What Is A VA IRRRL? A VA IRRRL is also referred to as a VA Streamline, and the terms are often used interchangeably. Lenders use the term “streamline” to imply that the IRRRL process is simpler and faster than other types of refinancing options. VA Streamlines can help you switch from an adjustable-rate mortgage to a […]
What Is A VA Funding Fee? The VA funding fee is a one-time fee paid to the Department of Veterans Affairs, and it supports the VA home loan program. Veterans who put down less than 5% on their home purchase will pay 2.15% of the loan amount when buying a home for the first time, […]
What Is A Lien? A lien refers to a legal claim against property that can be used as collateral to repay a debt. Depending on the type of debt owed, liens can be attached to real property, such as a home, or personal property, such as a car or furniture. For example, mortgages or property […]
What Is A Title Search? When buying a home, you’ll likely assume the seller is entitled to sell the property. However, that assumption can have heartbreaking consequences if someone else with a claim or lien on the property knocks on your front door. A property title search examines public records to confirm a property’s rightful, […]
What Is A Property Tax? Property tax is a tax levied by your local and state governments. It’s based on the value of your property. The tax proceeds are used to cover taxpayer services, like public schooling and fire, police and public safety. Real Estate Taxes Vs. Property Taxes Property taxes and real estate taxes […]
What Are USDA Loans? A USDA loan is part of a mortgage loan program that helps prospective home buyers purchase homes in rural, and in some cases suburban, areas. The U.S. Department of Agriculture (USDA) backs USDA loans, which means that the government insures or guarantees the loan. The USDA protects the mortgage lender against […]
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 […]