Refinancing your home is based upon a variety of current listings as well as closed sales around your property. In most circumstances, appraiser will look for comparable data in a half mile radius from the subject property, your home. They will take into consideration the main facts, lot size, property square footage, bedrooms and bathrooms…
Refinancing can be less appealing for many homeowners because the clock resets each time. In some circumstances, especially if you’re a few years away from paying off the home in full a refinancing may even not make sense. Ways to refi without starting the term over… The traditional 30 year fixed rate mortgage remains most…
In the last few years, many consumers bought homes with low down payments and have seen a dramatic rise in their home-equity-opening the door to trade up to more a desirable homes and/or locations. Perhaps the family is expanding and or timing is right to trade up. As attractive as the concept sounds, due to…
This is the mother lode question on every consumer’s mind seeking mortgage loan financing. Everybody wants to get the lowest and best possible interest rate for their mortgage right? Obviously, the lowest possible interest rate and least possible cost is ideal. The cold reality is that after you close escrow rates can drop below what…
Yes, but not in the way most home buyers would think. Let’s say for example you agree to purchase a house for $450,000 and your putting down 20%, $90,000 so the amount you’re looking to finances $360,000. There is not a way to simply increase the loan amount for covering closing costs. Seller Credit-this can…
Closing fees are always an inevitable part of taking out a mortgage. Following are little-known tips to minimize the fees when encumbering property… Ask For Seller Credit– In order to finance closing costs in a purchase transaction, buyer asks seller for closing cost credit in the offer. Most lenders allow for a 3% seller credit.…
Collections negatively affect your chances of getting a mortgage loan, but it’s not impossible to be successful on getting approved for a mortgage despite having previous bad debts. When you apply for a mortgage loan, the lender pulls your credit report and will know in 20 seconds what your credit scores are and how any…
In most cases the closing costs are not actually higher, although they appear that way due to accounting for reoccurring costs such as mortgage interest, property taxes and fire insurance. Before we dive into the nuts and bolts let’s go over closing costs…. Re-occurring Vs. Non-reoccuring Closing Costs Recurring Closing Costs: are the carrying costs…