When you get a mortgage, you will likely be required to pay closing costs at the finalization of your purchase or refinance. These fees are charged by your lender and third parties that have performed services related to your home purchase, such as title search fees, loan origination fees, appraisal fees, etc. Typically, closing costs…
Author: Laine Smith
5 Easy DIY Weekend Landscaping Projects
Proper landscaping is one of the few home improvements that not only adds value to your property but also appreciates over time. Another benefit of landscape projects? A little can go a long way and most don’t require the help of a professional. Use these easy DIY landscaping projects to add curb appeal to your…
Mortgage 101: Step-by-Step of the Loan Process
To reach full loan approval, your loan application goes through various steps of verification, documentation, processing, and underwriting before your closing date. Check out the step-by-step process of your loan from application to closing.
What’s the Difference Between an FHA and Conventional Appraisal?
In all cases in which a mortgage loan is used to purchase a home, your lender will require an appraisal of the home. Appraisals are used by lenders to determine a property’s value to protect their and their homebuyer’s investment. Home appraisals come in different varieties based on the type of financing used for the…
8 Perennials to Grow in Your Garden in the Midwest
If you are from the Midwest, you are well aware that you are likely to experience multiple seasons of weather in one day. When considering items to plant in your garden, it’s a good idea to pick plants and flowers that can easily adapt to a variety of climate conditions and are native to the…
Mortgage Goals: How Much Equity Will You Gain from Owning a Home?
Equity, which can be defined as the difference between your loan balance and the fair market value of your home, is a huge perk of being a homebuyer. You can gain it simply by making your monthly payments; and you can also borrow from it via a cash-out refinance to help pay for major life…
Mortgage 101: Five Ways to Minimize Your Closing Costs
When you purchase a home using a mortgage, you are not only incurring the costs of the home itself but costs related to the actual purchase of the home, known as closing costs. These fees charged by your lender and third parties related to your home purchase typically range from 2 to 5 percent of…
Mortgage 101: How Are Mortgage Rates Determined?
A big part of when you decide to buy and which lender you choose to finance with will likely depend on how mortgage rates are doing. Your mortgage rate not only affects the amount of interest you will pay over the life of your mortgage, but it can also influence the amount you are approved…
Mortgage 101: How Is a Home Appraisal Calculated?
You’ve been pre-approved for home financing, found your dream home, and made an accepted offer of $220,000; now what? Whether you are buying a home, refinancing your mortgage, settling a legal issue, or appealing property taxes, the value of the property in question needs to be determined through a home appraisal.
Mortgage 101: What Credit Score Is Needed to Buy a House?
Credit scores are a huge part of the loan pre-approval process. It not only determines your eligibility for home financing but can also determine what rate you will qualify for. Why? Because your credit score is used to determine how risk y of a borrower you are. Lenders use your median score from the three…