13
Mar
By Todd Grey
Home Financing Tips, ,

What Sellers Need to Know About Becoming a Lender with Creative Financing

Creative financing can be an attractive option for sellers, especially those with significant equity. One popular approach is carrying back a second mortgage, where the seller effectively becomes a lender to help the buyer complete the purchase. While this can be a beneficial arrangement, it’s essential to understand the risks and the protections available, particularly regarding lender’s title insurance. Why Consider Carrying Back a Second Mortgage? Let’s say you own a home worth $150,000 that you’ve held for 15 years, and you have substantial equity built up. If you receive an offer from a buyer who can put down $20,000…
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07
Feb
By Todd Grey
Home Financing Tips, ,

How Can I Get Removed from a Mortgage as a Co-Signer?

Being a co-signer on a mortgage can be a significant financial commitment, one that you might not want to maintain indefinitely. Whether your circumstances have changed, or the primary borrower is now in a position to manage the loan independently, it’s understandable to want to remove your name from the mortgage. While the process can be complex, there are several pathways to achieve this goal. Here's what you need to know.Understanding the Role of a Co-SignerWhen you co-sign a mortgage, you’re essentially taking on joint responsibility for the loan. This means that if the primary borrower defaults, you are legally…
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29
Jan
By Todd Grey
Home Financing Tips, ,

Can You Be a First-Time Homebuyer Again?

Purchasing a home is a significant milestone, and first-time homebuyer programs make the process easier for many stepping into homeownership. But what if you’ve owned a home before or are currently a homeowner? Can you qualify as a first-time homebuyer again? Surprisingly, the answer is yes. Under certain conditions, you may be eligible for these programs more than once. Here's a closer look at how it works, the eligibility criteria, and how to make the most of these opportunities. Who Qualifies as a First-Time Homebuyer? The term “first-time homebuyer” doesn’t always mean it’s your first-ever purchase. According to the U.S.…
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07
Aug
By Todd Grey
Home Financing Tips, ,

Mortgage Insights: What You Need to Know About Financing a Fixer-Upper

Buying a fixer-upper can be a strategic way to acquire a home below market value while customizing it to fit your needs. However, the financing process for these properties requires a bit of extra insight. As a loan officer, I’m here to guide you through the key mortgage considerations for purchasing a fixer-upper and help you secure the right financing to make your renovation dreams a reality. Explore Specialized Loan Options When it comes to financing a fixer-upper, traditional mortgages often fall short. Here are a few specialized loan options designed to address the unique needs of these properties: FHA…
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23
Apr
By Todd Grey
Home Financing Tips, ,

The Fundamental Role of Title Insurance

Title insurance is a necessary component of real estate transactions, playing a pivotal role in safeguarding the interests of buyers, sellers, and lenders. While it might not be as prominent as other aspects of the real estate process, its significance cannot be overstated. We will examine the essential role of title insurance and explore why it is a vital component of real estate transactions. Understanding Title Insurance: Title insurance is a specific type of insurance that provides protection against financial loss due to defects in a property's title. The title of a property is the legal evidence that the owner…
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