Where Does My Earnest Money Go?
Hey, I gave my real estate agent a $5000 Earnest Money Deposit check… Where does that money go? A basic and very obvious question that most First-Time home Buyers ask once their purchase contract gets accepted. According to Wikipedia: Earnest Money – an earnest payment (sometimes called earnest money or simply earnest, or alternatively a
What Does Title Insurance Protect Me From?
By including title insurance when purchasing property, your title insurer takes on accountability for legal expenses to defend your property title, should it ever be challenged. Many different occurrences can come into play to warrant the need for title insurance. The title company responsible will then take on the legal expenses to defend the property
Calculating The Net Benefit Of A Refinance Transaction
Calculating the net benefit of refinancing can be a challenging task if you do not understand what to calculate. We are going to focus on the net benefits of refinancing from the standpoint of lowering your interest rate. Although there are several reasons to refinance, lowering your mortgage rate to save on interest payments over
Making Sure Your Cash-To-Close Comes From The Proper Source
Providing proper asset documentation and the actual source of the funds is a critical element of the loan closing process. There’s nothing worse in a real estate purchase than making it all the way through the hoops and hurdles just to have a loan denied after the final documents have been signed due to the
What You Need To Know About The Home Inspection Process
Congratulations on finding a house! You now have only a few days from when you signed the purchase and sales agreement to have a home inspection. Chances are your real estate agent made the offer contingent upon a satisfactorily home inspection and obtaining mortgage financing. What Is A Home Inspection? According to Wikipedia, a home inspection
Top 8 Things To Ask Your Lender During The Application Process
Knowing what questions to ask your lender during or before the loan application process is essential for making your mortgage approval process as smooth as possible. Many borrowers fail to ask the right questions during the mortgage pre-qualification process and end up getting frustrated or hurt because their expectations were not met. Here are the