Understanding Closing Costs

closing

You can generally break down all closing costs into two basic groups: Amounts paid to state and local governments. These include city, county and state transfer taxes, recordation fees, and prepaid property taxes. Costs of obtaining a loan or mortgage. These fees include title insurance, appraisals, credit checks, loan origination and documentation fees, commitment and processing fees, hazard and mortgage insurance and interest prepayments. There are plenty of fees that you’ll have to pay during the closing. Many of these costs are … [Read more...]

Understanding the Loan Process

home loans

Finding Out How Much You Can Borrow Your maximum loan amount depends on many factors, including: How much you can afford for monthly payments. The appraised value of the property. The amount of equity in your home, if you're refinancing. How much money you have available for closing costs and a down payment (if you're purchasing). Your credit history. Choose a loan that's right for you Countrywide Home Loans’ Full Spectrum® Lending Division offers many home loan  options. We have instant information and friendly tools … [Read more...]

Five Reasons To Check Your Credit Report Regularly

credit

In much the same way that a resume displays your work experience to a prospective employer, a credit report provides prospective creditors (and in some cases employers and insurers too) with a detailed picture of your credit history. And like a resume, your credit report can influence whether you will receive what you are applying for. Ideally, your credit report is an accurate, up-to-date reflection of your credit history. However, since we don’t live in an ideal world, there are many reasons that your credit report could contain … [Read more...]