If you're planning to remodel or renovate your home in the near future - whether to provide a better living environment or as part of a house flip - you'll need to find a way to pay for your home improvements. There are several different possible sources of renovation money, each with their own advantages and disadvantages. One option that is gaining popularity is mortgage refinancing. How does mortgage refinancing work, and how does it compare to other renovation financing options? How can you use a mortgage refinance to get the most out of your renovation? Here's what you need to know. Home Improvement Investments: Which Renovations Generate The Best Returns? If you're considering a … [Read more...]
The Do’s and Don’ts of Getting Approved for a Mortgage Quickly
If you're ready to buy a home, getting approved for a mortgage is a critical step that you can't skip or rush. And although it may seem like the lenders can be a bit arbitrary in their approvals, there's actually a detailed set of criteria they look for when approving or denying an application. So how can you ensure your mortgage gets approved quickly and without any hassles? Here's what you need to know. Do: Have All Your Documents In Order Right Away Processing the paperwork on a mortgage approval is one of the most time-consuming parts of getting a mortgage. And if you forget to include a form or fill something out incorrectly, it may take your lender days or weeks to sort out the … [Read more...]
Major Mistakes Which Are Sure to Increase Your Closing Costs
When shopping for a mortgage, it is important to take closing costs into account. While some closing costs are the same for all lenders, different programs may add or reduce some of the burden borrowers face when closing on a home loan. Let's take a look at some major mistakes that could result in borrowers paying more than they need to in closing costs. 1) Failing to Take Property Taxes Into Account Property taxes are generally put into an escrow account that is established prior to closing on the home loan. In most cases, a homeowner will have to pay 12 to 14 months' worth of property taxes prior to close. This can represent several thousands of dollars or more depending on the property … [Read more...]
What Happens at a Mortgage Loan Closing Meeting? Let’s Take a Look
So you've found the perfect home, the seller has accepted your offer, and now you're just waiting for the mortgage to close before you wrap up the sale and take possession. It's time for the closing meeting. But what does this meeting entail? And what do you need to prepare for it? Here's what you need to know. The Day Prior: Walking Through The Property 24 hours before the closing meeting, you'll be given an opportunity to walk through the property and do a final inspection. During this inspection, you'll be able to look for any damage that may have occurred between contract and closing, which means you can negotiate repairs with the seller. It can be a good idea to schedule your closing … [Read more...]
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