Remembering each home would appear easy, but it can quickly become confusing. Which home was near the school? Which one had the great pool? Did it have a family room? How many bathrooms? In the “Something Memorable” category, note something you think is unusual and memorable about each home, such as a stained glass window, fruit trees, a child’s playhouse. This will make it easier for you to recall the property later and refer to a specific address. And, last but not least, maybe the most important question, does this house feel like home? The following home comparison chart is… read more →
THIS FORMULA IS ONLY A GUIDE AND NOT TO BE CONSTRUED AS ACTUAL LENDING CALCULATIONS. Contact your loan officer to determine more accurately what price range you should consider. Lenders abide by certain ratios when calculating the loan amount their customers can qualify for and the ratios vary by lender and loan program. Many use 28% of your gross monthly income as the maximum allowed for your mortgage payment (principal/interest/taxes/ insurance or PITI); for your total monthly debt, the ratio is 36%. Total monthly expenses means PITI plus long-term debt (such as auto loans) and revolving/credit-card debt. Do not… read more →
Title insurance protects the insured against covered title defects affecting the insured property. When you buy a home, you expect to enjoy important property rights. For example, you likely expect to be able to occupy the property, to be free from debts or obligations not created or agreed to by you, and to be able to freely sell your property or pledge it as security for a loan. Title insurance is designed to protect these important property rights. Here are seven reasons you should purchase an owner’s policy of title insurance. 1. Buying a home is a big investment. For… read more →
Have you ever considered how much you pay in rent over an extended period of time? It is probably a lot more than you realize. The amount you spend for rent each month could be applied to a mortgage, not only building equity in your own property, but, in most cases, substantially reducing the Federal and State income taxes you pay each year. And, what happens to your rent money? It’s gone! There’s no interest, no equity, no return. To determine your home-buying ability, call your real estate agent or lender. Here’s a chart to help break down how much… read more →
SEND CHANGE OF ADDRESS TO: -Post Office -Bank -Credit card companies -Friends and relatives -Insurance companies — Life, health, fire, auto -Automobile — Transfer of car title registration, driver’s license -Utility companies — Gas, light, water, telephone, cable Arrange for any refunds of deposits Arrange for service in new location -Home delivery — Laundry, newspaper, magazine subscriptions -School records — Ask for copies or transfer children’s school records -Medical records — Medical, dental, prescription histories Ask doctor and dentist for referrals Transfer needed prescriptions, x-rays, etc. -Church, clubs, civic organizations — Transfer memberships and get letters of introduction DON’T FORGET… read more →
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 whether there are title defects that can have an effect on the purchase. One common title issue buyers face when completing a title search is an error in public records. Humans aren’t error-free, and a clerical or filing error regarding your property can have an effect on the deed and result in costs you may not have expected. A title search… read more →
Do you feel like you are drowning in alphabet soup? Acronyms have become common-place in the title insurance industry. In fact, acronyms have come so far that there are acronyms of acronyms! One of the newest is TRID, an acronym for TILA-RESPA Integrated Disclosure Rule. Some acronyms are part of an industry group or association, such as ALTA, NAHB, DOI, or DFR; sometimes an acronym may describe certain standards. There are so many acronyms that it can be confusing and certainly overwhelming. The table below contains some of the industry’s most commonly used acronyms and their meanings.
Have you ever wondered why you need title insurance? Your home may be new to you, but every property has a history. A thorough title search can help uncover any title defects tied to your property. And, subject to the terms of the policy, your title insurance provides protection for you from title problems that may become known after you close your transaction. Some of these common title issues are: Errors in public records: To err is human, but when it affects your home ownership rights, those mistakes can be devastating. Clerical or filing errors could affect the deed or… read more →
Whether you are purchasing a home or selling a house, knowing what to expect and being prepared at the “closing” can help eliminate stress and result in a pleasant experience. Although the settlement process can vary from state-to-state, here are some common items that may be required from you at closing and can help your closing go as smoothly and quickly as possible: » Closing Instructions » Purchase Agreement » Valid Photo Identification » Amendments or Addenda » All Closing Party Members If Applicable: » Buyer(s) Pre-Approval Letter » Home Warranty Application » Payoff Authorization to Release Information » Association/Condominium… read more →
Often times home buyers and sellers of real estate are unaware of what is encompassed by the term “closing costs”. This is especially true for first time home buyers. What is included as closing costs for your particular transaction may vary. However, below are some common closing costs, some of which you can expect to pay at the closing of your next home purchase. Generally speaking, closing costs are defined as miscellaneous fees charged by those involved with the home sale (such as your lender for processing the loan, the title company for handling the paperwork, a land surveyor, local government offices for… read more →
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