Are you having a difficult time qualifying for a traditional mortgage in the current market? If so, there are other options available, and a lack of financing can frustrate not only the buyer but the seller as well. For example, one option that you may have heard about is called a wrap-around mortgage. The entire goal of this mortgage is to help the buyer get financing to purchase the house while making sure the seller still turns a profit. What do you need to know about a wrap-around mortgage? What is A Wrap-Around Mortgage? A wrap-around mortgage is a specific type of home loan that … [Read more...]
How to Get Along With Your Homeowners Association
Rules and covenants of a homeowners association can be a bit overwhelming, especially for a first time homeowner. Understanding that the regulations are designed to protect the value of your home helps make some restrictions easier to live with. Homeowners Association CC&Rs, which stands for "covenants, conditions and restrictions," can be intimidating. But, with the growing number of communities and subdivisions that have existing HOAs, it's important to know what you're getting into before you buy a home. Associations Come In All Forms An association's goal is to maintain the … [Read more...]
Manage These 3 Items Before Applying For A Mortgage
Mortgage lenders weigh the risk of getting their principal and interest paid back by looking at the qualities of the prospective borrower. And due to the amount of money being requested and lent to purchase homes, those requirements can become daunting. Working with a trusted and qualified mortgage professional makes this sometimes confusing process a little clearer. To this end, there are three things that a potential homebuyer can do to prepare for the mortgage approval process: Manage Debt And Credit Levels For many homebuyers, managing their credit score is the biggest challenge. … [Read more...]
What To Know About Property Lines
If you are in the process of buying a new home, you know that there are a lot of moving parts involved. You need to know everything you can about a potential house before you decide to purchase it, and that includes the property lines. What do you need to know about property lines, and why are they so important? How Are Property Lines Drawn? While property lines are the borders that separate one property from another, they are also legal boundaries. Essentially, property lines determine what you do and do not own. There is a chance that someone may place a fence directly on top of the property … [Read more...]
The Top Benefits Of A Single Close Construction Loan
If you are thinking about building your own home, you might be wondering how construction loans work. There are plenty of options available, but one of the most popular choices is a single-close construction loan. This type of loan allows you to close on not only the construction expenses but also your financing costs at the same time. Essentially, a single-close construction loan will convert into your mortgage after the construction on your home is finished. What are some of the top benefits of this type of loan? Save Time One of the first benefits of a single-close construction loan is that … [Read more...]
