Buyer rebate from agent
I am asked more and more often if a real estate Broker can pay a rebate to a Buyer after closing. According to license law a rebate is legal. However, if the Buyer is getting a mortgage it must be approved…
Discount Points
One of the most misunderstood aspects of getting a home loan is that of discount points. There can be some confusion when the fee is referred to by many different names. “Points”, “Discount Points”, “Discount” and “Investor Fee” are just a few…
Refinance into a 15 year loan instead of 30
With historically low interest rates many homeowners are refinancing their mortgages. If you are considering a refinance there are many reasons to consider a 15 year fixed instead of the 30 year fixed that most people opt for. Part of…
It’s not just your mortgage payment to consider
Many people focus solely on their mortgage payment when looking to buy a home. There are many other costs you must consider in your budget. You will pay a monthly cost for property taxes and homeowner’s insurance. You will also…
Cash needed to buy a home
The amount of money required to purchase a home depends on a number of factors, including the cost of the house and the type of mortgage you get. In general, you need to come up with enough money to cover…
Choose a Lender
Your lender should be experienced and trustworthy. He or she should be able to explain various loan options to you, and be readily available to answer any questions you may have. Interest rates and terms are important, but even more…
Getting Mortgage Pre-Approval
What is the difference between being pre-qualified & pre-approved for a home loan? The difference between being pre-qualified and pre-approved is simple: pre-approval means that you have undergone an extensive financial, employment and credit verification process, whereas pre-qualification is when…
Down Payment
The down payment is a portion of the cost of the home; it’s the difference between the purchase price and the mortgage amount, plus any closing costs. The more money you can put into your down payment, the lower your…
Paperwork for your lender
The lender will need some information from you in order to complete the pre-approval process. This may include, but not be limited to, the following: a) All sources of monthly income such as salary, overtime, bonuses, commission, dividends, interest, retirement…
What is a Good Faith Estimate?
The Good Faith Estimate discloses estimated costs associated with your mortgage transaction. By federal law, it estimates the lender’s charges, the closing agent’s fees and estimated amounts for real estate taxes and homeowner’s insurance. Make sure you understand all the…
