Ten Credit Do’s and Don’ts To Bear In Mind Prior To Getting Your Mortgage Loan
April 1, 2010 by Stacy Iversen · Leave a Comment
How can a fully approved loan get denied for funding after the borrower has signed loan docs? Simple, the underwriter pulls an updated credit report to verify that there hasn’t been any new activity since original approval was issued, and the new findings kill the loan. This generally won’t happen in a 30 day time-frame, […]
Do I Need To Sell My Home Before I Can Qualify For A New Mortgage On Another Property?
April 1, 2010 by Stacy Iversen · Leave a Comment
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 due to a job transfer? Regardless of the motivation for keeping one property while purchasing […]
What Do Appraisers Look For When Determining A Property’s Value?
March 29, 2010 by Stacy Iversen · Leave a Comment
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 their physical property inspection. However, the appraiser actually already has a good idea of the […]
What Does Title Insurance Protect Me From?
March 28, 2010 by Stacy Iversen · Leave a Comment
By including title insurance when purchasing property, your title insurer takes on accountability for legal expenses to defend your property title, should it ever be challenged. Many different occurrences can come into play to warrant the need for title insurance. The title company responsible will then take on the legal expenses to defend the property […]
Understanding the FHA Mortgage Insurance Premium (MIP)
March 28, 2010 by Stacy Iversen · Leave a Comment
* Disclaimer – all information in this article is accurate as of the date this article was written * The FHA Mortgage Insurance Premium is an important part of every FHA loan. There are actually two types of Mortgage Insurance Premiums associated with FHA loans: 1. Up Front Mortgage Insurance Premium (UFMIP) – financed into […]
Should I Refinance or Get a HELOC For Home Improvements?
March 28, 2010 by Stacy Iversen · Leave a Comment
For homeowners interested in making some property improvements without tapping into their savings or investment accounts, the two main options are to either take out a Home Equity Line of Credit (HELOC), or do a cash-out refinance. According To Wikipedia: A home equity line of credit is a loan in which the lender agrees to […]
