Blog Category: purchase


Buyer Waives Termite Inspection, But Still Delays Settlement Over Termite Treatment?

I have seen a last minute termite inspection issue cropping up lately that should be discussed. Many times I will see that the sales contract will not call for a termite inspection. In this market of limited inventory one way the buyers are competing is by waiving contingencies. One of those ideas is to waive the termite inspection contingency. Sometimes when waiving this contingency Read More

credit reports

Three Credit Reports to Get a Mortgage?


A lender pulls three credit reports to issue a mortgage? Yes, potentially. One when you get pre-qualified. Then another at loan application, if loan application and settlement happens 120 days or more after pre-qualification. And then the third check is just before settlement! Yes, now Fannie Mae, Freddie Mac, FHA, and all the rule makers require lenders to check for credit activity just a day or two prior to settlement. Read More

piggybank savings

Waiting to Buy, Is It a Good Idea?

I have had numerous clients mention recently that they may wait to buy because they want to save for a larger down payment to have a 20% down payment and avoid mortgage insurance. While it is laudable to want to have a nice chunk of down payment, waiting may not pay off. Some think mortgage insurance is a waste of money, and that they should avoid it at all costs. Again, this is commendable, but maybe not worth waiting for. I’ll show some numbers to explain further. Read More