Do I Need To Sell My Home Before I Can Qualify For A New Mortgage On Another Property?
April 1, 2010 by Damon Burns · Leave a Comment
Although every situation is unique, it is not uncommon for homebuyers to qualify for a mortgage on a new home while still living in their primary residence. Perhaps you are outgrowing your current house, or have been forced to relocate due to a job transfer? Regardless of the motivation for keeping one property while purchasing […]
What Do Appraisers Look For When Determining A Property’s Value?
March 29, 2010 by Damon Burns · Leave a Comment
Most people are surprised to learn what appraisers actually look at when determining the value of a real estate property. A common misconception homeowners generally have is that the value of their home is determined after the appraiser has completed their physical property inspection. However, the appraiser actually already has a good idea of the […]
Where Does My Earnest Money Go?
March 28, 2010 by Damon Burns · Leave a Comment
Hey, I gave my real estate agent a $5000 Earnest Money Deposit check… Where does that money go? A basic and very obvious question that most First-Time home Buyers ask once their purchase contract gets accepted. According to Wikipedia: Earnest Money – an earnest payment (sometimes called earnest money or simply earnest, or alternatively a […]
What Does Title Insurance Protect Me From?
March 28, 2010 by Damon Burns · Leave a Comment
By including title insurance when purchasing property, your title insurer takes on accountability for legal expenses to defend your property title, should it ever be challenged. Many different occurrences can come into play to warrant the need for title insurance. The title company responsible will then take on the legal expenses to defend the property […]
Understanding the FHA Mortgage Insurance Premium (MIP)
March 28, 2010 by Damon Burns · Leave a Comment
* Disclaimer – all information in this article is accurate as of the date this article was written * The FHA Mortgage Insurance Premium is an important part of every FHA loan. There are actually two types of Mortgage Insurance Premiums associated with FHA loans: 1. Up Front Mortgage Insurance Premium (UFMIP) – financed into […]
Should I Refinance or Get a HELOC For Home Improvements?
March 28, 2010 by Damon Burns · Leave a Comment
For homeowners interested in making some property improvements without tapping into their savings or investment accounts, the two main options are to either take out a Home Equity Line of Credit (HELOC), or do a cash-out refinance. According To Wikipedia: A home equity line of credit is a loan in which the lender agrees to […]
Calculating The Net Benefit Of A Refinance Transaction
March 28, 2010 by Damon Burns · Leave a Comment
Calculating the net benefit of refinancing can be a challenging task if you do not understand what to calculate. We are going to focus on the net benefits of refinancing from the standpoint of lowering your interest rate. Although there are several reasons to refinance, lowering your mortgage rate to save on interest payments over […]
