Application Checklist There are certain things that are important when applying for loans. Although, every situation is unique, the following documents may be required when applying for a mortgage: Copies of the legal description of the property if available as well as other sales contracts documentations indicating the name, address and contacts of the realtors, [...]
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VA Loans A VA loan is a mortgage loan is a loan established in 1944 by the United States Department of Veteran Affairs. It is issued by private finance houses and backed by the above-named agency to assist US veterans, widowed military spouses as well as those in active service to buy a home. It [...]
Refinance A refinance is the process of replacing or revising an existing loan agreement. A loan refinance obligation is carried out to effectively seek a revision of the interest rate, payment schedule or any other terms that may be spelt out in the loan agreement. When refinances are approved, the lender provides the borrower with [...]
Private Mortgage Insurance (PMI) A Private Mortgage Insurance issued to protect the lender in case the borrower defaults in the payment responsibilities leading to the home going into foreclosure. When applying for mortgage loans, a borrower may be required to drop a down payment of 20% of the total price of the property. If the [...]
FHA Loan An FHA loan is a mortgage that is not only issued by an FHA-approved lender but also insured by the Federal Housing Authority (FHA). It is a loan scheme designed for low and moderate-income earners, requiring a lower minimum down payment as well as good credit scores in relation to other conventional mortgages. [...]
Foreclosure This is the legally-backed process by which attempts are made by the lender to recover any amount owed by the borrower in the form of loan repayment defaults. Foreclosure may take the form of the borrower taking over the mortgaged property, or out-rightly selling such property to recover the owed amount. Default is triggered [...]
Credit Credit is defined as the contractual agreement between one party (the borrower) and another party (the lender) wherein the former receives something valuable (such as real estate) now with the promise and obligation to repay an agreed amount (usually the cost of the real estate plus some interests) for the property at a later [...]
Closing Costs These are expenses that buyers and sellers are expected to incur during the completion of a real estate transaction. They come in the form of service costs, appraisal fees, title searches, deed recording, credit report charges and so an; and these costs occur when the title of the property is about to be [...]
Appraisal An appraisal is defined as a valuation of a real estate, a business or any other asset by an authorized person. An appraisal is embarked upon by the authorized appraiser, who is designated for such objective by a regulatory body, tasked with administering such appraisals within the jurisdiction of the appraiser. Home appraisals are [...]