You know you are ready to become a homeowner, but have you given it careful thought? Have you thought about not only where you want to live, but also what type of property you want to purchase? This is not a one-size-fits-all transaction. Each person will have a different reason for the type of property they buy. We recommend deciding the type of property you want to purchase … [Read more...] about House or Condo: Which Should you Buy?
Buying a Home
You found the home you want to buy, but find out that the appraised value is less than you bid on the home. Are you out of luck or can you still buy the home?Compare Offers from Several Mortgage Lenders.The answer is tricky, but we help you understand how the process works below. The Appraised Value is King The lender will go off the appraised value. That is how they … [Read more...] about Can a Purchase Price be Higher Than the Appraised Value?
Each year, the government-backed mortgages have different loan limits. Understanding these limits can help you determine how much you may be eligible to borrow whether to purchase or refinance your home.Looking for Current Mortgage Interest Rates? Click Here.This year, loan limits jumped just short of 7%, similar to last year’s increase. This is due to the increasing … [Read more...] about The Loan Limits for Government-Backed Mortgages in 2019
When you buy a home, it’s often a good idea to include some contingencies in the purchase contract. These contingencies protect you should something go wrong after you sign the contract. They give you a ‘way out’ if certain situations occur. One popular contingency is the appraisal contingency.Looking for Current Mortgage Interest Rates? Click Here.Keep reading to learn … [Read more...] about Should you Include an Appraisal Contingency Clause in Your Purchase Offer?
When you apply for a mortgage, you’ll likely hear the lender throw around a couple of different words including appraisal and inspection. They sound like they could be one in the same, right? Wouldn’t an appraiser ‘inspect’ the house?Looking for Current Mortgage Interest Rates? Click Here.In reality, the appraiser’s job is to determine the market value of the house. … [Read more...] about How a Home Inspection Differs from an Appraisal