When you buy a home, there is a team of players on your side helping you through the transaction -- it is a team sport since there are so many tasks, important timelines, documents and responsibilities that all need special care and attention. Besides working with a professional team that you trust, it's important that the individual players have the ability to effectively communicate and … [Read more...]
Making Sure Your Cash-To-Close Comes From The Proper Source
Providing proper asset documentation and the actual source of the funds is a critical element of the loan closing process. There's nothing worse in a real estate purchase than making it all the way through the hoops and hurdles just to have a loan denied after the final documents have been signed due to the borrower using the wrong checking account for the down payment. Seasoning of the down … [Read more...]
Understanding the FHA Mortgage Insurance Premium (MIP)
* Disclaimer – all information in this article is accurate as of the date this article was written * The FHA Mortgage Insurance Premium is an important part of every FHA loan. There are two types of Mortgage Insurance Premiums associated with FHA loans: 1. Up Front Mortgage Insurance Premium (UFMIP) - financed into the total loan amount at the initial time of funding 2. Monthly Mortgage … [Read more...]
Sell Your Home Before You Buy Another House?
Although every situation is unique, it is not uncommon for homebuyers to qualify for a mortgage on a new home while still living in their primary residence. Perhaps you are outgrowing your current house, or have been forced to relocate due to a job transfer? Regardless of the motivation for keeping one property while purchasing another, let’s address this question with the mortgage approval in … [Read more...]