Buyers and sellers often wonder what happens if the buyer can’t get his mortgage approval, does the seller get to keep the buyer’s deposit. Especially when a buyer had a prequalification letter issued from a mortgage broker. Once the contract was signed the seller couldn’t sell to another so shouldn’t the buyer lose something for [...]
Recent underwriting changes have made mortgage lending decisions look more like the 1990 ’s which makes getting a mortgage harder. These new policies should inject some needed sanity into the lending process and make lenders and borrowers more secure which will help the real estate market and the economy as a whole. Expect to be [...]
The key question is “Did I save money by refinancing?” If you are able to get a better interest rate and save closing costs (mortgage tax, bank and title fees) does this refinance make financial sense? It is possible that the cost of the refinancing process can outweigh the monthly savings. The easiest way is [...]
When taking a mortgage the borrower will incur closing fees. When refinancing some of the fees can be avoided as they were paid when the original mortgage was taken. To avoid some fees ask about mortgage modifications and assignment of the existing mortgage. Existing mortgage lenders can save their current borrowers money by doing loan [...]
When discussing a client’s refinance I usually go over a script on what to say to the mortgage brokers to get a GFE. When you call the right type of lender you should only need to answer a few general questions about your income and credit in order to get a GFE. Because a GFE [...]
I tell all my friends to call your real estate lawyer before you start the process. Even if you are knowledgeable about interest rates it never hurts to make a call to get some advice that could save money. While it serves to reason that a lower rate is better that is not the whole [...]
5 Myths That Can Ruin the Purchase of Your Home
