You’re ready to get a mortgage and suddenly you start hearing and seeing all of these terms you’ve never heard before—APR, DTI, due diligence. What do they all mean, and most important, what do they all mean for your mortgage? Continue reading “Mortgage Terms You Should Know”
One of my favorite things is being able to see so many different types of homes and measure their ‘liveability’. […]Explore
Selling your home as a short sale can be a stressful situation. It is often the result of financial hardship and is never an easy decision to make. You put your home on the market and hope for the best. Lucky for you, the market is booming with buyers so your Realtor is able to negotiate a great contract. Lenders require an offer to purchase as part of a complete short sale package, so this is often the final piece of information needed to initiate the process.
The problem is, that due to the potentially lengthy process of a short sale, the buyer may not wait around until you receive an approval from your lender on the sale. Since you’ve most likely taken your home off the market and made plans to move, this can put some sellers into a tail spin. So, what does happen when a buyer backs out of a short sale contract? Depending on how far along you are in the short sale process will determine your options. Continue reading “When a Short Sale Buyer Backs Out”
Everyone knows how important your credit score is. It not only affects whether or not you’ll be approved for credit such as an auto or a home loan, but also affects the interest rate you’ll receive on these loans.
Therefore, you should improve your credit score not only because the commercials and billboards tell you to; it can actually save you money. Since I’m all about saving money, I’ve put together these 3 quick ways that can help you raise this score by the next time your score is calculated (usually every 30 days).
You’ve found a home and signed your real estate purchase contract. Now it’s time to get started on your home loan. Lucky for you, you’ve got a great lender who can guide you through the process. But, even the fastest lenders must stick to minimum timelines when originating a home loan.
Many borrowers are unaware of these federally mandated waiting periods and they can add frustration and anxiety to what can be an already complex process. Let’s explore some of the minimum timelines and typical timelines for each step in the mortgage process. Then, in our next article, we’ll offer some great tips to help you get through these timelines as effortlessly as possible.