Making Sure Your Cash-To-Close Comes From The Proper Source
March 7, 2014 by Don Owens · Leave a Comment
Providing proper asset documentation and the actual source of the funds is a critical element of the loan closing process. There’s nothing worse in a real estate purchase than making it all the way through the hoops and hurdles just to have a loan denied after the final documents have been signed due to the […]
Where Does My Earnest Money Go?
March 28, 2010 by Don Owens · Leave a Comment
Hey, I gave my real estate agent a $5000 Earnest Money Deposit check… Where does that money go? A basic and very obvious question that most First-Time home Buyers ask once their purchase contract gets accepted. According to Wikipedia: Earnest Money – an earnest payment (sometimes called earnest money or simply earnest, or alternatively a […]
Understanding the FHA Mortgage Insurance Premium (MIP)
March 28, 2010 by Don Owens · Leave a Comment
* Disclaimer – all information in this article is accurate as of the date this article was written * The FHA Mortgage Insurance Premium is an important part of every FHA loan. There are actually two types of Mortgage Insurance Premiums associated with FHA loans: 1. Up Front Mortgage Insurance Premium (UFMIP) – financed into […]
Talk the Talk – Know the Mortgage Lingo at Closing
March 28, 2010 by Don Owens · Leave a Comment
What the heck are they talking about? Many borrowers go through the closing process in a haze, nodding, smiling, and signing through a bunch of noise that sounds like Greek. Even though you may have put your trust in your real estate and mortgage team, it helps to understand some of the terminology so that […]
How Do Mortgage Companies Value A Property That Has Not Been Built Yet?
March 28, 2010 by Don Owens · Leave a Comment
It’s obviously easier to picture the process of estimating value on an existing property in a neighborhood that has a history of home sales, but the task of determining the value on new construction projects does pose some challenges. Appraisals on homes that haven’t been built yet generally require the contractor and home buyer to […]
