When Should You Refinance? One factor to consider is the cost involved. If your closing costs on a refinance are high, and the amount you’re saving per month is low, it may not be to your advantage to refinance. When exploring the possibility of refinancing your mortgage, there are many things to consider. One reason Read More>>
Pre-Qualification
This step involves having a lender, housing counselor, or real estate professional calculate how much you may be able to borrow for a home. This estimate is based upon the household’s income and debts. Pre-qualifying for a loan is not the same thing as applying for a loan or receiving approval for a loan. It Read More>>
Down Payment
Down payment is a percentage of the cost of the home that is due on the day of closing. It is a cost that you must consider when thinking of purchasing a home. The minimum down payment is based on the loan-to-value (LTV) ratio of the loan product. For example, if a home is valued Read More>>
Closing Costs
To avoid any surprises at closing, a good rule of thumb is to set aside an amount equal to 2-3% of the purchase price to cover expenses such as: Prior to Closing -Earnest money deposit: This is a part of your down payment. Earnest money deposit is generally due upon the acceptance of your offer. Read More>>
What is Foreclosure?
Foreclosure occurs when real property is sold to satisfy an unpaid debt. The debt is often a home mortgage, but foreclosure can happen because of other liens, too. Tax liens, mechanics’ liens, and other debts can lead to foreclosure of the home. In order for there to be a foreclosure, there must first be a Read More>>
