Monday, September 1, 2014 / by Nicole Solari
Closing costs include all of the fees and costs associated with completing the sale or purchase of a home using a mortgage, that are in addition to the actual cost of the property itself. These costs are due at the "close" of the deal, with the disbursal of loan monies, transfer of deed and completion of other final paperwork and are included on your HUD-1 settlement statement. Some of these costs go to the lender and some to third-party participants. Since many different costs may be included at closing, we'll separate these out for you.
What costs are included at closing?
Although costs can very by state or locality, in general they can include:
Activation fee: (see Points)
Application fee: a fee charged by the lender to cover the cost to process loan information.
Appraisal fee: the fee charged by the qualified appraiser for completing the appraisal report (estimating the market value). Appraisal fees may be a fixed amount or based on ...
Monday, August 25, 2014 / by Nicole Solari
So, you’ve decided to buy a home, you’ve selected the best realtor in town, and now the realtor has given you the task of becoming pre-approved. The next step is to contact a lender who can guide you through the pre-approval process.
Once you find a mortgage lender, you will complete a mortgage loan application. From that application, your mortgage lender will identify the loan products for which you are eligible and will probably make a recommendation. If an FHA loan has been recommended to you, here’s an overview of that product.
Owner occupant only for purchases
A non-occupying co-borrower is allowed
Minimum credit score of 620 (current guidelines at First Home Mortgage)
Minimum down payment of 3.5%
The entire down payment can be a gift
Upfront mortgage insurance of 1.75% of the loan amount
Monthly mortgage insurance for the life of the loan [rate is based on the LTV (loan to value)]
Sunday, August 24, 2014 / by Nicole Solari
Fabulous single family home in highly desirable Browns Valley neighborhood of Napa. Plantation shutters throughout, lots of storage, 3-car garage and pool are just some of the amenities of this great Napa Valley home! Almost 1/3 acre with side yard for RV or boat parking.
Call Nicole Solari at 707-486-5400 for a tour!
Monday, August 18, 2014 / by Nicole Solari
What Is A Credit Score?
When lenders evaluate a loan application, a process called underwriting, they try to evaluate your ability and willingness to repay the loan. They judge the borrower’s ability to repay by reviewing the income and stability of past earnings. This practice helps the lender to determine if the borrower can afford the loan payments. The review of past credit history is used to judge the willingness of the borrower to repay the loan.
Lenders want their evaluation to be as accurate, objective and consistent as possible. To help achieve this goal, home mortgage lenders use credit scores to assist in the underwriting process. Credit scores are numerical values that rank individuals according to their credit history at a given point in time. A credit score is based on past payment history, the amount of available credit, and other factors. According to Fannie Mae and Freddie Mac, two large investors in mortgage loans, credit scores have proven to ...
Monday, August 11, 2014 / by Nicole Solari
Many sellers are still hesitant about putting their house up for sale. Where are prices headed? Where are interest rates headed? These are all valid questions. However, there are several reasons to sell your home sooner rather than later. Here are three of those reasons.
1. DEMAND IS ABOUT TO SKYROCKET TO SELL YOUR HOME
Most people realize that the housing market is hottest from April through June. The most serious buyers are well aware of this and, for that reason, come out in early spring in order to beat the heavy competition. We also have a pent-up demand as many buyers pushed off their home search this winter because of extreme weather. Sellers in markets where seasonal weather is never an issue must realize that buyers relocating to their region will increase dramatically this spring as these purchasers finally decide to escape the freezing temperatures of the winters in the north.
These buyers are ready, willing and able to buy…and are in the market rig ...