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Removing or Adding a Person to a Loan

Posted by on Oct 26, 2021 in Uncategorized | 0 comments

In divorce situations, it is common, for the spouse who keeps the home to refinance to remove the other spouse from the loan. Equally as common, first-time buyers who don’t have enough income to qualify may ask a parent to co-sign and must add their name to the mortgage. Another situation that requires removing or adding a person to a loan could be to qualify for a better interest rate. The difference in a minimally acceptable credit score and something that might be considered “good” could be as much as a 0.5% higher rate for the term of the mortgage. Consider that a...

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Keep Your Current Home as a Rental

Posted by on Oct 19, 2021 in Uncategorized | 0 comments

Let’s assume that you have owned your home for several years. It has increased in value and the unpaid balance considerably less than you originally borrowed. In short, you have equity in the home. You’re thinking about buying another home and one of the questions going through your mind is “should we find a replacement property before we put our home on the market? It is a good question but maybe there is another one you should be asking. “Should we keep our current home and convert it to a rental when we buy another home? The answer to the question may have a great...

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Cash-Out Refinance

Posted by on Oct 12, 2021 in Uncategorized | 0 comments

With the rapid appreciation that homes have had in the last two years, most homeowners have equity. A common way to release part of the equity is to cash-out refinance but some homeowners may not be eligible currently. This type of loan replaces the current mortgage by paying it off and an additional amount of cash for the owner. Generally, lenders will consider a new mortgage up to a total of 80% of the current value. Typically, the rate on a cash-out refinance will be slightly higher than a traditional purchase money mortgage. As is in any lending situation, the rate depends on the...

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Encouraging Multiple Offers

Posted by on Oct 5, 2021 in Uncategorized | 0 comments

Based on the current competition due to lower than normal inventories, it is possible for a seller to find themselves on the beneficiary side of a multiple offers. Two or more parties may be trying to buy your home at the same time and because of the competition, they increase the purchase price, possibly, remove unnecessary contingencies and try to make their offer as attractive as possible. This can pleasantly result in you realizing higher-than-expected sales price and proceeds of sale. While it may not materialize, it is good to understand what could happen and the best way to handle it....

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Homeowners Need to Know

Posted by on Sep 28, 2021 in Uncategorized | 0 comments

In the Boy Scouts, a certification, called a Totin’ Chip, is required for scouts to carry, and use woods tools like a knife, axe and a saw. They must read and understand the use and safety rules from the scout handbooks and demonstrate the proper handling, care, and use of each. No such certification is required for homeowners but there are a lot of good reasons why it should be self-imposed. Making minor repairs is part of the responsibility of owning a home that will save both time and money. A homeowner will certainly appreciate the need for such training the first time a call is...

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