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 takes a look at the program, its provisions and benefits, as well the […]
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 the question “what is a short sale” before on this […]
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 the home, but also for a […]
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. each year—a 2003 EPA […]
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 million home and […]
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 completed, but also from the over-budget costs, which can […]
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, this term cannot last indefinitely—at the end, the mortgagor […]
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 of a pest infestation, the size […]