02
Oct
By Todd Grey
Home Buyer Tips, ,

What Happens When Your Closing Date Gets Pushed Back?

You scheduled the movers, arranged time off work, started packing, and expected to receive the keys on Friday. Then you learn that closing needs to be delayed. Even a short change in the closing date can affect more than moving day, which is why buyers should understand what may need attention when the timeline changes. The Mortgage Timeline May Need AttentionA mortgage transaction contains several items tied to specific time periods.Depending on the circumstances, a closing delay could affect documents, verifications, or other time-sensitive portions of the loan process. One important example is an interest rate lock. Rate locks generally…
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01
Oct
By Todd Grey
Mortgage Tips, ,

Why the Money in Your Bank Account May Need a Paper Trail Before Closing

Having enough money in the bank is an important part of buying a home, but during the mortgage process, the amount in your account may not be the only consideration. In certain situations, lenders may also need to understand where funds came from. That can surprise buyers who assume that once money reaches their account, its history no longer matters. Mortgage Funds May Need to Be DocumentedDuring the mortgage process, buyers may provide bank or asset statements showing money available for the transaction.If an account contains certain recent deposits that are not easily explained by the documentation already provided, additional…
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25
Sep
By Todd Grey
Home Buyer Tips, ,

Why a Condo’s Finances Can Matter Almost as Much as Yours When Getting a Mortgage

When applying for a mortgage, buyers expect their income, credit, debts, assets, and employment to receive plenty of attention. Condo buyers can encounter another layer that sometimes comes as a surprise. Depending on the financing being used, the financial and operational condition of the condominium project itself may also matter. You Are Buying More Than the UnitA condominium purchase usually includes ownership of an individual unit along with an interest in shared areas and responsibilities. Those shared responsibilities are typically managed by a condominium or homeowners association. The association may collect dues, maintain common areas, purchase certain insurance coverage, fund…
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24
Sep
By Todd Grey
Home Buyer Tips, ,

What Happens When the House You Want Has a Solar Loan Attached to It?

Solar panels can be an appealing feature when shopping for a home, especially for buyers interested in energy efficiency. But seeing panels on the roof does not tell you who owns them or whether money is still owed. If the solar system was financed, the outstanding obligation can become an important part of the home purchase conversation.First Find Out Who Owns the SystemSolar arrangements can vary. The homeowner may own the system outright, be paying off a solar loan, or have another type of agreement associated with the equipment. Those distinctions matter because purchasing the house does not necessarily make…
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23
Sep
By Todd Grey
Mortgage Tips, ,

Could Paying Off a Debt Before Applying for a Mortgage Actually Be the Wrong Move?

Paying off debt sounds like an obvious way to prepare for a mortgage. After all, fewer monthly obligations can improve cash flow and potentially help with mortgage qualification. But using a large portion of your savings to eliminate a debt immediately before buying a home is not automatically the best strategy. Sometimes the money in the bank can be just as important as the debt you want to eliminate. Not Every Debt Has the Same ImpactMortgage qualification considers monthly debt obligations, but paying off every balance does not necessarily produce the same benefit. The amount owed, required monthly payment, type…
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