What happens during the appraisal?
The primary purpose of the appraisal is to determine the value of a property using similar properties called "comparables."
Impound Accounts
Most mortgage loans come with an impound account for paying property taxes and homeowner's insurance. Impound accounts are pre-funded at closing. And an impound (or escrow) analysis is conducted by your lender once a year.
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.
Comparing Closing Costs
Beware! Some lenders may quote low interest rates with a high cost! Learn how to weigh points or loan fees, closing costs, and prepaid items.
What the heck is APR?
APR is the government's attempt to confuse you. Just kidding. Sorta.
I'm A Little Different
I'm a little different than most mortgage lenders.