Whether you’re applying for a mortgage for the first time or are looking at purchasing a new home and will be increasing your mortgage amount, it’s essential to understand how much you can afford. You may think that any number that fits within your monthly budget is comfortable and sustainable, but your mortgage lender may [...]
Category | Home Purchase
You’re ready to make that big step into home ownership, which can be exciting, but if you’ve never gone through the process? It’s easy to get overwhelmed but when you have a better understanding of what to expect from the process of obtaining a mortgage, you will feel much more confident about every decision you [...]
You’ve probably heard of CarFax, a service that enables you to get vehicle history reports before you purchase a car to make sure that you aren’t buying a car with otherwise undetectable problems or history that may cost you money in the future. Now BuildFax, based in Austin, Texas is offering a similar service for [...]
When you’ve gotten a pre-approval from your mortgage lender, you’re ready to start shopping for a home. While your pre-approval tells you how much the bank thinks you can afford, many first time buyers in particular wonder if they should actually spend as much as they’ve been approved for. The first thing to note is [...]
Some of life’s biggest changes occur at the same time, even when you don’t plan it that way. It may just happen that you get a job offer that could greatly benefit your career with your closing date looming just weeks ahead. While your first instinct may be to reply with an ecstatic “YES!”; you [...]
You’ve likely heard the phrase “We’re in escrow!” before, but what does it mean? It’s always presented as though it’s positive and as though a house purchase is a done deal. Both of these things are true, but you do need to understand the process in order to be adequately prepared when the time comes. [...]
One of the biggest concerns of first time home buyers when they’re looking at getting their first mortgage is just how much money they’re going to require. Qualifying for a mortgage is the first step in the process, but it is important to understand if you will need cash for your purchase and if so, [...]
FHA NEWS As of April 18th, 2011 FHA will once again be INCREASING their monthly mortgage insurance premiums. What this will look like in $ Example: $400,000 loan, less than 5% down, 30 year loan Current monthly Mortgage Insurance: $300 New April 18th monthly Mortgage Insurance : $366.67 That is over a 20% increase! That [...]
Why certain properties require a 2nd approval by the sellers preferred lender: 1) If it is a bank foreclosure asking you to qualify through their bank, They are requiring this because: A) They want one of their people to check you out to make sure you are really qualified. Sadly, a large percentage of pre qualification [...]
The last few years have been a roller coaster for everyone in the real estate market. Expect: 1) An emotional yet controlled recovery: The emotional aspect: If you read the business section you can see the view on the recovery swing rapidly from day to day. On Monday we are recovering and on Tuesday the market [...]
