortgage insurance and FHA mortgage insurance. FHA insurance is a government-administered mortgage insurance program that does have certain restrictions. FHA has maximum regional loan limits that are lower than those with private mortgage insurance. FHA may be more expensive, take longer to receive […]

A policy of title insurance is a contract of indemnity between the insured and the insuring company relating to the title to the land described in the policy, protecting the insured against loss of damage by reason of defects, liens or encumbrances of the insured title existing at the date of the policy and not […]

What Protection Does Title Insurance Give? It insures that the “record” title, is good subject only to the exceptions expressly set out in the Policy. lt also insures against certain matters which do not appear of record, such as forgery, identity of parties, incompetence of former owners, interest of missing heirs, and status of individuals […]

Title Insurance insures that the “record” title is good subject only to the exceptions expressly set out in the policy. lt also insures against certain matters which do not appear of record, such as forgery, identity of parties, incompetence of former owners, interest of missing heirs, and status of individuals not having the “right” to […]

An owner’s policy protects only the owner while a mortgage policy protects only the holder of the mortgage on the property. Separate policies are required to protect both interests. Special rates are available when both owner’s and mortgage policies are applied at the same time. The owners policy of title insurance usually is issued after […]