Bloomberg News recently stated, “The rate of new foreclosures has dropped to the lowest level in eight years as rising property values have erased negative equity and allowed more delinquent homeowners to sell without losing money. The foreclosure crisis is fading for much of the country as the economy improves and homeowners negotiate with banks for … Continued
The mortgage market collapse brought significant legislative and regulatory change initiatives designed to enhance consumer protection, industry practices and procedures. As part of these initiatives, provisions within the Dodd-Frank Wall Street Reform and Consumer Protection Act established the Consumer Finance Protection Bureau (CFPB) to enhance consumer protections by granting CFPB oversight authority around the consumer … Continued
A mortgage is a loan taken out to finance the construction or purchase of your home. APR stands for “annual percentage rate”. The APR on your mortgage is the interest rate on your loan plus all of the costs such as points and origination fees. The factors that affect your APR are: Credit score: The … Continued
Once you have a pending sales agreement, it’s time to go back to your chosen lender to finalize your mortgage details so you can close your transaction. This means finalizing your down payment, interest rate, payment schedule and any other financial conditions associated with the closing of your loan. You had better been preapproved and … Continued
Closing costs come with purchasing a home and will be paid at the time of closing your home purchase or refinance transaction. These costs could vary from lender to lender and loan programs. Your attorney or escrow officer will go over your final HUD-1 Statement from the lender with you, which itemizes all the costs. … Continued
Property taxes are imposed on land and buildings based on their value. To calculate your home property taxes, you need to know the value of your home, the assessment rate and the tax rate. Check with your county appraiser to determine the value of your home. Multiply your home’s appraised value by the assessment … Continued
Owning a home comes with responsibilities and risks that you don’t have to worry about when you rent, such as a mortgage, taxes, homeowner’s insurance, maintenance and repairs, to name a few. However, there are far more advantages to owning: • Historically, it has trended that over time, you’ll lose money by renting instead of … Continued
Attending an Open House is serious business. Remember that an Open House is a sales tool that homeowners use to market their homes. To help keep your focus, keep in mind the following: • Bring a notepad and map so you can mark each home’s location and note its special features. • Pick up a … Continued
To get a clearer view of the home loan process, it’s helpful to know some of the factors that will be considered when your application is reviewed. It’s the underwriter’s responsibility to review your loan scenario and the supporting documentation to ensure that it meets the loan program guidelines to determine whether or not you qualify for … Continued
Lenders will ask you to provide a bundle of personal information, such as your income, employer, social security number and information about your assets during some part of the mortgage application process. Print this handy checklist to keep track of the information you may be asked to provide when you apply for a home loan … Continued