Credit During the Buying Process
Here is a very important message Don’t apply for new credit between the time you apply for a home loan and the day the mortgage closes. The price of ignoring this advice: You could be turned down for the loan while you’re sitting at the closing table. Fannie Mae has a simple rule. It requires lenders to check your […]
Progress on Flood Insurance Issues
Today the United States Senate voted 67-32 to approve the Homeowner Flood Insurance Affordability Act (S. 1926), sponsored by Senators Menendez (D-NJ) and Isakson (R-GA). This bipartisan legislation, an NAR member priority, calls for a 4-year timeout on rate increases triggered either by a property’s sale or a flood map update for a property with previously […]
Mortgage Paperwork: What to Gather When Buying a Home
Here is a run down of the documents that you will need when beginning the mortgage process. There may be others that come up, but this is a good starting point. Purchase Transactions Fully Executed Offer to Purchase and all Addendums Fully Executed Purchase and Sales Agreement and all Addendums Cancelled Checks for all Deposits […]
H06 Insurance Explained
Condo insurance that bridges the gap in coverage between your condo association’s master insurance policy and your property/personal liability protection is known as a H06 condo insurance policy. If you are acquiring a mortgage in order to purchase a condo, your mortgage lender will most likely require you to purchase this policy. Every condominium development has […]