Often times we are not able to have everything we wish for in a home due to a higher cost than anticipated or any unforeseen changes in financial circumstances. However to make owning a home a reality, consider your first purchase by going with a starter home. It will come Read more…
The rebate agent is being paid the same way as any real estate agent in a real estate transaction. The seller typically puts up 5-6 percent of the sales price to be split between the listing agent and the buyers agent (rebate agent). Depending on the commission split percentage, the Read more…
Escrow accounts are set up for home owners to manage their budgets because large property tax bills are due infrequently. The escrow accounts builds a reserve to pay these bills by collecting from the homeowner on a monthly basis. These escrow accounts are managed by lenders. Mortgage lenders will sometimes Read more…
Going to many open houses will open your eyes to the possibilities and realities of owning a house. It is a good opportunity to see if your image of a dream house matches up to the real houses available for sale. Browsing homes on the internet is never the same Read more…
Community associations, aka home owners associations (HOA), are part of common interest developments. You share the well maintained common areas and amenities. In addition, you share the cost of the staff that comes with maintaining the common areas and amenities. Amenities, common areas, pools, gym, hallways, playgrounds are shared among Read more…
One of the most important aspects of home buying is selecting the perfect neighborhood where you see your family spending years enjoying and contributing to the community. There are many offline methods and online tools to help you narrow down on the neighborhoods that fits you. Talk to co-workers, friends Read more…
A promissory note is the main document to lay out all the terms, conditions, and payment information for the borrower to sign. It is a legally binding promise made by the borrower that they will repay the loan under the said conditions of the promissory note. Parts of the promissory Read more…
Some homeowners are not ready to sell until you present them with the idea of someone wanting to buy their home because of the nearby schools or the family oriented community. Include your best family photo with the letter of intent. Letters help plant the seed in homeowners who have Read more…
Upon 3 days of receiving your loan application, the lender will issue a loan estimate letter to you. It will include every feature of the loan to help you understand the scheduled repayment amounts that you are responsible for. The 3 page form is standardized by the federal government. Take Read more…
Paying points (for a lower interest percentage) upfront on a mortgage can lower the total cost of the life of the loan. The points could be a few thousand dollars upfront. As an added bonus, points are tax deductible. Add up the monthly payments plus the cost of the points Read more…