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 […]

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 […]

The 3 Types of Insurance With Your Mortgage

The 3 Types of Insurance with your mortgage Mortgages require 3 types of insurance, each has its own purpose. Depending on your down payment amount you may need all three. If you have a conventional mortgage you will not need the first type of insurance. If your down payment is less than 20% you will […]