article thumbnail

Mortgage Rates 2024: Can Assumable Mortgages Get You a Lower Rate?

Marco Santarelli

An assumable mortgage is a way to take over the existing mortgage on a property instead of getting a brand-new loan. Here's how it works: The seller's original mortgage terms, including the interest rate, loan balance, and repayment schedule, are transferred to you, the buyer.

article thumbnail

Understanding the Closing Costs Associated With a New Home Purchase

RIS Media

May vary widely between lenders and are not dependent on the cost of the loan. Items to Be Paid at Close of Escrow. VA funding fees and UFMIP are typically wrapped into the full loan balance. – Closing/escrow/settlement fee, title insurance, notary fee, recording fee, pest inspection, home inspection, home warranty.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

DataDigest: 281 Realtors sound off on future of commissions in HousingWire survey

Housing Wire

It won’t help my brand if I hold the line. For 100+ years, consumers have desired that payment for real estate brokerage services be contingent upon the closing of a transaction,” one respondent said. “It’s “We need to do business differently,” another respondent said. Not the consumer.” “The

article thumbnail

Short Sale Mortgage Loans: What Borrowers Need To Know

HomeLight

Even a brand-new home is often in need of at least one minor repair before closing! In general, acquiring a loan for a short sale home is no different than getting a loan for a standard transaction. You can even get an FHA loan for a short sale , but be aware they have guidelines around this type of sale.

article thumbnail

How to Handle Appliances When Selling a House: Follow Market Norms

HomeLight

We’ll also cover how to move your appliances safely to your next home once the sale closes. FHA loans require all included appliances to function properly. Shorey advises homeowners to sell their home with matching appliances, consistent in the finish, age, and brand when possible. “If Source: (Emily Chung / Unsplash).

article thumbnail

Do I Need To Provide My Tax Returns To Buy a House? Your Questions Answered

HomeLight

If you are employed full-time, and your salaried job is your only source of income, you can usually get away with providing your W-2s and a paycheck stub when applying for a loan — you won’t need to provide tax returns. That’s not true of every loan, though. VA (Veterans Affairs) loans typically require a credit score of 620 or higher.

article thumbnail

Educate your real estate clients to make a connection that lasts

Easy Agent Pro

Budgeting, credit scores, how to prepare for the buying/selling process, down payment assistance programs, appraisals, inspections and VA/FHA loan information are just a few. An additional 70 have since closed, “… under the weight of the coronavirus …” claims pointer.org’s Kristen Hare. Then, determine the topics you’ll cover.