Whether or not you are a first time home buyer or have sold and purchased real estate in the past, the terminology your agent will use to explain parts and pieces of the transaction will likely seem foreign. Sometimes, although not intentionally, your agent might use an industry phrase without explaining what it means.
NOTE: This post was written before the CFPB's Integrated Mortgage Disclousre changes with TRID. The HUD-1 is now only used in very select types of transactions. Visit http://www.firstam.com/ownership/transaction-disclosures/ for information about the new dsiclosures.
If you’re looking to buy a home this summer, you’re not alone. In fact, warm weather, long daylight hours and school-free schedules make summertime the most popular time of year to buy a home. But before you head off to that open house, it’s helpful to become familiar with the forms and disclosures associated with your transaction.
Buying a home may be the American dream, but undiscovered title issues – like liens and forgeries – can make that dream a nightmare. That’s why title insurance has been helping protect American homebuyers, sellers and lenders for more than 130 years. Learn more about title insurance – and how it can help protect you and your home.
NOTE: This post was written before the CFPB's Integrated Mortgage Disclousre changes with TRID. The GFE is no longer used in mortgage transactions. Visit http://www.firstam.com/ownership/transaction-disclosures/ for information about the new dsiclosures.
With temperatures warming up around the country and school officially out of session, the summer home-buying season is in full swing. If you’re shopping for a home this summer, congratulations! Buying a home is an exciting event – but may be complicated for first-time buyers. Becoming familiar with the various forms and disclosures associated with your transaction may help you understand the process a little better.
Interest rates on a U.S. home loan dropped across the board in the week ending May 8, but the 30-year fixed rate outpaced them all. As reported by Freddie Mac's latest Primary Mortgage Market Survey, the average rate for a 30-year fixed mortgage dropped to 4.21 percent from 4.29 percent the week prior.
The Know Before You Owe campaign, developed by the U.S. Consumer Financial Protection Bureau (CFPB), is intended to assist consumers shopping for a mortgage by allowing them to take advantage of revamped and more easily comprehensible mortgage disclosure forms.
Winter isn't traditionally the most popular time of the year to sell a house; the weather is cold and gray, and there's a good chance it will keep potential buyers from wanting to get out to look at homes. Spring is the most popular season for homebuying, but that doesn't mean you're out of luck if you’re looking to sell now.
The Real Estate Settlement Procedures Act requires a mortgage lender to issue a Good Faith Estimate to all potential borrowers. When you apply for a mortgage, make sure you receive this form from your lender.
Whether you're new to the homebuying process or a seasoned veteran, the concept of a tolerance cure might still be a little hazy to you. But it's an important to term to know, because it protects you from overpaying some of your loan costs. Even if you have a real estate professional to guide you through these unfamiliar terms, it's still a good idea to go into a closing with your own knowledge about a tolerance cure.