What Is A Pest Inspection? A pest inspection includes a search for bugs and other creatures that can cause damage to the structure of your property, a health hazard or both. One common structural concern is caused by termites that get their nutrients from the wood in your house, but various other bugs and rodents […]
What Is Title Insurance On A House? Title insurance is a policy meant to protect home buyers and mortgage lenders from damages or financial losses caused by a bad title due to title defects. Most title insurance policies cover all the common claims filed against a title, including outstanding liens, back taxes and conflicting wills. […]
When funding your mortgage loan, a mortgage lender assesses your qualifications before deciding whether to approve the loan. In exchange for giving you a mortgage to buy or refinance a home, lenders charge a variety of fees that ultimately help them provide more home financing to other borrowers. One of these fees is the mortgage […]
How To Find A Good Home Insurance Policy Follow these simple steps to get the right home insurance policy: 1. Shop Around For Quotes Look at insurance coverage options from a variety of companies so you make sure you get the best rate for you. Compare the different types of coverage against the costs. Check out […]
What Is A Homeowners Association (HOA)? Homeowners associations – HOAs for short – are private organisations that oversee the management of some residential communities. HOAs establish sets of rules and regulations called bylaws for those living in the community to follow. They’re most often used to govern common-interest communities, such as planned neighbourhoods, townhouses and […]
What Is A Flood Zone? An area’s flood zone designation tells us its flood risk as determined by FEMA. FEMA uses a variety of different codes to communicate the specific flood risk to an area. Special Flood Hazard Areas: High-Risk Zones These zones are known as Special Flood Hazard Areas (SFHA). If your flood zone […]
What Is A Mortgage Insurance Premium? A mortgage insurance premium is a special type of mortgage insurance that is paid on FHA loans. It provides your mortgage lender with some protection in the event that you default on your loan. FHA MIP is beneficial to home buyers because without it, lenders would likely require a […]
What Is Escrow? Escrow is a legal arrangement in which a third party temporarily holds money or property until a particular condition has been met (such as the fulfilment of a purchase agreement). How Does Escrow Work? It’s used in real estate transactions to protect both the buyer and the seller throughout the home buying […]
What Is A Loan Estimate? When you apply for a mortgage, your lender is required to give you a Loan Estimate: a standardized form that gives you important details about the mortgage you’re applying for. The mortgage Loan Estimate includes your estimated interest rate, monthly payment, closing costs and other details. The Loan Estimate has […]
When you buy a house, you pay interest on your home loan. Your lender will determine your interest rate based on your financial situation. Your interest rate will likely be low if you have strong credit, a steady income and minimal debts. If your finances aren’t ideal, you may end up with a higher rate. […]