When you hold something in ‘escrow’ you give a neutral third party possession of a valuable. In the case of real estate, you give the third party the buyer’s money and the seller’s deed. This third party is neutral – he does not care one way or the other if the buyer buys the home or if the seller sells the home. The escrow agent’s job is to make sure all conditions are met on … [Read more...] about How Escrow Protects Both Home Buyers and Sellers
When you need cash, you may want to tap into your home’s equity. One such way to do this is with a home equity line of credit. This second mortgage puts a second lien on your home, but gives you access to up to 85% of your home’s value. The amount you may borrow depends on the outstanding balance of your existing mortgage.A line of credit gives you access to the full amount … [Read more...] about What are the Pros and Cons of a Home Equity Line of Credit?
Scraping together money for down payment is one of the most common challenges American homebuyers have today. It can be hard to come up with a down payment for a home when, ideally, it has to be around 20 percent of the property's purchase price.Typically, a 20 percent down payment is necessary to have an attractive mortgage offer. It can significantly reduce the mortgage … [Read more...] about Is a Silent Second Mortgage Legal?
In an age where smartphones redefine the way news is spread or business is made, where supercomputers are catapulting humans’ reach into deep space, and where the internet is rapidly becoming the medium of progress, the mortgage industry is noticeably left behind. Majority of its processes still rely on manual operations and only a few have seemed to embrace the power of … [Read more...] about Tech for Mortgage: Revolutionizing an Entire Industry
Every home buyer has their own characteristics or personalities. For pet-loving home buyers, the biggest factors that help them decide which home to purchase has something to do with their furry friends.When pet-lovers become homeowners, expect that their home buying preferences are influenced greatly by the needs of their pets. They look for properties that are conducive … [Read more...] about Pet-friendly Homes: A Pet-lover’s Guide to Buying a Home