What does it mean to have a mortgage? An assumable mortgage refers to a situation where a buyer takes over the existing home loan of a seller. It’s important to note that not all loans can be assumed, typically only certain FHA and VA loans offer this option. With a mortgage, the buyer effectively steps
What is a Zero Down Payment Mortgage? A zero down payment mortgage refers to a mortgage where there is no requirement, for any payment at the time of closing. The idea of buying a home without having to put any money down may seem attractive to individuals. However it has become increasingly difficult to obtain
What are FHA approved condominiums? FHA approved condominiums are condominiums that meet the eligibility requirements set by the US Department of Housing and Urban Development (HUD). If you’re interested, in purchasing a condo using an FHA loan it must meet these criteria. Do you want to check if a specific condo complex is approved by
A home equity line of credit known as HELOC is a type of mortgage loan that allows homeowners to access the equity, in their homes on a needed basis. It can also be used as part of the financing plan when purchasing a home. Lets explore how you can benefit from a HELOC and understand
It’s undeniable that your credit rating will be negatively affected if you go through a foreclosure. Late mortgage payments, short sales and deeds, in lieu also have an impact. If you find yourself in times and facing one of these options don’t lose hope; the damage is not permanent. Lets explore how foreclosure, short sales
If you’re facing difficulties and finding it challenging to afford your home there are a couple of options that could help you avoid foreclosure. A sale or a deed, instead of foreclosure. While neither option is ideal compared to staying in your home they can at least spare you the expenses and troubles typically associated
Just the mention of it is enough to make your stomach churn; foreclosure. The reality is it’s a situation. It’s painful. Just the thought of it can be. The actuality can be even worse. However ignoring the warning signs of foreclosure won’t make it disappear. If you take action there might still be a chance
Being prepared is crucial when it comes to financing a foreclosed property. The good news is, if a foreclosed property is, in shape and you have a credit history the process can be similar to buying a regular home. However the condition of the property and its intended use (as a residence or for investment
Foreclosure reports have surfaced regarding, over 424,000 properties across the United States in the half of 2017. This indicates that there are opportunities for those in investing in the foreclosure market. However it’s important to note that purchasing a foreclosure can be a process. Inexperienced buyers could potentially make errors if they haven’t done their
A bank owned property, also known as an estate owned (REO) property refers to a property that has been reclaimed by the mortgage lender after it failed to sell at a foreclosure auction. Once the bank takes ownership of the property they handle any eviction procedures settle tax liens and may perform repairs as needed.
Having equity, in your home opens up opportunities to achieve your goals. Whether you’ve built equity through payments or due to the appreciation of your homes value (or both) there are several ways you can effectively utilize this equity. Two common options include a cash out refinance and a home equity loan. Here’s what you
In the United States, different states have processes, for foreclosure, known as nonjudicial foreclosure. The distinction usually depends on whether the state follows a mortgage or deed of trust system. However, it can be assumed that all states allow some form of foreclosure process. Here are some important points to keep in mind about each
Foreclosure occurs when a homeowner is unable to keep up with their mortgage payments. This can be an intricate process that can extend over months or even years. Lets delve into the details. How does the process of foreclosure work? There are stages that a lender needs to go through before they can foreclose on
When it comes to buying or selling a home it’s important to approach these life events, with planning, research and execution. It’s normal to feel overwhelmed by the details especially when you’re trying to handle both processes. To assist you during this stressful time we have created a helpful infographic that outlines important factors for
If you’re looking for ways to finance your home improvements you’re not alone. It’s common, for half of homeowners planning renovations to face challenges in determining how to cover the expenses. While many homeowners choose to pay for improvements using cash or debit cards (57 percent). By paying off their credit card bills (27 percent)