All home purchase and refinance mortgage transactions have closing costs. Closing fees and costs are any costs and charges that the borrower incurs during the home purchase and/or refinance transactions. What Are Mortgage Closing Costs? If you’re taking out a mortgage to buy a home, you can expect to have to pay closing costs. These…
There are nine community property states in the United States. Community property states, married couples share 50% ownership on both assets and debts. This holds true even though ownership is only in one person’s name. Therefore, if a husband owns a house but the wife is not on the mortgage or the title of the…
So you’ve been through the mortgage process and you’re finally at the finish line. The lender has told you that you’re clear to close, but what does that mean? In this blog post, we’ll explain exactly what a clear to-close is in the mortgage world, and what it means for your home loan. A clear…
FHA and Conventional loans are the two most popular home mortgage programs in the nation that allow non-occupant co-borrowers to be added to the main borrower on a home purchase and/or refinance mortgage. There are three government-backed mortgages: FHA loans VA loans USDA loans Government-backed mortgages are for owner-occupant homes only. You cannot finance second…
This Article Is About The Loan Estimate And Closing Disclosure During The Mortgage Process The Loan Estimate And Closing Disclosure are the two most important documents in the mortgage application and approval process. The Loan Estimate commonly referred to as the LE has replaced the old Good Faith Estimate (GFE). The Closing Disclosure is commonly…