The journey from mortgage application to closing table is rarely a straight line. For many borrowers, a crucial and often misunderstood part of this p...
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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 ...
Read MoreAn appraiser will assess the property’s overall condition, size (square footage), number of bedrooms and bathrooms, layout, and any upgrades or renovations. They also note any health or safety issues, as well as the quality of construction. They will photograph the interior and exterior and sketch the floor plan.
Generally, no. A standard mortgage loan is intended solely for purchasing the physical structure and the land it sits on. Furnishings are considered personal property, not part of the real estate. However, some new construction loans may allow certain “soft costs” like landscaping to be included if they are part of the builder’s original plan and increase the home’s value.
Your credit score is a major factor in the interest rate you’ll qualify for. If your credit score has improved significantly since you obtained your original mortgage, you will likely be offered a better rate, making refinancing more advantageous. Conversely, if your score has dropped, you may not qualify for a competitive rate.
The biggest risk is that your home serves as collateral for the loan. If you fail to make payments, you could face foreclosure. You are also increasing your overall debt load, which could strain your monthly budget. With a HELOC’s variable rate, your payments could rise if interest rates increase.
The title closing (or settlement) is the final step where ownership is legally transferred. During this meeting, you will sign all mortgage and title documents, the lender will disburse the loan funds, and the seller will receive payment. The title company or attorney will then record the new deed and mortgage with the appropriate government office, making the sale official.
