The decision between a 15-year and a 30-year mortgage is one of the most significant financial choices a homebuyer can make, setting the trajectory fo...
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The choice between a 15-year and a 30-year mortgage is one of the most significant financial decisions a homebuyer or refinancer will make. This decis...
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The journey to homeownership is often symbolized by the quest for the perfect mortgage rate, but the financial responsibility extends far beyond that ...
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In the ever-evolving landscape of real estate financing, an often-overlooked option presents a unique opportunity for both buyers and sellers: the ass...
Read MoreYes, you can. The process may require more documentation to verify your income, as it can be less stable than a salaried employee’s. Lenders will typically ask for two years of personal and business tax returns, profit and loss statements, and may calculate your income based on the average of the last two years.
You can make an extra payment at any time, but it’s most effective early in the loan’s term when the interest portion of your payment is highest. Ensure the payment is specifically designated for “principal reduction” and is applied in the same billing cycle it’s received.
Closing costs are the fees and expenses you pay to finalize your mortgage, separate from your down payment.
They typically range from 2% to 5% of the home’s purchase price. For a $300,000 home, that’s $6,000 to $15,000.
Common fees include loan origination charges, appraisal fees, title insurance, attorney fees, and prepaid items like property taxes and homeowner’s insurance.
Contact your new servicer immediately if you are incorrectly charged a late fee or see a negative credit report related to the transfer.
Federal law provides protections, and servicers are required to correct errors that occur during a transfer.
Keep records of all your communication in case you need to dispute the issue.
Your escrow account for property taxes and homeowners insurance is transferred along with your loan.
The new servicer will take over making these payments on your behalf.
Review your first few statements from the new servicer carefully to confirm your escrow balance and payments are accurate.
