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If you’ve searched for homes or other real estate properties, you’ve probably heard about a Homeowner’s Association (HOA) and Property Owner’s Association (POA). What Is a Homeowner’s Association (HOA)? Generally, a homeowner’s association is a collection of similar houses or residences in the same geographical area, conforming to the same rules and regulations. Developers usually…

Delayed financing allows homebuyers to purchase a property with cash, then obtain a cash-out refinance mortgage to recoup all, or most, of the money used for the purchase. This strategy lets the buyer make a cash offer on a property, which is more attractive to sellers, especially in a bidding war. Why Use Delayed Financing?…

As you prepare to purchase a new home, you’ll hear the terms “pre-qualified” and “pre-approved.” These are key steps in the mortgage application process. However, there are important differences in the two terms that every homebuyer needs to understand. Briefly, being pre-qualified is a first step in the mortgage process that gives you an idea…

A pre-approval letter is a document from a lender based on certain assumptions, stating the maximum the lender is willing to lend to purchase a home. When applying for a mortgage pre-approval, the lender typically requires information about your credit, employment, income, debts, and assets to determine your creditworthiness. Documents Needed for Mortgage Pre-Approval Here…

Soon after signing mortgage loan documents that lock in a 15- or 30-year debt, homeowners dream about paying off the debt early to get rid of the monthly burden. But, even if you could pay the mortgage off early, is it a good idea? When Considering Paying Off a Mortgage Early It would be nice…

Unless homebuyers pay cash for the total price of a home, they are likely to borrow at least some of the money needed to make the purchase. Banks, mortgage companies, and other lenders offer a broad array of secured loans, known as mortgages, to help buyers realize their dream. A mortgage is a loan used…

A mortgage escrow account is one of the terms you’re likely to come across in your home purchase process. Moreover, a mortgage escrow account comes into play after you’ve bought the house. If you’re not sure how this concept works, you’re in the right place. Keep reading to learn more. According to a Statista report,…

The FHA offers a unique type of product that allows a purchase or refinance mortgage loan to include the expected cost of repairs and renovations. With a minimum 3.5% down payment for qualified applicants, a 203(k) mortgage rehabilitation loan can exceed the purchase price but not the FHA maximum loan amount, which can vary among…