During your home buying process, you might have heard the term cash to close. While cash to close might evoke images of showing up to closing with a duffle bag full of cash, that idea can be misleading since virtually no one uses paper money for cash to close. Though your down payment and mortgage
Home Buying Basics
Like snowflakes, no two home buyers are alike. And there are different types of mortgage loans to accommodate different types of buyers and home refinances. But every mortgage option has its benefits and drawbacks. That’s why it’s important to find the best home loan for your unique situation. To begin our journey through mortgage options,
Buying a home is a big decision. It may be the most expensive purchase you’ll ever make. Because the stakes are so high, you should learn as much as you can about the home buying process before you take the proverbial plunge. One way to do that is by taking a first-time home buyers class.
If you’re shopping for a home loan, you’re probably familiar with the concept of mortgage rates. You probably also know that even a small change to that number can change the amount you pay in interest over the life of a loan by tens of thousands of dollars. But you may not have heard of
Real estate transactions are often chock full of complex terms, complex jargon and complex concepts. Even a question as simple as whether you or not you own your home after closing can result in a not-so-simple answer. (Hint: It depends on which state you live in.) The answer to the question of ownership may rest
If you’re like most people, you may not fully understand the purpose of an impound account. In short, an “impound account,” also known as an “escrow account,” is a way for your lender to ensure your property taxes and homeowners insurance are paid on time. The lender is responsible for managing the account, but it’s
If you’re wondering how the government and other people will know your house is actually yours, then you’ll want to understand how deeds work. There are several types of deeds, but the ones you’ll want to seek out are known as warranty deeds because they can help protect you and your rights as a homeowner.
The internet has given us countless innovations over the last several years. And these days, you can buy just about anything online, including your next home. With an eMortgage (also known as an electronic mortgage), borrowers can potentially move through the entire home buying process, including closing, without ever getting off their couch. Given the
Buying a home is more than a major life milestone. It’s a major financial investment. And with so much at stake, it’s important to work with real estate professionals, including mortgage lenders, that can offer accurate information and help you make smart decisions. Our guide will help you recognize the different types of mortgage lenders
Once you start considering buying a home, the obvious next step is researching and creating a plan. And you quickly find one phrase that seems to proliferate in your search results like a financial-jargon bacteria: interest rate. Interest rates are one of the most important aspects of the mortgage process. They can have a huge
Understanding the difference between title insurance and title endorsement is part of buying a home. And whether you’re ready to buy your first home or you’ve done the whole home buying thing before, you’ll need to either learn or refresh your memory of the title insurance and endorsement lingo used by real estate professionals. Humblebrag:
One thing’s for sure, buying a home is an involved undertaking. And if you’re getting a mortgage or deed of trust to purchase a new home, it gets even more involved. There are all kinds of legal aspects to be aware of, including the due-on-sale clause that most mortgages contain. A due-on-sale clause is a
When you apply for a loan to buy a home, lenders use mortgage underwriting to decide if they want to do business with you. During this process, your personal and financial information is evaluated to determine whether you can afford the loan. It’s the last step in the application process. Ideally, it ends with a
Down payments don’t grow on trees ???. Between high rents, deepening student loan debt, and the cost of living going up – it can take a long time to save the traditional 20% down payment. Even buyers with good credit scores can still face challenges when it comes to buying a home. They may not
The 30-year fixed-rate mortgage has been one of the most popular ways that homeowners in America have financed new home purchases. What is this mortgage mainstay’s secret of success? Is it the right option for you when you buy? What if you want to refinance? Read on to find out more. How Does a 30-Year
Just when you thought you learned everything you needed to learn about buying a home, you come face-to-face with one of the last pieces of the process: closing costs. In a 2020 survey of REALTORS®, the National Association of REALTORS® reported that 25% of people ready to buy weren’t fully educated on closing costs.[1] Handing
Helping out a friend or relative has got to be one of the best feelings in the world. Whether it’s referring them for a new job, facilitating a conversation between them and a person of interest at the bar, or handing them a stick of gum in their time of need — it all comes
Home buying can be a challenging experience for a variety of reasons. One of the biggest challenges for home buyers is saving up enough money to cover a down payment. Maybe that’s why a study from the National Association of REALTORS® (NAR) found that in 2019 more than 32% of first-time home buyers got a
Buying a house can be challenging. But getting a mortgage preapproval before making an offer can make buying a house go a lot smoother and work out in your favor, especially in a hot housing market. Home shop smarter, not harder. A mortgage preapproval letter proves that you not only want the house – but