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…
Buying a house is still a pivotal point in life. Your funds play a key role in your ability to get a loan. If you’re serious about buying a house or will be, how much of your income you should be saving to realistically get the keys… Ask Yourself Shorter Term Or Longer Term?…
If you’re looking to refinance an investment property in Santa Rosa or the Sonoma County surrounding area and your loan is not owned by Fannie Mae or Freddie Mac, the property will have to appraise for market value. Here’s the catch, investment properties require a minimum of 20% equity as well as other lending criteria.…
Home-equity has reappeared for many Sonoma County homeowners, making home improvement projects a reality. Redoing the kitchen, adding on a bathroom, how about replacing the roof? All of these and can be a pricey investment. Here are three ways to cut the mustard… Top 3 Loan Solutions Home-equity line of credit a.k.a. HELOC– the program…
As of October 24, acting director of the Federal Housing Finance Agency (FHFA) Ed DeMarco announced there would be no mortgage limit reduction til at least Spring 2014. Industry changes support current conforming loan limits extending through Spring 2014. How the data adds up.. Top 3 Financial Factors Support Keeping Loan Limits Status Quo…