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, it is perfectly legal. You are not legally bound to a lender until you have signed the final closing documents. You have the right to shop for the best mortgage terms for your situation, even after an offer is accepted.
Beyond Jumbo loans, the non-conforming category includes several other specialized products:
Government-Backed Loans: FHA, VA, and USDA loans are non-conforming because they don’t follow Fannie/Freddie guidelines and are instead insured by federal agencies.
Subprime Loans: For borrowers with poor credit histories.
Bank Statement Loans: For self-employed borrowers who use bank statements instead of tax returns to qualify.
Portfolio Loans: Loans a lender funds and keeps in its own portfolio, allowing for more flexible, custom terms.
Yes, some costs can change. There are three categories of tolerance, or how much a cost can increase at closing:
Zero Tolerance: Cannot increase (e.g., lender’s origination fee).
10% Tolerance: Can increase up to 10% in total (e.g., certain third-party fees like title services).
No Tolerance: Can change without limit (e.g., prepaid items like daily interest or homeowner’s insurance).
Clear communication is key. Find out if you’ll be working with one loan officer or a team, their preferred method of communication (email, phone, portal), and their typical response time for questions.
Costs vary dramatically by region, home size, efficiency, and personal usage. On average, U.S. households spend $115-$200 per month on electricity and $50-$150 on natural gas. You can request the past 12 months of usage history from the utility companies or the seller to get a more accurate picture for the specific home.
