Housing Wire
NOVEMBER 7, 2023
Not helping FHA, VA borrowers get off the sidelines Under current FHA rules, sellers can contribute up to 6% in concessions to FHA borrowers to cover closing costs, prepaid expenses and discount points. “But agent commissions have never been a closing cost from a buyer perspective. Grant said.
Housing Wire
JANUARY 17, 2024
But unlike financing with a traditional mortgage, monthly principal and interest payments are not required on the loan, so long as the homeowner keeps up to date with real estate taxes, homeowners’ insurance and property maintenance. They own the home with their name on the title, as with any mortgage, traditional or reverse.
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Marco Santarelli
JUNE 3, 2024
Here's where a trusted loan officer can be your best friend. By having a clear understanding of your financial goals and risk tolerance, your loan officer can tailor a strategy that aligns with your specific needs. Remember, closing costs can also fluctuate depending on your loan type, credit score, and other factors.
HomeLight
SEPTEMBER 30, 2020
Keep an eye on interest rates,” says Los Angeles-based loan officer Dan Hunt. I have done many refinances over my career that have saved homeowners hundreds of dollars per month and tens of thousands over the life of the loan.”. Pay fees and closing costs. Have the loan underwritten and go through closing again.
Realty Biz
JUNE 15, 2022
Department of Veterans Affairs (VA) loan. Check with your loan officer to see if you qualify for any first-time buyer programs. But with a downpayment less than 20%, a lender typically requires the buyer to take out PMI — which generally costs between 0.4% Your Only Upfront Costs Are a Down Payment.
HomeLight
JULY 25, 2022
Of all the expenses that come with buying a house, prepaid costs often take buyers by surprise and aren’t as talked about as down payments or closing costs. These costs differ slightly from closing costs and will be laid out in your mortgage Loan Estimate and Closing Disclosure.
HomeLight
AUGUST 31, 2021
PMI can be dropped when you reach 20% equity by paying down your loan principal. They might include your estimated monthly mortgage payment , or even projected closing costs. That’s when you talk to a loan officer,” Helali insists. Generally, the higher your down payment, the better your rate. Ask questions!”
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