Title Insurance is purchased at closing; it is a one-time charge. There are no annual premiums. You pay once, at closing, and never have to pay again. The lender will require you to have title insurance on their loan. You will have the option to insure your interest too. Because you are insuring the difference between what […]
Many first time buyers (and move up buyers too) negotiate for the seller to pay some or all of their closing costs. This is a great strategy to reduce the total amount of cash needed to purchase a home. All loan programs allow the seller to pay some or all of a buyer’s closing costs (and […]
I am so thankful for your referral to a REALTOR who made our dreams come true by pricing our home correctly and marketing it effectively! Jen
We’re ALL (Amazing Loan Ladies) about simplifying the complicated and taking care of the details! TRID stands for TILA/RESPA Integrated Disclosure Rule TILA = Truth in Lending Act RESPA = Real Estate Settlement Procedure Act TRID is CFPB’s requirement to simplify all of this. CFPB = the Consumer Finance Protection Bureau, the new agency overseeing […]
Most loan types require the originator to run the file through an automated underwriting system (or two). Two of the most common are Desktop Underwriter (DU) and Loan Prospector (LP). Some lenders use both automated systems and some use only one. For lenders who use both, like Bookend LendingMortgage Company, if the file is not […]
Typically when you apply for a mortgage loan, you have the choice to lock the rate or float the rate. If you lock the rate, the lender will guarantee the rate for a set # of days (15, 30, 45 or 60 days typically). Generally, the shorter the rate lock term the better the rate. If you […]
Many people wonder what the best program is for a first time buyer? The answer is dependent on the buyer’s credit score and credit profile, the buyer’s income and the amount of cash the buyer has to spend on down payment and closing costs. The combination of these items gives a loan officer clues to […]
Many excellent properties are scooped up by cash buyers at below market value. In fact cash sales make up over 25% of all sales. Investors know they can buy a home that would be difficult to finance (due to property condition) and fix it up and sell it for a profit. But with a rehab […]
The Dodd Frank – Consumer Protection Act was adopted in July 2010 and created the CFPB (Consumer Finance Protection Bureau). Check out their site at www.consumerfinance.gov Starting in January 2014, the CFPB (Consumer Finance Protection Bureau) says mortgage lenders must implement new rules regarding “Qualified Mortgages) and the “Ability to Repay”. These rules are meant to protect […]
There are a few things you should know, from a financing point of view, before you buy a home. You should know that you can qualify for a mortgage. If you are in doubt then you need to seek the answer by contacting a mortgage loan officer who can often quickly and easily determine if you […]
