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
You know your lender checks your credit when you apply for the mortgage. You probably think you are ‘in the clear’ once that report is pulled, right? You figure once the lender approves you for a loan, there’s no reason for them to look at your credit again.Compare Offers from Several Mortgage Lenders.Unfortunately, this is wrong. Many lenders do pull your credit one … [Read more...] about Do Lenders Check Credit Before Closing?
As you shop for a home, you may come across homes that are in probate. This means the owner of the home died without bequeathing the property to someone. Rather than letting the fate of the home’s ownership become a free-for-all, the state steps in and handles the sale of the home. In order for you to buy the home, you will need probate court approval.Looking for Current … [Read more...] about What Does it Mean When a Home is Subject to Probate Court Approval?
At the mortgage closing, you’ll pay a variety of fees, one of which may include the home appraisal. Some appraisers require payment upfront while others allow you to pay the home appraisal cost at the closing. Regardless of when you pay it, you want to know how much it will cost you. The actual cost depends on where you live and the appraisal used. The size of the home and the … [Read more...] about How Much Does a Home Appraisal Cost?
There can be many benefits of buying a home from someone you know. Whether it’s a family member or a friend, you are likely to get the home for a better price, plus you probably know the condition of the home better. Before you get too excited about buying a family member or friend’s home, though, you should understand the rules of the non-arm’s length transaction.Compare … [Read more...] about What is Considered a Non-Arm’s Length Transaction?