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...]

What Happens To Your Transaction After Funding?

escrow

In the traditional real estate transaction, be it a sale or refinance of the subject property, it is the Escrow, the repository for all documents, agreements and funds, that should direct the transaction, pursuant to instructions from the parties to the transaction, buyer, seller, lender, etc. The Title Company takes their instruction from the Escrow Company at all times. The Escrow Company opens the initial title order, receives the Preliminary Report and advises the Title Company as to what items on the report are acceptable and which the … [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...]

First Time Home Buyers – The Importance of Pre-approval

pre-approval

Pre-approval can be a very valuable step towards purchasing a home. Many home buyers get pre-qualified for a home loan early on, and then become pre-approved before beginning a serious home search. By completing your mortgage application prior to choosing a home, you can get a pre-approval letter stating how much home you can afford. Your pre-approval letter lets you know exactly how much you can spend, and it shows home sellers and real estate agents that you're serious about buying a home. This may give you leverage in the negotiation … [Read more...]

Considering Making a Move? Information for First Time Home Buyers

family-house

When you're thinking about making a move, the first steps in the home buying process are: Deciding when you want to make your move Considering how much money you would like to spend Thinking about what type of home you would like Deciding where you would like to live The next step is usually finding out how much loan you can qualify for and deciding the type of financing will work best for you. If you're in the "thinking about it" stage, you will want to speak with a lender about receiving pre-qualification. If you choose to … [Read more...]