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Financing & Insuring

Buying a Home, Financing & Insuring

Getting Prequalified After Bankruptcy, Foreclosure or Short Sale

March 19, 2015

Life sometimes takes us on unexpected journeys. You may think you’re heading in one direction and then—surprise—you’re on a completely different path. For example, if you experience a major credit event, such as a bankruptcy, foreclosure or short sale, your credit score can be severely impacted, which can affect your chances at qualifying for a mortgage loan. Chances are you’ll eventually be able to consider home buying—but it might take a little longer than usual. So, what can you do if you find yourself in…

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Financing & Insuring

5 Mortgage Myths Debunked

November 13, 2014

You’ve probably heard your share of mortgage legends over the years. It can be hard to know what’s fact and what’s fiction. When you’re in the market for a new home, there’s no better time to learn the truth. We’ve uncovered five myths that have made their way into mainstream homebuying. Myth #1: You must have a 20% down payment. Fact: Today’s qualified borrowers may secure a home loan by putting down as little as 3% or 3.5% of the purchase price. If you are…

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Financing & Insuring

Things to Know About Homebuyers Insurance

April 15, 2014

With the purchase of your new home, it’s wise and often even mandatory to protect such a large investment with different types of insurance policies. Read on for our quick guide to the main types of insurance policies you might encounter and why you may need to purchase them. HOMEOWNERS INSURANCE Homeowners insurance is designed to protect you financially by providing money for repairs in the event your property sustains damage. This could include damage from fire, lightning, windstorms, hail, explosions, smoke, vandalism and many…

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Buying a Home, Financing & Insuring

How Much Can I Afford on a Home Loan in 2014?

March 12, 2014

Each year can bring anything from minor tweaks to major overhauls in mortgage lending, possibly affecting how much house you can afford to buy. To help simplify how to financially prepare for homeownership this year, we’ve compiled some of the more important gamechangers for you to be aware of in 2014. New Qualified Mortage Rules In January, the Consumer Financial Protection Bureau (CFPB) implemented new regulations under the Dodd-Frank Act for determining what constitutes a qualified mortgage. “Qualified mortgage” is actually a technical term, referring…

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Financing & Insuring

From the FAQ File: Title Insurance

March 6, 2014

When you’re buying a home, one of the things you’ll be expected to have at the closing table is title insurance. Q: What is title insurance? A: Title insurance protects against unexpected problems associated with the title to your new home, such as liens for unpaid taxes or unpaid work on the property, mistakes or omissions on the deed, undisclosed heirs, fraud and errors on examining records. Title insurance policies are available to both owners and lenders. While other kinds of insurance, such as auto,…

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