Closing Costs, Legal Fees and Other Future Costs

Closing Costs, Legal Fees and Other Future Costs All real estate transactions cost money and most people focus on the down payment. You as the purchaser are responsible for paying these costs and fees. In fact the lender and mortgage insurer normally have a condition that you must prove you have these funds available for […]

Why You Need a Real Estate Lawyer

Why You Need a Real Estate Lawyer We all know just about all lawyers can take care of a real estate transaction. This is not the issue as many can follow the basic lender mortgage instructions and get the deal done and registered. The issue is how smoothly will the transaction progress Lawyers that specialize […]

Home Inspections and Appraisals

Home Inspections Home inspections are a very wise investment and should be considered on any purchase you are seriously considering. They can point out any current or potential issues in your new home. Along with a written detailed report you will also get rough estimates of the cost of repairing any issues that are uncovered. […]

Making Your Offer to Purchase

Making your offer to purchase The fun begins! This is an exciting part in the process! You found your new home, in your perfect neighborhood. You can picture yourself in the house, raising your family, relaxing in your yard enjoying the smells of a BBQ. Now it’s time to make an offer for your new […]

Paperwork: What Do I Need to Provide to a Lender or Bank?

Paperwork: What do I need to provide to a lender or bank? This subject is a little more difficult to define as each lender may request a variety of different paperwork depending on the mortgage you are getting. I will review the basic paperwork and anything else a lender may ask for. To be safe, […]

Pre-Approvals: Why You Must Get it in Writing

Pre-approvals: Why you must get it in writing A written pre-approval provides you with proof you have been pre-approved for a mortgage. It provides you with a rate hold for up to 120 days. This means your rate will not go up during this period. A pre-approval also provides you with a list of conditions […]

Mortgage Types and Terms: What You Need to Know

Mortgage Types and Terms: What you need to know Depending on your situation you will find a variety of mortgage option available. There are two main types of mortgages: 1) Fixed term mortgages 2) Variable Rate mortgage: With each of these types of mortgages there are also: 1) Closed mortgages 2) Open mortgages Let’s look […]

Mortgage Insurance: What It Is and Why You May Need It

Mortgage Insurance: What it is and why you may need it Mortgage insurance is a type of insurance that protects the lender in case you default on your mortgage payments. You only need mortgage insurance when you are putting down less than 20% for your down payment. These types of loans are called High Ratios […]

Your Downpayment

Down Payments and their sources Every real estate purchase you make will require a down payment. The main purpose of the down payment is to show your intent to buy your new home. Even better if you can prove you have saved for it over time. Lenders like to see you save for the down […]