Tag: <span>#Terms</span>

Post

LOW RATE ADS

You’ve most likely heard on the radio lenders boasting they can get you approved in minutes or days by simply going to the website and clicking a button. Is that all it takes nowadays to get approved and to go to closing? Can you close the loan right after you are approved in mere minutes?...

Post

CALCULATING MORTGAGE INSURANCE

If you are applying for a conventional loan and put less than 20% down on a home, the lender will require you to pay mortgage insurance. The amount of mortgage insurance will depend on your credit score, what you are purchasing (e.g. condo, single family residence, etc.), the purpose (primary residence, second home, or investment...

Post

WHY WOULD ANYONE WANT ONE?

Hard Money loans are usually obtained by borrowers who cannot qualify or the property does not qualify for conventional financing; many people doing fix and flips obtain these loans. The interest rate and costs for these loans is higher than what you can get conventionally. The reason is that there is more risk to the...

Post

AMOUNT DUE TO LENDER

  If you have a loan and are looking to pay it off, make sure you obtain the payoff statement. This is a document provided by the lender which contains the final amount to be paid to release their lien. It contains the principal balance, interest up to the date of closing, penalties (if any),...

Post

PROMISSORY NOTE

You may hear your lender ask about the Note, or if you reviewed the Note. The Note, in this sense, is not a musical score, or something written on a post-it; it is the Promissory Note entered into between the lender and the borrower. It provides that the lender will lend a certain sum to...

October 8, 2019October 8, 2019 In Note