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Federal Housing Administration (FHA) loans are loans designed to help low-income earners with their home and property needs. The FHA, a subdivision of the Department of Housing and Urban Development (HUD), approves lenders and insures part of each loan it oversees. FHA loans can be used to purchase property, renovate existing property, or even earn money off your current mortgage. There are four primary loan-types offered by the FHA: 1. Mortgage Loans FHA mortgage loans have various benefits that make them the ideal loan option for low income-earners or even first-time home buyers. They offer low down payments (minimum 3.5% of...
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VA Loan Requirements If you or a family member is a military service member or veteran considering buying a home, you may be eligible for a VA Home Loan. What is a VA home loan? A VA Home Loan is assistance granted to service members and veterans by the Department of Veterans Affairs to simplify their loan purchase process. VA Home Loans are provided by private lenders, but the Department guarantees part of the loan to encourage lenders to give service members and veterans a better deal. There is no down payment and no monthly mortgage insurance premium. VA Home Loans also...
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Switching Real Estate Agents Are you having issues with your real estate agent? It could be time to say goodbye! But, how do you know when it is time to part ways? Some warning signs you should look out for that may signal it’s time to cut ties: You are disagreeing with each other every step of the way You feel yourself getting angry when you are talking to them Your requests are being ignored Once you have decided to part ways with your agent, here are some ways that you can cut ties with your agent: Canceling a Listing Agreement...
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Multiple Listing Service (MLS): "Multiple listing services, or MLS, is a service that provides a searchable database of property listings for sale." But what MLSs are available to help navigate listings, and how do they stack up against one another? Here's a quick guide to navigating the often cluttered world of MLSs. Before you think about which Multiple Listing Services to use, it's important to have some information handy: What kind of property are you looking for? (home, condo, commercial, foreclosure, etc.) If you're looking for somewhere to live, how many beds or bathrooms do you need? If you're looking for a plot...
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When to buy a home is a question that is on the mind of any homebuyer. There are many factors that determine when you should buy, and we're here to point you in the right direction. FINANCES Your finances are a big part of the equation when it comes to timing and buying a house. Your down payment. For most conventional loans, a lender will want to see at least a 20% of the home’s price as a down payment. Amassing that amount of money can be challenging, so start early. However, some lenders may require a down payment as...
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Preparing for a Walkthrough Before closing on a property, you need to do a final walkthrough. As a buyer, here's some info to help you with the final walkthrough. Don’t do a final walkthrough on the day of your closing. A walkthrough can uncover repairs that should be made before closing. If you do the walkthrough on the same day as the closing, you might not have enough time to get the problems fixed. Many people have two walkthroughs, one to identify problems if any, and another to ensure those issues have been addressed. It is possible to push back...
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Home Closing Process After choosing a home, the closing process starts. This article provides an overview of the closing process. Step 1: Starting the Process First thing's first, a sales contract needs to be signed by the seller and the buyer and delivered to the closing agent. The escrow is accepted by the escrow agent, and the agent starts the closing process by opening a title order. Once the title order is opened, the file begins processing. Legal papers, such as tax information, loan payoffs, homeowner fees, inspections, hazard, and other insurances are ordered as well. Step 2: Title Search and Examination...
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How to Choose a Waterfront Property Waterfront properties are a hot commodity, but what do you need to know before you purchase one? Here are some things to consider. Decide what body of water you want to be on The first step to finding a waterfront property is deciding what type of water you want to live on. If you’re looking for the sound of crashing waves, you’re going to want to live near the sea. A property on the bay may give you the same salty air, but not as much action. If you want to use powerboats, a...
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Did you know that relationship statuses can change the mortgage application process? Here's how: Are you single? When you're single, the decisions and choices are yours alone, and that includes when and where you want to finance a home. However, singles often have one source of income which can make the total household income less than that of couples. If this presents a challenge, consider adding a cosigner. If you have a cosigner, you're viewed as less of a risk since the agreement shows that someone else can make the mortgage payments if you're unable to do so. However, having a cosigner...
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What is Escrow? Escrow is a bond, deed, or similar document that is kept in the custody of a third party (the escrow agent). An escrow takes place when a certain conditions have been fulfilled. An escrow account sets aside items, such as the buyer’s bank check and the purchase agreement, and places them in an impartial holding area. How Does Escrow Work? Escrow protects all parties by making sure that no money is exchanged until all contingencies have been met. If there are any contingencies that need to be completed, such as a home inspection or any repairs, those are...
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