When you close on your home, you will be paying around 2 to 6 percent of the purchase price in closing costs, or fees paid to third parties for their services. Lenders are required by law to provide you with an estimate of how much these closing costs will cost you so you know what to expect. [Read more…]
You’ve heard it time and time again: “Make sure you get your mortgage pre-approved.” But what exactly is a mortgage pre-approval and why do you need one? Do you even need one?
Getting a mortgage pre-approved before you search for a home is an important step that many would-be homebuyers skip. By not skipping, you can get a leg up on the competition and know how much you can afford to pay for a home. [Read more…]
Whether you’re buying or selling a home, you may come across what is known as an escalation clause. Simply put, this practice increases your bid on a home by a specified amount whenever there is a competing bid. However as simple as it sounds, there are a lot of rules and intricacies to follow and know in order to use it correctly. [Read more…]
As a loan officer, you will get clients who are looking into buying a home, be it their first or second, and find that financing isn’t available to them. Therefore, it’s up to you to help them find viable alternatives. For a potential home buyer, a wrap around loan offers a way to get into a home when traditional financing is unavailable. [Read more…]
When it comes to buying a home, it’s sometimes best to leave your spouse off of the loan so you are able to obtain a home. Depending on your state, a non-purchasing spouse could have a huge influence on your ability to qualify for a home mortgage, regardless of if their name is on the home or not. [Read more…]
Boosting your credit score can sometimes be no easy feat. If you find that your credit score is poor, don’t panic. With the right methods and a little patience, there are ways to make your score better.
Get a Secured Credit Card
Sometimes, you need money for a short term emergency, but don’t want to resort to pay day loans or a credit card. Or perhaps you need to build up your credit history so you can get a Kansas City home loan. You can easily take out a loan by borrowing against any certificates of deposit (CDs) you may have. But before you do, there are a few things you should know: [Read more…]
A transfer on death account (TOD) is an investment account that is designed to make the transfer of an account to a designated beneficiary easier. Transfer on death accounts helps those who want to avoid going through probate.
What is Probate?