Homeowners who went through difficult financial times in recent years, actually can still refinance their homes so long as their situations have changed for the better. Many banks offered loan modifications to homeowners who otherwise couldn’t refinance due to equity position or repayment ability. Two government programs have helped homeowners stay in their home and/or…
Home equity has come roaring back. Many, can now refinance, others, are in a better position to sell as the intense demand for real estate continues. Everyone wants to attain maximum value for their home. So what’s the best indicator of a home’s worth? Simple: the amount a ready, willing, and able buyer is willing…
Typically, with most mortgage companies you will need it least it 620 minimum credit score to get a mortgage. Let’s be clear about something else, this is also a middle credit score. What a mortgage lender pulls your credit report they obtain three credit scores a high credit score, middle credit score and a low…
This is a standard within the industry, closing costs on a purchase transaction cost more than a refinance transaction. One reason is because there is an additional form of title insurance when buying a house that’s not required on refinance transaction. When you buy a house, there’s two forms of title insurance required when taking…
No, the payment is actually made through the close of escrow in the form of prepaid interest. Let’s dive into this a little further: when you pay off a mortgage, the lender will add in what’s called prepaid interest on to the current principal balance and the payoff demand will be reflected higher than what…
Obtaining a home loan requires careful consideration of not only the costs involved, but where your loan is being originated. When people think “mortgages”, they usually think of their local bank or a mortgage broker. Internet only lenders are also in the competitive mix, aggressively promoting ultra-low rates aimed at the masses. Because an internet…
Securing a mortgage today requires careful consideration of all the figures. Biggest numbers most consumers pay attention to include loan amount, interest rate, closing costs and the most scrutinized, the annual percentage rate. APR for short, is a disclosure item required loan advertisements and at loan application. Set forth by TILA (Truth In Lending) and…
We receive this question very frequently. Does it make sense to finance closing costs into the loan amount or is it more beneficial to bring the closing costs into the close of escrow? First things first-no matter how the closing costs are paid, amount remains the same, unchanged. Take a $300,000 loan amount for example…