What would you choose: working with a mortgage broker, or a mortgage lender? In both scenarios, you’ll be working with a person (a “mortgage banker” or “loan officer” if you opt for working directly with the bank). And, as Mark Greene expertly writes for Forbes, you’ll be … [Read more...]
How and When to Hire a Real Estate Attorney
You don’t always need a real estate attorney for a transaction-related question. More often than not, your realtor can provide you with the answers you seek; however, agents and brokers are not licensed to practice law. So, if you find yourself in need of negotiation … [Read more...]
What Is the Fannie Mae HomePath Program?
Home buyers active on the market before October 2014 might fondly remember the Fannie Mae Homepath program. It was discontinued, as the American real estate market picked up and saw the number of foreclosures drop dramatically, compared to post-bubble numbers. Today’s post … [Read more...]
What Is a Short Sale in Real Estate?
If you’re asking yourself “what is short sale in real estate”, we can only hope you’re considering it from a buyer’s perspective. For a seller, the short sale definition basically describes a scenario that’s only one step above a foreclosure. We’ve covered the answer to … [Read more...]
How Much Should I Pay for a Termite Inspection?
You’re on your way to buying a house, you’ve run a check of your FICO score, got pre-approved for a mortgage, and also deposited some earnest money (usually held in escrow, typically by the company that will conduct the closing). Now is the time for a general inspection of … [Read more...]
Why You Need a Radon Inspection if You Want to Sell Your Home
If you’re looking to buy a home, or to sell the one you own, it’s important to be aware of the existence of a colorless, odorless, and tasteless gas called radon. The (very) bad news about radon is that it’s radioactive and causes thousands of lung cancer deaths in the U.S. … [Read more...]
The Best Time to Buy a House, Finally Revealed by Science!
When is the best time to buy a house? Research has a simple answer to that question: Monday, October 8. The next Monday with this date, as Business Insider points out, will fall in 2018, so you still have plenty of time to save up money. According to RealtyTrac and the 32 … [Read more...]
All You Need to Know about Construction Loans, in a Nutshell
Believe it or not, construction loans are actually more complicated than mortgage loans—and this is because they come with higher risks for the lender, but also for the borrower. Most of the risks stem from the fact that repayment begins only once the project has been … [Read more...]
Does an Interest Only Mortgage Really Work for the First-Time Home Buyer?
An interest-only mortgage is a type of home loan with a term during which the borrower, or mortgagor, only has to pay a generally constant amount that goes toward covering the interest. The principal of the loan remains untouched throughout the duration of the term. However, … [Read more...]
The Quick Home Inspection Checklist + Cost Estimate
“How much does a home inspection cost?” is one of the most frequently asked questions from prospective home buyers. The bad news is we can’t give you the exact cost of home inspection procedures in your area, since they vary based on the state of the property, the presence … [Read more...]