Escrow Hold Backs Can Save Your Buyer’s (or Seller’s) Day
October 20, 2014
Have you ever had a problem where a seller lacked the funds to do a required repair prior to closing?
Even if you have never had this actually kill your sell, chances are you have encountered this situation in some variation and it made for some very stressful last minute maneuvering and delayed closings.
An Escrow Holdback can save you these headaches and just might save your transaction one day.
An escrow holdback is when funds (typically on the seller side) are held at close u ..... read more
97% North Carolina Housing Finance Agency loans are great for any buyer
October 15, 2014
The North Carolina Housing Finance Agency (NCHFA)has just released new details on its conventional loan product. As a refresher or for those unfamiliar; NCHFA offers a 97% conventional loan, with a 2% down payment assistance, leaving only a 1% down payment required from the buyer. Rates available at this link.
Here are the basics:
97% loan to value loan with 2% down payment assistance (2nd Mortgage) available, for a minimum of 1% borrower c ..... read more
Get a new pool with your new house; A Pool Holdback can keep cash in your pocket
September 15, 2014
HomeStyle Renovation make up our core mortgage products, but unique Escrow Holdbacks (including a POOL Holdback) are available as well.
So you want a pool in your new house or an existing house. You have found the perfect house but it doesn't have a pool and you want to finance it into the purchase of your home.
Most lenders do not allow for a "pool holdback" however First Choice Loan Services has a unique product which allows you to buy your house, get a pool quote and plans, i ..... read more
Realtors: Know your Mortgage Loan Terms!
August 27, 2014
Love this information from Realtor.com below is their glossary of terms with links to sites that expand on each of these. This is great stuff!
Welcome to the realtor.com ® mortgage terms glossary, featuring 47 frequently-used words and phrases you need to know as a home buyer or a homeowner.
(Some definitions contain additional information, examples and answers to common questions. When available, click on mortgage terms to learn more on realtor.c ..... read more
Mortgage Rates : To Lock or Not
August 20, 2014
Mortgages: To Lock or Not? Should you pay for an interest-rate guarantee?
Some banks are encouraging home buyers to lock in mortgage rates to guard against rising interest rates; however, borrowers should be cautious: Interest-rate locks often come with fees that can eat into savings and can prove costly if rates go down instead of up. What exactly are interest Rate Locks?
Rate locks allow home buyers to guarantee a certain interest rate on their mortgage f ..... read more
Buying a HUD Foreclosure? Learn some key tips
July 30, 2014
The U.S. Department of Housing and Urban Development (HUD) has thousands of homes for sale nationwide. Despite the publicized risks and drawbacks of HUD homes, real estate agents who specialize in these sales say buying homes HUD owns may actually be easier than buying a home in a traditional sale. You can search for HUD homes here.
Please know buying a HUD home requires specialized knowledge from your Real Estate Agent and from your lender. Make sure they have e ..... read more
First Time Home Buyer Tips
July 23, 2014
First time home buyer tips are something everyone who is going to purchase real estate for the first time should seek out and use to their advantage. Buying your first home is a big deal! If you are like most it will be the biggest purchase you have ever made. This naturally leads to a mix of emotions including excitement, anticipation and anxiety. While it may be impossible to eliminate the stress that comes from your first home purchase, you can certainly minimize it by going i ..... read more
Avoid the Most Common Mistakes Charlotte Home Buyers Make
July 11, 2014
Buying a house in the Charlotte area can be a nerve-wracking experience that brings a roller coaster of emotions. Between finding the right place, securing the loan and finally moving in- you are likely going to experience some stress. Buying your home is usually the largest investment you have considered and the emotions of purchasing something so expensive and personal can sometimes cloud your business judgment.
Most Charlotte home buyers do little or no r ..... read more
Insure your Home the Right Way
June 27, 2014
As you move through different stages of life, it is important to protect the things you work hard for such as cars, homes and valuables. Your home is likely your biggest financial investment, so it is important to properly safeguard it with homeowners insurance. Insurance safeguards your interests from uncertainty; it provides you with safety, security, and peace of mind. It also offers a level of protection against unexpected loss of property and personal belongings.
Researching h ..... read more
Should you Pay Points on your Mortgage?
June 19, 2014
Paying points, or an origination fee, is something that as a homeowner, you may consider doing.
In general, if you choose to pay a point on your mortgage loan, you will have a higher up-front closing cost but will instead get a lower interest rate . Typically, a 'point' is equal to 1% of the loan amount and it will lower your interest rate by 0.25%-0.5%.
If you plan to stay in your home and keep your mortgage for a long time, then deciding to pay points might be best, as you will s ..... read more