Let's Talk Bank Statements
If you're applying for a mortgage loan, chances are good that you'll be asked to produce bank statements. Keep reading to lean exactly what you'll need to provide and what your underwriter is looking for.
Let's Talk Pay Stubs
One of the first documents your lender will want to see are pay stubs reflecting the most recent 30 days of income.
Let's Talk Tax Returns
As part of the pre-approval (or approval) process, your mortgage lender will ask to see your tax returns. This is what they want to see!
So you want to buy a fixer upper.
There is a fine line between a home that needs a little work and a home that is not financeable.
The "New" HomePath
The "new" HomePath ReadyBuyer program might get your buyer $3,000 to use toward his closing costs.
What is title insurance?
Title insurance usually protects against errors or omissions in deeds, mistakes in examining records, fraud, forgery, undisclosed heirs and spousal claims. Ultimately the policy protects the owner and lender from the possibility that the seller (or previous sellers) couldn't rightfully sell the property.
What happens during the appraisal?
The primary purpose of the appraisal is to determine the value of a property using similar properties called "comparables."
Earnest Money Tips
When you negotiate a purchase agreement with a seller, you'll be asked to put down earnest money. Earnest money is a deposit that shows the seller you're serious. And like any money that you plan to use to purchase your home, you'll be asked to "source" your earnest money.
What are Points?
It's not the interest rates that change every day. It's the price you pay to get a particular interest rate that changes.
What the heck is APR?
APR is the government's attempt to confuse you. Just kidding. Sorta.