As a rule, homeowners and real estate agents ask for proof that a lender has pre-approved a buyer for a mortgage before they agree to show the property they have on the market. The practice protects the seller from unsavory surprises. It also clarifies for home buyers the ...
Refinancing a mortgage is often as costly as taking out an initial mortgage loan. Closing costs alone can run 3 to 6 percent of the outstanding principal, says the U.S. Federal Reserve, and that ...Read More
Using a Roth IRA for a down payment on a house may or may not be a good idea. Roth IRAs give you more flexibility for withdrawals without a penalty, because they're funded by post tax dollars. ...Read More
Homeowner's insurance premiums increased by 4 percent in 2011 and were expected to increase by an additional 5 percent in 2012, bringing the annual average premium to just over $1,000 per year. If ...Read More
Whether you want to split your residence between two separate homes, or you simply want a second home to use for family vacations, it may be a little more difficult to qualify for another mortgage. ...Read More
If you are buying a home with less than 20 percent down, or are refinancing less than 20 percent equity in your home, the amount your lender is quoting you for mortgage insurance can seem arbitrary. ...Read More
Diversifying assets to include real estate can help you spread risk across a mix of investments. Whether buying property for direct use or for rental income, your 401(k) might be a funding source. ...Read More
When it comes to home financing, traditional and quite stringent lending rules do not always apply. For instance, homeowners can use nontraditional types of income, like boarder rents, so long as ...Read More
A first trust deed is a document used by mortgage lenders to establish its priority lien on a property. If you default on your home loan, this deed protects the lender and ensures it has priority ...Read More
Mortgage lenders reject about 30 percent of home loan applications and 50 percent of refinance applications, according to Bankrate.com. Mortgage lending guidelines have tightened in recent years, and ...Read More
Whether you want to buy a new home or refinance for a better interest rate, you may be worried about getting approval for a mortgage when you're retired. As long as your credit is good and you have ...Read More
A contract for deed is sometimes known as an installment land contract. You pay the seller of a property regular monthly payments and at the end of the payment contract, you own the property. While ...Read More
Sometimes, traditional bank financing isn't available for a real estate transaction. This can happen for any number of reasons, but the upshot is the same: If you want to purchase a home, you may ...Read More
The most enjoyable part of homebuying is supposed to be the closing. But all too often, buyers have been met with settlement fees far higher than they'd anticipated. The disappointment and ...Read More
The "value" of your home can be determined for different purposes. The two main measurements are the property tax value and the fair market value. If you are refinancing your home, the value is based ...Read More