There are few dirtier words to the average home buyer than “mortgage insurance.” Article after article has been written on ways to avoid mortgage insurance and on why it’s an awful, terrible thing, but I’m here to tell you something new. Mortgage insurance isn’t always a horrifying scar on your mortgage paperwork. In fact, mortgage… Continue Reading
When you think of the word “conventional,” I know it brings to mind images of things that are considered “normal” or “standard” in our culture. That kind of thinking has caused a great deal of confusion among mortgage-seekers for a very long time because a Conventional mortgage isn’t the default choice for many buyers. For… Continue Reading
I’ve said it before, and I’ll say it again — buying a house isn’t easy, there’s a lot to know and you simply cannot go into it without some education. One of the more important forms in your buying process comes when you make loan application. At that time, you’ll get something called a Truth… Continue Reading
You’ve had your inspections and asked for your repairs — the Seller responded and, presumably, those fixes are underway. Your loan officer has all your paperwork, so now there’s nothing to do but wait. Welcome to Mortgage Limbo. I’ve found this part of the process particularly difficult to write about because as a Buyer, it… Continue Reading
We had our home inspection a couple of weeks ago, but it’s a process that takes a while to resolve, so I’m just now posting about it. Basically, once you reach the home inspection stage, you’re entering a hurry up and wait situation. In my area, a homebuyer has 10 days to get their inspection… Continue Reading
Shopping for a mortgage should be your first step before you even begin to ponder your housing options. Whether you choose to go with an FHA, VA, USDA, Conventional or exotic mortgage is a very personal decision that you’ll have to make on your own, but I thought it might help if I made some… Continue Reading
First time homebuyers, more than any class of homeowners, tend to be cash poor. That’s not a judgement statement — we all start somewhere. However, compared to other loans, FHA is much more forgiving of your liquidity-related woes. Because of FHA’s low down payments and small reserve requirements, along with options to roll your up-front… Continue Reading
As much as it saddens me to admit it, we’re entering yet another tax season. When you weren’t a homeowner, your taxes were probably pretty simple — you filed a 1040EZ with your single W-2, waited for your return to arrive as if by magic, and went on with your life. Once you’ve purchased a… Continue Reading
As far as purchases go, your home is up there — it’s one of the biggest purchases you’ll ever make, generally speaking. Whether you’re spending hundreds of thousands of dollars or tens of thousands of dollars, it’s still a lot of money — so you’ll want to be sure that the home you purchase is… Continue Reading
As your closing approaches, it seems more and more like everybody and their uncle is crawling out of the woodwork to demand your hard-earned money. You need deposits for the utilities, a great big moving truck and even more cash for something your banker swears he told you about — your mortgage escrow account. This… Continue Reading