Before you close on the purchase of your new home, your lender will order an appraisal of the property you are buying. What happens during the appraisal process During this process, an appraiser tours both the home’s interior and exterior. The appraiser will take photos and inspect the property. They will review public records, check […]
Tag: home buying
How to Choose the Best Option for Closing Costs
When you take out a mortgage loan, you’ll have to pay closing costs, the fees that your lender and other third-party companies charge for originating your home loan. These fees can run thousands of dollars, and you’ll typically have the option to pay them upfront as a single payment or roll them into your total […]
A Short Sale Can Mean a Bargain Price
A short sale occurs when a lender allows a homeowner to sell their house for less than what is owed on their mortgage. For example, if a homeowner owes $300,000 on their mortgage, in a short sale, they might sell their home for $250,000, or $50,000 “short” of what they still owe. Why would a […]
Homebuyers: Can You Deduct Seller-Paid Points?
Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared with last year. One of the reasons is the pandemic: “With the sizable shift in remote work, current homeowners are looking for larger homes…” according to NAR’s Chief Economist Lawrence Yun. If you’re buying […]