In the journey to homeownership, securing a mortgage is a pivotal step that can feel complex and overwhelming. The experience, however, is profoundly ...
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The arrival of a notice in the mail announcing that your mortgage servicing rights have been transferred to a new company can be an unsettling experie...
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When purchasing a home, particularly a condominium, townhouse, or a property in a planned community, prospective buyers must account for more than jus...
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When purchasing a home, most buyers diligently budget for their mortgage payment, property taxes, and homeowner’s insurance. However, a frequently o...
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The journey to homeownership is paved with important documents, and one of the most critical early milestones is receiving the Loan Estimate from your...
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An escrow account is a financial tool managed by your mortgage lender to pay property-related expenses like homeowners insurance and property taxes on...
Read MoreDo NOT cancel your automatic payments with your old servicer immediately. Your final payment to the old servicer should cover the month leading up to the transfer date. You must set up a new automatic payment (or one-time payment) with the new servicer for all payments due after the transfer effective date.
The largest fees are often the loan origination fee (charged by the lender), the appraisal fee, and title insurance. In some states, transfer taxes can also represent a significant portion of the total closing costs.
Yes, in most states, insurance companies use a “credit-based insurance score” to help set premiums. This score is similar to a traditional credit score and is based on your credit history. Studies have shown a correlation between credit history and the likelihood of filing an insurance claim. A lower score could lead to higher homeowner’s insurance premiums.
The Fed uses “forward guidance” to signal its future policy intentions to the market. Statements after Fed meetings, the “dot plot” of rate projections, and speeches by the Chair can all move markets. If the Fed signals that it plans to be more aggressive in fighting inflation, markets will price in higher future rates, which can cause mortgage rates to rise today, even before the Fed officially acts.
If you’re self-employed, you’ll generally need to provide two years of personal and business tax returns, along with year-to-date profit and loss statements. For multiple income sources (e.g., bonuses, rental income, commissions), you’ll need documentation like tax returns and account statements to verify the amount and consistency.
