Are you considering owning a new home? Trying to decide how to choose the best mortgage lender for your needs? Did your real estate agent give you three names? Then start here!
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.
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.
A Zestimate is simply what it implies, an estimate of a home's value. The Zestimate is not an appraisal. It's not an estimate of value from a local real estate professional. And it can't always be trusted.
Are you considering owning a new home? Trying to decide how to choose the best mortgage lender for your needs? Did your real estate agent give you three names? Then start here!