What Is A Lender Credit? During the last stages of your loan, your mortgage lender will pay for necessary services such as a home appraisal and any pest inspections that your state may require. The lender then charges these services to you in the form of closing costs. If your lender offers you credits, it […]
Why Should You Pay Earnest Money? Earnest money isn’t always a requirement, but it could be a necessity if you’re shopping in a competitive real estate market. Sellers tend to favor these good faith deposits because they want to ensure that the sale won’t fall through. Earnest money can act as added insurance for both […]
When it comes to buying a new home, it may seem like the home’s selling price is never as straightforward as you might expect. On top of the price tag, there are always additional fees and costs reflected in the transaction. Most home buyers expect to cover the down payment and closing costs, but buyers […]
When you buy a house, your mortgage lender will require you to purchase homeowners insurance to ensure their interest in the property is protected in the event of a disaster. The cost of this insurance will depend on a number of factors, including how much your homeowners insurance deductible costs – something you can choose. […]
What Is A House Title? A house title is the ownership record of a property The title shows who’s owned the property in the past, contains a physical description of the property and shows any liens on it. If you just bought the home, your mortgage will be on the title as a lien. It’s […]
What Is A Final Walk-Through? A final walk-through is an important step in the home buying process. It provides an opportunity for home buyers to inspect the house before the official closing. The final walk-through allows the buyer and their real estate agent to go through the house room by room. First, the walk-through is […]
What Is A Seller’s Disclosure? A Seller’s Disclosure is a legal document that requires sellers to provide previously undisclosed details about the property’s condition that prospective buyers may find unfavourable. This document is also known as a property disclosure, and it’s important for both those buying a house and for those selling a house. The […]
Why Understanding Your Closing Disclosure Matters If you’re purchasing a new home or refinancing your current loan, it’s imperative that you understand all the terms of your loan before you sign on the dotted line. The reason for this is that once you sign, you’re committing to the conditions presented. That means it’s crucial that […]
What Are Closing Documents? There are several documents you will need to bring along with you or sign at closing. The papers may differ slightly from state to state because property issues are a matter of state law. Check with your real estate agent or attorney to see if your state has additional requirements. Proof […]
Before you start touring homes and submitting offers, you should take the opportunity to learn more about the final stages of the home buying process. Many first-time borrowers might believe that preparing for closing is just for their mortgage lender, but that’s not always the case. By understanding the next steps of the process, you […]