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Home Buyers
What’s a mortgage? A mortgage is simply a loan create to assist you finance your new home. It indicates that a specific amount of money will be loaned at a specific interest rate for a specific term (a specified period of time after which such term is said to be ended). In addition, you agree to make timely payments throughout the duration.
Conventional Mortgage
A conventional mortgage is a fixed or adjustable-rate, fully amortized loan secured by a mortgage or deed of trust that is not insured or guaranteed by an agency of the federal government (such as FHA or VA). Most types of conventional loans are paid off over 15, 25, or 30 years.
Posted: May 11th, 2007 at 12:11 pm
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Home Sellers
After signing a buyer’s purchase contract to sell your house, the preparation for settlement begins. Settlement, or closing escrow, is the process of transferring the title (ownership) of the home from seller to buyer.
A lot of times, the real estate agents will help take care of these arrangements. But the buyer and seller are ultimately responsible for managing to these details.
Buyer’s Responsibilities
Posted: May 11th, 2007 at 1:07 pm
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Posted in
Home Buyers
Recommend first steps for buying a home
Before looking at houses for sale, be sure you do some “research.” Here are some of the questions you’ll need answers:
Check out interest rates
What are current interest rates for 15 year and 30 year fixed rate mortgages? Also, for 1 to 3 year and 5 year adjustable rate mortgages?
Shop for the best loan
Which form of loan is best for you? Will you be in the house several years and benefit most from a long-term fixed rate, or do you want a lower, short-term rate because you plan to move soon or expect your income to increase significantly over the next few years?
Posted: May 11th, 2007 at 1:11 pm
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Posted in
Home Buyers
Finally the time has come! You will be joined at settlement by your attorney or title company representative, the listing and selling brokers, and all owners. The attorney will have reviewed the title, provided title insurance, and obtained old and new lender information.
After all issues are resolved the attorney will explain the following:
Deed of trust or mortgage
Deed of trust note or mortgage note
VA, FHA, or lender forms
Settlement sheets
You and the seller will then sign all necessary documents. You will also pay the balance of the down payment and buyer’s closing costs with a cashier’s or certified check.
Posted: May 11th, 2007 at 1:15 pm
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