When buyers negotiate the purchase of a home, price often gets most of the attention. But the final sales price is not the only number that can affect how much money a buyer needs at closing. In some transactions, a seller credit can help with certain eligible closing expenses without requiring the seller to reduce the home's purchase price. What Is a Seller Credit?A seller credit, sometimes called a seller concession, is an amount the seller agrees to contribute toward certain buyer costs … [Read more...]
Why a Condo’s Finances Can Matter Almost as Much as Yours When Getting a Mortgage
When applying for a mortgage, buyers expect their income, credit, debts, assets, and employment to receive plenty of attention. Condo buyers can encounter another layer that sometimes comes as a surprise. Depending on the financing being used, the financial and operational condition of the condominium project itself may also matter. You Are Buying More Than the UnitA condominium purchase usually includes ownership of an individual unit along with an interest in shared areas and responsibilities. … [Read more...]
Could Paying Off a Debt Before Applying for a Mortgage Actually Be the Wrong Move?
Paying off debt sounds like an obvious way to prepare for a mortgage. After all, fewer monthly obligations can improve cash flow and potentially help with mortgage qualification. But using a large portion of your savings to eliminate a debt immediately before buying a home is not automatically the best strategy. Sometimes the money in the bank can be just as important as the debt you want to eliminate. Not Every Debt Has the Same ImpactMortgage qualification considers monthly debt obligations, … [Read more...]
Understanding Escrow Accounts and Where Your Mortgage Payment Goes
For many first-time homebuyers, receiving the first mortgage statement can be a confusing experience. One of the most common questions borrowers ask is why their monthly payment is higher than the principal and interest amount quoted during the loan process. The answer often involves an escrow account and the additional expenses it helps manage. What Is an Escrow Account?An escrow account is a separate account established by the lender to collect and pay certain property-related expenses on your … [Read more...]
- « Previous Page
- 1
- 2
- 3
- 4
- 5
- …
- 8
- Next Page »
