When you close on a loan, there has to be funding. That’s how the money exchanges hands. There are two types of funding that you may experience – wet funding or dry funding. Looking for Current Mortgage Interest Rates? Click Here. It’s important to understand the difference as it pertains to how and when the seller (or you in a refinance) receive the funds. What is a Wet Funding? At a wet funding, the loan funds immediately at … [Read more...]
What USDA Closing Costs Can Sellers Pay?
USDA loans are a great loan for rural homebuyers. Don’t let the term ‘rural’ fool you, though. A large majority of the United States properties are eligible for USDA loans. With no down payment required and flexible guidelines, it’s a great loan for those that don’t qualify for any other type of financing. Get Matched with a Lender, Click Here. Despite the no down payment requirement, USDA loans still have closing costs. All loans … [Read more...]
USDA Loan Refinance Options
Low to medium-income borrowers often benefit from the USDA loan program. With no down payment requirement and flexible guidelines, you can get the USDA loan with little money out of your own pocket. But what happens when you need/want to refinance? What options do you have? Looking for Current Mortgage Interest Rates? Click Here. The USDA Streamline Assist Refinance The USDA started a streamline refinance program, much like the FHA … [Read more...]
The Difference Between the USDA Annual Fee and PMI
If you put less than 20% down on a conventional loan, you pay for Private Mortgage Insurance. The PMI protects the lender should you default on your loan. It makes sense that USDA loans would have mortgage insurance too, right? After all, you can borrow 100% of the home’s value. The USDA doesn’t charge Private Mortgage Insurance, though. Instead, they charge an annual fee. Get Matched with a Lender, Click Here. Keep reading to … [Read more...]
How Long Does it Take to Close a USDA Loan?
USDA loans have the reputation of taking ‘forever’ to close. That’s not the case, though. They don’t take nearly as long as many people think. Yes, the USDA does have a say in whether or not your loan gets approved, but as long as you choose the right lender that’s experienced in USDA loans, it shouldn’t take long. Get Matched with a Lender, Click Here. The First Step We recommend that you get pre-qualified for a USDA … [Read more...]
How Does the 3-Day Closing Disclosure Rule Work?
When you apply for a mortgage, you’ll receive a Loan Estimate. As the name suggests, it’s an estimate of how much the loan will cost you. Lenders must send you this document within three days after you apply for the loan. Looking for Current Mortgage Interest Rates? Click Here. Once you get through the underwriting process and are ready to close on your loan, lenders must then send you a Closing Disclosure. This document also has … [Read more...]
Debt Consolidation and Debt Settlement – What’s the Difference?
You are ready to buy a house – congratulations! Before you start, though, you need to do the hard work of finding a mortgage. If this is your first home, you may not even realize how many mortgage programs are available today. It’s more than choosing the right interest rate or even the right term – you have to put all of the pieces together to choose the right loan. Get Matched with a Lender, Click Here. The Type of Loan First, you … [Read more...]
Are Home Appraisals Public Record?
You pay for an appraisal on a home when you buy a home or refinance your current mortgage. Contrary to popular belief, though, the home appraisal isn’t public record. The only people that know the value of the home are you, the lender, and the appraiser. Looking for Current Mortgage Interest Rates? Click Here. Home Appraisals Don’t Get Recorded Unlike your mortgage or deed, home appraisals don’t get recorded by the county. Now, … [Read more...]
What’s the Difference Between the Assessed Value and Market Value?
Whether you are buying or selling a home, you’ll hear two values thrown around - the assessed value and the market value. While they are both values, they have two different meanings and uses. Confusing them could make your purchase or sale rather confusing. Get Matched with a Lender, Click Here. Below we help you understand the meaning of both terms. What is the Assessed Value? Your county has an assessor or person in charge of … [Read more...]
Taxes and Mortgage Interest Deduction: Is Itemizing Necessary?
Taxpayers have long been able to deduct mortgage interest on their taxes. And then came the Tax Cuts and Jobs Act. While the Act did change the type and amount of deductions, it didn’t entirely eliminate the mortgage interest deduction. Looking for Current Mortgage Interest Rates? Click Here. Taxpayers may still be eligible to deduct mortgage interest paid. It depends on a variety of factors, including whether or not you will be … [Read more...]
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