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Setting A Closing Date: the How's & Why's

clock April 21, 2014 05:57 by author MyTitleDirect
Now that the title search is complete and you have your mortgage commitment signed, you are ready to set a closing date. When setting a closing date, there are a few things to keep in mind. First off, most people decide to close at the end of the month. The reason behind this desire is due to the fact that there is prepaid interest due at closing. This means that at closing, you are required to pay the interest for the month you are closing. The prepaid interest is calculated from the date you close until the end of that month. For example, if you close on the March 14th, you will pay interest from that date until March 31st. If you close on March 30th, you will pay interest until March 31st, or only one day’s worth of interest. Closing towards the end of the month will require less prepaid interest to be brought to the closing table. It is also important to understand that your 1st mortgage payment will not be due until the 1st full month after you closing is complete. This means that is you close on March 14th, your 1st mortgage payment will not be due until May 1st. Coordinating the date of your closing will take some planning. There are a few items to factor in.  First, you want to make sure all parties can attend. Parties in a home purchase will include:  the buyer’s attorney, the buyers, the seller’s attorney, the sellers, the bank’s attorney and the title company. All of these people will need to agree on a date, time and location. You also want to make sure to bring any necessary items. For instance, a necessary item could be a satisfaction of a judgment that which showed up on the title exam. Your attorney will let you know what these items will be, if any. You will also need a valid ID, such as your driver’s license or passport. Additionally, you may be asked to bring proof that your property taxes are paid (seller). Bank checks will also be needed for certain payments. You will be advised prior to closing on all of these conditions. Read the rest of the article on Buyhomeapp.com here


Home Inspection Report: The When and Why

clock April 9, 2014 10:27 by author MyTitleDirect
Once your offer has been accepted, but before you sign your Contract of Sale, it is very important to get your home Inspected by a qualified home inspector. This is a very important step in the home buying process. The home inspection consists of a very detailed look throughout the home. The main goal of a home inspection is to make sure that the home is safe to live in. For example, the inspector will take a close look at the roof to make sure it is well intact. They will also check to see if there is any structural or mechanical damage such as broken heating systems, or a collapsing floor. The basement will be checked for cracks and damage as well as your toilets and more. A termite report is usually needed as well, which you can have the home inspector do at the time of inspection to save you time and money. This isn’t required but it is generally cheaper compared to contracting a separate termite inspection agency.  It is very important to follow the inspector and take notes on what he is observing. Some issues may not arise now, but can turn into problems in the future, especially in older homes. It is important to be educated and prepared for possible future maintenance that you will need and how to avoid problems if possible.  An inspection is also another tool you can have in your back pocket for sale negotiation purposes. Damage that needs to be fixed on the home can be negotiated to have the seller pay for them or to even have the purchase price of the home lowered to compensate for the maintenance work needed.   Read the rest of this article from Buyhomeapp.com here


What is a home appraisal and why do lenders need to know a home’s value?

clock March 20, 2014 07:35 by author MyTitleDirect
An appraisal is a report that outlines an appraiser’s professional opinion of your property’s value at a specific point in time, based on specific factors. These factors include the location of the property, square footage, age and room count. The appraiser will also take into account what comparable properties have recently sold for in your area. Whether you’re refinancing or buying, a bank must have a good idea of the value of your home because it determines your maximum approvable loan amount. Once they have your home’s value, they can determine your loan-to-value ratio. Your loan-to-value ratio is one of the criterions that banks use to establish how your mortgage will be structured - the other two being your credit score and your debt-to-income ratio. How much do appraisals cost?   Read more of this article on BuyHomeApp.com


Learn About The Home Buying Process From Buyhomeapp.com

clock March 12, 2014 10:37 by author MyTitleDirect
Buying a home is a very exciting time. You are looking to purchase a place where you and your family will host countless birthday parties, Thanksgiving dinners, and game nights. Since buying a house is one of the biggest decisions you will make in your lifetime, we are here to help guide you through the process.  Listed below is an outline of the steps you will go through to buy your home: 1) Prepare Yourself 2) Find a type and location of your property 3) Get Prequalified for your mortgage 4) Find your dream home 5) Find an Attorney 6) Get a Home Inspection Report 7) Sign the Contract of Sale 8) Mortgage Application Procees from Start to Finish (Application to signed commitment) 9) Get a title search completed and cleared 10) Set a Closing Date: The How’s and Why’s 11) What Happens After the Closing: Start Packing and Planning the Move Read the rest of the article and learn about the process at BuyHomeApp.com