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Read MoreThe fastest way is to respond promptly and thoroughly. As soon as you receive the list, gather the requested documents. Provide exactly what is asked for, ensure all documents are clear and complete, and submit them all at once if possible, rather than piecemeal.
An escrow surplus occurs when there is more money in the account than is needed to cover the projected bills. If the surplus is over a certain threshold (usually $50), the lender is required by law to send you a refund check. If the surplus is smaller, the amount may be credited back to your escrow account, potentially lowering your future monthly payments.
Be Proactive: Submit all requested documents quickly and completely.
Be Honest: Disclose all financial information accurately from the start.
Avoid Major Financial Changes: Do not open new credit cards, take out new loans, or make large, undocumented deposits into your accounts during this time.
Stay Employed: Do not quit or change your job.
Respond Promptly: Answer any questions from your loan officer or underwriter as soon as possible.
You can access your home’s equity through several loan products, primarily a Home Equity Loan, a Home Equity Line of Credit (HELOC), or a Cash-Out Refinance. These options allow you to borrow against the equity you’ve built up, providing a lump sum or a flexible line of credit to fund your improvement projects.
Housing Starts: The number of new residential construction projects on which excavation has begun.
Building Permits: The number of permits issued for new residential construction, which is a leading indicator of future starts.
An increase in both signals that builders are confident and responding to demand, which can help alleviate housing shortages and moderate price growth. A decrease suggests a slowing market.
