A home inspection protects the buyer. It’s meant to uncover potentially serious issues with the home so that you understand what you’re buying.
In a competitive market, some buyers walk through the home with an inspector before making an offer on the home. This gives them the confidence to formally waive the inspection contingency when they make their offer, possibly putting their offer in a stronger position to be accepted. However, a home inspection may identify the need for major repairs or builder oversights and minimize unpleasant surprises or unexpected difficulties. Continue reading Why get a home inspection and who pays for it?
I am going to post numbers on the 10 Year Treasury Bond on a regular basis. The 10 Year Treasury Bond is not a direct correlation to mortgage rates, but it is a good number to know.
As of 01-03-2019 the 10 Year Treasury Bond was 2.55%.
Below are some interesting numbers*:
In 2018 the average yield of the 10 Year Treasury Bond was 2.91%.
In 2017 the average yield of the 10 Year Treasury Bond was 2.33%. Continue reading Bond Market Report
Conditional Approval Mortgage
So you’re applying for a mortgage, you think you have everything lined up right, you get pre-approved. Great! And then you get… conditional loan approval? What is that? What are the conditions? Continue reading What does conditional loan approval mean?
When you’re buying a home or thinking of buying one, you’ll need to factor in many costs other than the home loan. If you’re not making a 20 percent down payment, and most people don’t, private mortgage insurance, or PMI, is at the top of the list of costs to consider. Continue reading Private Mortgage Insurance (PMI) Costs
When you divvy up your monthly budget pie, housing is very likely the biggest slice, especially after you add in utilities, maintenance and of course, your mortgage.
So wouldn’t it be great if you could lower your mortgage payments without refinancing your loan? Or better yet, pay off your mortgage ahead of schedule? Continue reading Prepayment Versus Recast
For most people, your ability to get approved for a mortgage, and the terms you’re offered, depends on your credit report and your history of managing debt responsibly.
Under some circumstances, your credit score can be affected by loans you’re not even responsible for paying. Continue reading How Being an Authorized User on a Credit Card can Help or Hurt You
If I had one dollar for every person that said, “Please tell me what I can qualify for but do not pull my credit because I know it hurts my credit score,” I would have enough money to make a large down payment on almost any house I wanted. Continue reading MORTGAGE MYTH ALERT: Having A Mortgage Company Pull Your Credit Report Does NOT Hurt Your Credit Score!
When you’re ready to buy a new home, one of the first things you have to do is take steps to get your financing in place. Mortgage approval is based in part on an automated underwriting process. Unless you plan to pay in cash, you need to secure a mortgage loan. It is beneficial to get a pre-approval letter from a mortgage lender before you even make an offer. Having your loan pre-approved can show a seller you are a serious buyer with adequate funds. You can also reduce the risk of the contract falling through.
Lenders typically use one of two underwriting processes for mortgage loans: automated and manual. Understanding the basics of how these types of loan approval work can give you confidence when applying for your mortgage. Continue reading Automated Underwriting Versus Human Underwriting
Today’s real estate market can be competitive for everyone, no matter what price point you’re shopping at. That’s why it’s important to understand the ins and outs of the home buying process before you hit the market. Let’s talk about what getting a mortgage pre-approval letter involves, how you can do so, and why it’s a good idea for anyone heading into the market for a new home. Continue reading How Much Documentation Needs To Go Into a Pre-Approval Letter?
Homeownership is a major component of the American dream as it provides you with your own piece of property to put down roots and live your life. You might think the process starts when you first go out hunting for houses or condominiums, but it often begins long before the initial meeting with a realtor when you contact a lender for pre-approval. Homes are major purchases, and it’s understandable that you have to meet certain qualifications before the transaction goes through. Here are a few reasons why the seller and realtor might want you to get pre-approved, as well as an overview of the entire process. Continue reading Why Do Sellers and Realtors Want Me To Be Pre-Approved?