The majority of real estate purchase agreements will include a contingency to have a home inspection before a buyer takes the keys to a home. It’s not uncommon for buyers to gloss over issues with a home that a licensed home inspector might be able to catch. If there is a major issue uncovered, it will certainly be the subject of renegotiation.
In the majority of cases, real estate closings happen on time as per the scheduled date. However, there are times when such closings may be delayed for any number of reasons.
Who doesn’t want to score a great deal on a home? Getting a fabulous property for the lowest price possible is one of the primary goals of buyers and their agents.
Imagine being mortgage-free or having access to tax-free money that can be used to cover any one of life’s major expenses? For eligible American homeowners aged 62 years or older, this can be a reality thanks to Home Equity Conversion Mortgages (HECM’s). Backed by the Federal Housing Administration (FHA), these reverse mortgage programs enable seniors to take out some of the equity in their homes and even choose how they withdraw the money.
Usually, buyers move into a home they purchased only after escrow closes, but there are times when buyers get possession of the home before closing. While not very common, buyers who ask to move into the home before closing might have a variety of reasons to do so.
When you obtain a mortgage, the interest rate that you are given will have a significant impact on how much the loan will cost you. Obviously, the lower the rate, the more affordable your mortgage will be. In this case, a larger proportion of your payment will go towards the principal portion compared to a mortgage with a higher interest rate.
It’s often recommended for buyers to close at the end of the month – or at least as close to it – in order to avoid being stuck with having to pay more prepaid interest when the deal closes. This is often a good strategy to save money, but it needs to be fully understood in order to find out how much money truly is saved at the end of the day.
Having poor credit can make it tough for you to buy a car, get a small business loan, and be approved for a mortgage. If your credit is lagging, there are habits that you can adopt today to improve it.
Your home has been on the market for a few weeks now with no offers coming in, despite all the showings that have been booked. What could be the problem?
Your mortgage broker will ask you a number of questions when you’re applying for a home loan, but that doesn’t mean you can’t ask a few questions of your own. Buying a home is a huge decision, and the type of mortgage package that you opt for is just as important.
