Refinancing is the process of paying off an existing loan by taking a new loan and using the same property as security. Homeowners may refinance to reduce their mortgage expense (payment amount) if interest rates have dropped, to switch from …
So you want to be a homeowner: Tips for buying your first home
For most first time home buyers, and many repeat buyers, the process and documentation of a home purchase can be overwhelming. This need not be the case. A clear understanding of the process, the documents that will likely be needed …
Bi-Weekly Payments: Sounds good, but it is really to your advantage?
There has been a common practice that has gained acceptance over the past few years that pre-paying your mortgage is a good thing; and IT IS! Your goal for financial independence should be to own your home outright as an …
Where can I get a fair deal: the difference between Lenders and Brokers?
The world of home lending has changed dramatically. In the 1950’s if you wanted a home loan you went to a bank, sat down with a branch representative, showed them proof that you had 20% or more down payment and …
Seven Things Your Agent Should Know About Your Mortgage Approval
While many experienced real estate agents have a general understanding of the mortgage approval process, there are a few important details that frequently get overlooked which may cause a purchase to be delayed or denied. New regulation, updated disclosures, appraisal …
Do I Need To Sell My Home Before I Can Qualify For A New Mortgage On Another Property?
Although every situation is unique, it is not uncommon for homebuyers to qualify for a mortgage on a new home while still living in their primary residence. Perhaps you are outgrowing your current house, or have been forced to relocate …
What Do Appraisers Look For When Determining A Property’s Value?
Most people are surprised to learn what appraisers actually look at when determining the value of a real estate property. A common misconception homeowners generally have is that the value of their home is determined after the appraiser has completed …
Where Does My Earnest Money Go?
Hey, I gave my real estate agent a $5000 Earnest Money Deposit check… Where does that money go? A basic and very obvious question that most First-Time home Buyers ask once their purchase contract gets accepted. According to Wikipedia: Earnest …
Renting vs Buying A Home
Buying a home versus renting is a big decision that takes careful consideration. While there are several biased sources that can make arguments for or against owning a home, we’ve found that most home buyers base their ultimate decision on …