Home loans are available in an assortment of lending packages, but the big difference that consumers need to pay attention to at a minimum is how the interest charge is calculated. Interest is the margin that represents the profit and risk offset for a lender financing a consumer's home purchase. With loans lasting over 30 to 40 years now, the amount of money that can be made can be two or three times the purchase value of the home involved. So it's calculation method is important for the … [Read more...]
5 Ways Millennial Buyers Can Snag Their Dream Home In This Sellers Market
According to the 2017 Home Buyer and Seller Generational Trends Report, Millennials bought 34% of the homes sold; the largest of any generation last year. Millennials looking to buy their first, or second, home need to ready themselves for a surprisingly competitive market. Lack of supply causes attractive homes to garner multiple offers in just a few hours! What can a Millennial buyer do to appeal to sellers and be the one who ends up with the home? Here are 5 ways they can snag … [Read more...]
The Home-Buying Closing Process in a Nutshell
The closing process for a home purchase is an exciting time. The home is finished, the purchase is ready to be finalized and it's almost time to move in. The final steps of the closing process ensures both parties are able to meet their requirements and all the paperwork is in place and verified. The Key Players There are actually four parties involved in a typical closing: the buyer, the seller, the bank or lender financing the purchase, and the escrow agent. Each has an important role in … [Read more...]
Equity Loan and HELOC vs. Reverse Mortgage – What’s the Difference?
There are times in our lives when the idea of freeing up cash becomes desirable or necessary. Near retirement, this is a common consideration. The typical financial tool that many retirees want to know about is a reverse mortgage, but it's not the only equity tool available. Equity Loan The equity loan, or second mortgage, is essentially an additional fixed interest loan attached to the home. However, unlike the first mortgage which was used to buy the … [Read more...]
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