Lender’s title insurance is an insurance policy that insures the lender that there will be no other liens on the title before the lender’s lien position. This is required with all mortgages. This will protect the lender against problems with the title to the property. The cost of the lender’s title insurance ranges depending on […]
What is a loan commitment and how to obtain one: Generally, all loan commitments are what are called conditional loan commitments. This means that the loan is approved based on the borrower providing certain loan conditions. A loan to commitment letter is a letter given or provided by the mortgage lender that indicates that a […]
Owner’s title insurance is an insurance policy that insures to the new owner that there will be no other liens on the title that will affect his or her ownership. A good example of this is when a prior owner had work done on the house and the tradesman comes back years later claiming he […]
Here, we will be covering the topic of out of pocket expenses. When going through the motions of the mortgage process, it is important to figure out how much you want to pay out of pocket to cover all costs. We suggest you ask yourself how much you can afford out of pocket for a […]
Getting a mortgage with bad credit. There are many people out there who are searching for homes, but do not have good credit. In this scenario, you may be unaware as to what your options are, or if its even possible for you to get a mortgage. The good news is, even with a low […]
An escrow deposit is the deposit that is required to be made per the terms of the contract. This amount is negotiated with the terms of your offer. This indicates you’re serious about buying their home. Once the deposit is in, the money cannot be touched or moved without a written consent from both the […]
An escrow account is like a savings account that the mortgage company holds for you. It may be required for your loan. When you pay your mortgage payment a portion of the taxes and insurance are paid with your mortgage payment. This helps you allocate a portion of your total housing payment toward your annual […]
The difference between a FHA and Fannie Mae loans are that the FHA insured loan is a loan by The US Federal Housing Administration mortgage insurance backed mortgage loan that is provided by a approved lender. These loans are designed for the borrowers who are unable to make a large down payment. Also, the FHA […]
A debt to income ratio is a way for mortgage lenders to measure an individual’s ability to handle monthly payments. Every loan has a certain debt to income ratio that you cannot exceed. The banks use this figure as a guide to determine how much of your income goes towards expenses. To calculate your debt […]
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