Why mortgage pre-approval before writing an offer is so important for home buyers!

It’s a buyer’s market out there: a healthy inventory of available homes, record-low mortgage interest rates, and programs incentivizing short sales and pre-foreclosure purchases. So what could stop you? Delays in your mortgage financing. If you aren’t pre-approved upon making … Continue reading

Mortgage Insurance- What are PMI (Private Mortgage Insurance), LPMI (Lender Paid Mortgage Insurance) & MPI (Mortgage Premium Insurance): Unraveling Acronyms

Mortgage Insurance- What are PMI (Private Mortgage Insurance), LPMI (Lender Paid Mortgage Insurance) & MPI (Mortgage Premium Insurance): Untangling Acronyms Mortgage Insurance has about four different meanings: Private Mortgage Insurance (PMI); Lender’s Private Mortgage Insurance (LPMI); Mortgage Insurance Premium (MIP); … Continue reading

What are the Good Faith Estimate of Closing Costs (GFE) & the Housing and Urban Development Settlement Statement (HUD-1) Defined: Clearly Closing!

A U.S. federal law entitled the Real Estate Settlement Procedures Act (RESPA c. 1974) represents societal demands for consumer oriented  mortgage loan process improvements- mandating transperent uniform protocols for lenders and their loan brokers to follow. These reforms would enable consumers to comparison shop lenders, … Continue reading

Preventative Measures-What are DISCOUNT & ORIGINATION POINTS Defined- “Buying Down” Interest Rates as calculated risk

One “point” or “discount point” is equal to one-percent (1%) of any loan amount.  Two kinds of “points” are charged by lenders: Origination “Points” & “Fees”- are charged by the lender to cover their costs of making the mortgage loan … Continue reading

What is PROPERTY INSPECTION Defined- Prudence Prevails

Don’t confuse a property inspection, (i.e. formal determination of property condition) with a real estate appraisal (determination of property value). A Property inspection is a limited, non-exhaustive and non-invasive property condition assessment that may not uncover all latent issues but … Continue reading

Avoiding & Disputing Low Appraisal: How to close escrow anyway!

Low Appraisal Prevention The best way to handle a problem is to avoid one. Knowing the “comps” in any given area where the buyer is attempting to finance their home purchase will ensure that nothing surprises the funding of your … Continue reading

Making the Offer to Buy a Foreclosure- What is Bank R.E.O. (Real Estate Owned) Post-Foreclosure Property Sale Defined

Making the Offer- What is R.E.O. (Real Estate Owned) Post-Foreclosure Sale Defined When a bank forecloses on any property that finds no bidder at a public sale willing to pay at least what’s owed on the mortgage note, the property … Continue reading

What is ESCROW Defined: Closing on the Dream

es·crow /ˈeskrō/ – is a legal process where instructions (mirroring the terms of the purchase contract) together with all documents and the buyer’s deposit are kept in the custody of a neutral and objective third party, with transfer and exchange between buyer … Continue reading

Making the Offer- How to SELECT PRICING FOR YOUR HOME OFFER: You always decide how much to pay with FSRefund.com Realtor® guidance

Whether you call home Brooklyn Park, Tinley Park, Oak Park or any park in between FSRefund.com Realtors® Report Necessary Facts Guiding You to Answers- You ALWAYS Decide the Price You’re Willing to Offer & Pay. Various state licensing and regulatory agencies instruct their … Continue reading