Every night you hear the floorboards creak from footsteps when no one is home, and you swear you felt someone standing behind you only a moment ago. Living in a house with these kinds of creepy occurrences may not be appealing to most, but a recent survey from Realtor.com found that a number of Americans would actually be willing to buy a haunted house.
When you apply for a mortgage, your lender will provide a Good Faith Estimate, often referred to simply as a GFE. A GFE is a government-standardized form that gives estimates of the charges and fees that will be associated with closing your transaction. The lender is required to issue the GFE within three business days after receiving your loan application and it is valid for 10 business days following.
Building a brand new home on an empty lot gives you a great deal of flexibility and freedom as a homeowner. There is no prior house to renovate or add onto; you basically have a blank canvas to make all your own. So if you are the first one to live in your home, can you skip the title insurance?
Getting pre-approved for a mortgage involves having a lender evaluate your financial data to determine whether you qualify for a loan, as well as the maximum amount. This is done by having a loan officer review your income, savings, credit report and debt-to-income ratio. Getting pre-approved can provide mortgage borrowers with numerous benefits and make the homebuying process easier.
Recent reports in the media showing that the U.S. housing market is increasing in multiple facets may inspire some future homeowners to get off the sidelines and into the action sooner rather than later.
When you agree to purchase a home and begin the closing process, you'll be issued an HUD-1 Settlement Statement. The HUD-1 will detail the costs associated with the purchase of the property and will identify which party is responsible for which cost. On this form, however, some charges are aggregated together so that only the total is shown, thus it won't provide specific details on that category of charges. Real estate professionals involved in the transaction, like a real estate agent, broker or attorney can help answer any questions regarding these closing costs.
Although the property you just purchased is new to you, it has a history, and sometimes, these histories can include unwanted baggage. During a real estate transaction's closing process, a title search on the property is completed to determine whetherthere are title defects that can have an effect on the purchase.