5 minute lesson Lesson Summary Overall Timeline: Usually 21-30 days from contract to closing. Prompt responses to document requests are essential. Key Steps: Include title checks, inspections, and appraisals. Coordination and timely actions are crucial. Avoiding Delays: Respond quickly…
6Â minute lesson Lesson Summary Real Estate Agent: Guides you through the buying process, from house hunting to negotiations and closing. Loan Officer: Assists with mortgage options, application, and financing strategy. Home Inspector: Evaluates the property's condition, identifying potential issues…
6Â minute lesson Lesson Summary VA Loans: Ideal for veterans/active military, offering zero down payment and no mortgage insurance. Includes a funding fee. FHA Loans: Suitable for first-time buyers or those with lower credit scores. Requires a 3.5% down payment…
4 minute lesson Lesson Summary Bring a valid and up-to-date ID to the closing table. Review the final CD with your lender before the closing. Avoid bringing cash and opt for a cashier's check or wire transfer. Be cautious…
6 minute lesson Lesson Summary Alternative lending options for homebuyers are discussed in this blog post. Four types of non-traditional mortgages are highlighted: bank statement loans, 1099 loans, profit and loss loans, and DSCR loans. Bank statement loans are…
6 minute lesson Lesson Summary Non QM loans are alternative lending options outside of Fanny May and Freddy Mac's qualified mortgage criteria. Non QM loans are still mortgages, but they don't fit within the specific box set by Fanny…
6 minute lesson Lesson Summary The VA funding fee is a fee collected and added to the loan amount when the loan funds. It ensures the loan for the lender in case of default. The fee varies depending on…
6Â minute lesson Lesson Summary Key Sections: Loan Terms: Loan amount, interest rate, monthly payments, loan duration. Projected Payments: Changes in payments over time, including principal, interest, and mortgage insurance. Closing Costs: Summarizes estimated closing costs and total cash needed…
5 minute lesson Lesson Summary APR, or Annual Percentage Rate, is an important concept for homebuyers to understand. It is often misunderstood, but it is different from the interest rate. The APR can be found on page three of…
4 minute lesson Lesson Summary VA appraisals focus on the value of the home and health and safety issues. The appraiser may mark health and safety issues that need to be fixed before the appraisal is completed. The home…