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...
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A balloon mortgage can appear as an attractive, low-cost entry into homeownership, but it carries a unique set of financial risks that borrowers must ...
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Before you embark on the journey of applying for a mortgage, there is one crucial number you must know: your debt-to-income ratio, or DTI. This single...
Read MoreThe risks are substantial for both the borrower and the lender: For the Borrower: Extremely high interest rates, risk of foreclosure if you cannot keep up with three separate mortgage payments, and potentially damaging your credit score. For the Lender: High risk of loss if the property is foreclosed, as the proceeds from the sale would go to the first and second mortgages first.
“Approved with Conditions” means you are conditionally approved, but the underwriter needs a few more items before granting final sign-off. “Clear to Close” (CTC) is the final milestone—it means all conditions have been met, the underwriter has given their final approval, and you are cleared to schedule your closing.
For complex projects, yes. A professional landscape designer or architect can help you avoid costly mistakes, ensure proper drainage, select plants suited to your climate, and create a cohesive, functional design that enhances your property value. For simple lawn and shrub installation, a capable DIYer can save money.
The primary reason to refinance is to secure a lower interest rate, which can reduce your monthly payment and the total interest paid over the life of the loan. However, other strong reasons include changing your loan term (e.g., from a 30-year to a 15-year), converting from an adjustable-rate to a fixed-rate mortgage, or tapping into your home’s equity for cash.
1. Review your purchase contract: Check the closing date and any penalties for delay.
2. Get a solid Loan Estimate from the new lender: Ensure the better terms are officially documented.
3. Communicate with your real estate agent: They can advise on the timeline risks and talk to the seller’s agent.
4. Confirm the new lender can close on time: Get a guaranteed closing timeline in writing.
