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…]
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?
Believe it or not, there are restrictions on certain cash deposits and it is regulated by your bank and the U.S. government. As a consumer and homebuyer, it’s important to be aware of cash transaction reporting guidelines.
The Bank Secrecy Act
The Bank Secrecy Act sets the guidelines for banks and businesses to report large currency transactions. The purpose of the act is to prevent tax evasion and money laundering by individuals using cash deposits to cover up the illegal source of their “earnings.” [Read more…]
Whether you’re purchasing your first home or your second, lenders will look at your income to determine if you can afford a Kansas City home loan. Namely, they will analyze your gross income, or the income you make before taxes and deductions are made. As a home owner, here is what gross income means for you: [Read more…]
Community property is property jointly owned by a husband and wife. This typically includes all money earned, debts incurred and property procured during the marriage. There are eight community property states: [Read more…]