Easements (those rights someone else has to use part of your property) are typically recorded in the public records of the County in which the property is located, and are thus easily discernable to anyone searching in the public records. … Continue reading →
While the plat map attached to your preliminary title report will show the boundaries of the property, it will not show where the house is located on the property or whether there are any encroachments on the property (such as … Continue reading →
In spite of the recent shift in the real estate market, seeing sales slowing down in many areas, savvy Buyers are looking for well-priced properties which may now be available to them. Not wanting to loose out to a competitive … Continue reading →
Depending on your annual income, cash reserves, credit worthiness, and the appraised value of the property, you may be able to borrow up to 100% of the value of the home. A typical home mortgage is 80% of the home’s … Continue reading →
Installment sales are used to help spread out capital gains on a property for a period of more than one year. This is done by taking several, smaller payments for the sale of property instead of one large sum of … Continue reading →
If you inherit a property in which there is a mortgage, under the federal law called the Garn-St. Germain Act, you are entitled to take over payments on the existing mortgage. This act prevents a lender from enforcing the “due … Continue reading →
If you have been denied credit in the past 30 days, you have the right to request a free copy of your credit report. Beginning December 1, 2004 in the Western states, and nationwide in 2005, the three main credit … Continue reading →
Many lenders participate in the Community Home Buyer’s Program, sponsored by Fannie Mae, which is specifically tailored for the first-time homebuyer. This type of loan provides financing for low-to moderate-income buyers who might not qualify for a loan on traditional … Continue reading →
Common contingency clauses include: Financing Contingency: allowing Buyers a specified amount of time to obtain a loan commitment and financing which is acceptable to them Inspection Contingencies: depending on your state law, contingency clauses can be written to cover property … Continue reading →
Often it may occur that the property you are buying, upon inspection, reveals a problem that needs correcting. The problem may be a leaky faucet, sagging floor, termite damage, defective roof, or any other problems from small to substantial. In … Continue reading →
A trust is an arrangement which dictates how your assets are to be managed and distributed. Trusts are typically established to save taxes, avoid probate, control trust assets, and protect Beneficiaries. Trusts can be written so that they can be … Continue reading →
By Sandy Gadow Special to The Washington Post As the record-setting volume of home purchases and mortgage refinancing continues, many borrowers are becoming concerned about how to make settlement go as smoothly as possible. The right choice of a settlement … Continue reading →
Your lender or mortgage broker may refer to “Fannie Mae Guidelines” when asking you for documentation supporting your loan application. They may have explained to you that you must qualify for the loan under those guidelines. What are they and … Continue reading →
You will not be required to obtain a new Owner’s Title policy when you refinance your mortgage, but you will be required to obtain a new “Lender’s policy” of title insurance, naming the lender as the insured. The Lender’s Policy … Continue reading →
Most lenders rely on a credit score, called a “FICO score” to determine a Borrower’s credit worthiness when applying for a mortgage. Your FICO score or number may determine what type of interest rate and loan program you are likely … Continue reading →
Many properties have easements, often laid out when the subdivision was created. These easements may be for public utility or power lines, phone lines, water pipes, sewers pipes, gas lines and often cable TV. There are three common types of … Continue reading →
Throughout the closing process, you will have been given various documents, some being mandatory government disclosure documents. These disclosures are meant to keep you fully informed in regard to the costs you will or may incur in your closing. Among … Continue reading →
The Right of Rescission is a protection given to borrowers under the Truth in Lending Act. This right gives borrowers of certain types of loans the opportunity to cancel their loan within 3 business days of signing the loan documents … Continue reading →
