Foreclosure What is Foreclosure? What Happens When a Mortgage Payment is Missed? How Can a Foreclosure be Avoided? What are Some Other Solutions for “Long-Term” Problems to Avoid Foreclosure? What are Some Other Solutions for “Temporary” Problems to Avoid Foreclosure? What is Foreclosure? It’s when a homeowner is unable to make principal and/or interest payments …
Refinance When should I refinance? Should I refinance if I plan on moving soon? How much will it cost me to refinance? What are points? Should I pay points to lower my interest rate? What does it mean to lock the interest rate? Should I lock-in my loan rate? I’ve had credit problems in the …
Private Mortgage Insurance (PMI) What is Private Mortgage Insurance (PMI)? How Does Private Mortgage Insurance (PMI) Work? Could Obtaining Private Mortgage Insurance (PMI) Help Me Qualify for a Larger Loan? How Much Does Private Mortgage Insurance (PMI) Cost? How is Private Mortgage Insurance Paid? How Does the Buyer Apply for PMI? What is the History …
Appraisals What is an Appraisal An Appraisal is an estimate of a property’s fair market value. It’s a document generally required (depending on the loan program) by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property. The Appraisal is performed by an “Appraiser” …
Closing Costs What Happens at Closing? The property is officially transferred from the seller to you at “Closing” or “Funding”. At closing, the ownership of the property is officially transferred from the seller to you. This may involve you, the seller, real estate agents, your attorney, the lender’s attorney, title or escrow firm representatives, clerks, …
Credit What is a credit report ? Your credit payment history is recorded in a file or report. These files or reports are maintained and sold by “consumer reporting agencies” (CRAs). One type of CRA is commonly known as a credit bureau. You have a credit record on file at a credit bureau if you …
Application Checklist Below is a list of documents that are required when you apply for a mortgage. However, every situation is unique and you may be required to provide additional documentation. So, if you are asked for more information, be cooperative and provide the information requested as soon as possible. It will help speed up …
Home loans come in many shapes and sizes. Deciding which loan makes the most sense for your financial situation and goals means understanding the benefits of each. Whether you are buying a home or refinancing, there are 2 basic types of home loans. Each has different reasons you’d choose them. 1) Fixed Rate Mortgage Fixed …
The first step in obtaining a loan is to determine how much money you can borrow. In case of buying a home, you should determine how much home you can afford even before you begin looking. By answering a few simple questions, we will calculate your buying power, based on standard lender guidelines. Click here …
