Variable rate mortgages are considered by many home buyers due to the lower monthly payments at the beginning. The interest rate can be below fixed rate mortgages, but this is not always true. Home buyers should understand how these mortgages work
Mortgages and Financing
Tax Deductions For Purchasing A House In PA
There may be different tax deductions for purchasing a house. Deductions lower your taxable income and thus result in fewer taxes owed. It is useful to understand the tax advantages before purchasing a property or if analyzing renting versus buying.
Title Searches For NJ Home Purchases
Ownership of real estate is tracked by its title. When property is transferred, the title is conveyed from one party to the other. It is therefore an essential component of a real estate transaction. This blog offers information on title searches for
Title Insurance Facts For PA Properties
Home owners often ask about title insurance, what it is, and and if it is required. Lender's coverage is required with most loans, however, owner's title insurance is typically optional. Home buyers should think about the features and
NJ Financing MI Definition
Mortgage insurance (MI) is a policy required by lenders to cover their losses if a property owner defaults on their mortgage. When the mortgage provider goes to relinquish a home, they are unlikely to regain the total amount owed on the mortgage. MI
Details of escrows and pre-paids for PA mortgage closings
Closing costs commonly refer to costs charged by mortgage companies and third parties. Pre-paid costs and escrows are often included in settlement fees and are frequently mistakened as closing costs, but are actually a separate classification.
An Overview Of Lender Paid Mortgage Insurance For PA Loans
Mortgage insurance is generally required when a home owner puts less than twenty percent down of the value of a home. It protects mortgage companies against loss should a homeowner fail to pay a loan. Even though it protects the mortgage company, it
Mortgage Approval Considerations For New Jersey Lenders
Pre-approvals will not guarantee actual loan approval. Mortgage companies perform a underwriting analysis before granting an approval. This formal process does not typically start until after real estate is identified as they must look at both the
PA No Closing Cost Mortgages Advantages And Disadvantages
No closing cost mortgages are typically interesting to buyers with few funds to bring to closing. The term is a bit misleading as there is always a cost to lending money. However, the way those costs are recouped by a mortgage company can be
Information On Income Versus Debt Ratio For PA Loan Pre-approvals
Personal finances play a big role in loan pre-approvals. All finance companies review your assets, income, credit and debts. These determine whether you can obtain a mortgage and for how much. Below is information on income versus debt ratio for PA