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Key Takeaways: A short sale occurs when a homeowner sells their property for less than the total amount owed on their mortgage. Understanding what a short sale in real estate is important because the lender must give written permission to accept the lower price and...
Key Takeaways: What is a bridge loan? It is a short-term loan that lets you use equity from your current house to buy a new home before you sell. If you are wondering what a bridge loan is, its main purpose is to help you make a strong offer without needing a sale...
Key Takeaways: Common reasons for rejection. Most mortgage denials occur due to credit issues or a high debt-to-income ratio. Lenders review your finances closely to ensure you have enough income to cover the new loan and your current debts. You have a right to know...
Key Takeaways: Raising your credit limit is an effective way to lower your credit utilization ratio, which can boost your credit score and help you qualify for better mortgage terms. Lenders are more likely to approve your request if you have a history of on-time...
Key takeaways: Expect to pay between $300 and $600 for a standard home appraisal, though prices can increase for larger homes or unique properties. The buyer typically pays this fee as part of closing costs to prove to the lender that the home is worth the loan...
Key Takeaways: A warranty deed is a legal document that transfers property ownership while guaranteeing that the seller has a clear title and the right to sell the home. It differs from a deed of trust because it focuses on ownership rights, while the deed of trust is...
Key Takeaways: An FHA appraisal checklist helps you spot safety and structural issues like peeling paint or missing handrails before you buy. This process ensures the home is a safe investment and meets the minimum standards required for government-backed loans. Your...
Key Takeaways: A piggyback loan allows you to buy a home with less than 20 percent down by taking out two mortgages at the same time. This strategy helps you avoid the extra cost of private mortgage insurance and can keep your primary mortgage within conforming loan...
Key Takeaways: When considering what happens to housing prices during a recession, history shows that home values often stay stable or grow at a slower pace rather than crashing. Unlike the 2008 financial crisis, most modern recessions do not lead to a massive drop in...
Key Takeaways: A conditionally approved status means a lender has formally committed to funding your mortgage once you satisfy specific requirements. This status is much stronger than a pre-approval because a human underwriter has already verified your income, credit,...
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