May
10
Let me answer this question with another question: Would you like to pay more money or less money to buy a house? Most people would like to pay less money. And that’s why a 15-year mortgage is usually a better choice. There are two factors that make a 15-year mortgage cheaper than a 30-year mortgage. …
Apr
29
Good question, with lots of answers. The fact is that—aside from the price of a home—owning a home comes with a number of responsibilities and choices, all of which have price tags associated with them. Most people know the about the obvious costs: the cost of purchasing the home and the cost of financing the …
Apr
21
The federal government’s intervention in the housing market is about to show its face again. Much of the housing market has been more or less stuck in neutral–or even reverse–since the federal income tax credits of 2o10 expired. They caused a home buying frenzy in early 2010, as many buyers bought homes sooner than they …
Apr
21
Ohio and Maine Report Lower Sales and Prices Across the state of Ohio, home sales in March were down 8.2% and prices were down 11.5% vs. March of 2010. Agents in Ohio are said to be “encouraged” by these “relatively steady” numbers. If 10% drops are reason for encouragement, that certainly sheds light on the overall …
Apr
07
Fifth in a 5-part series. Page 3 of the HUD-1 Settlement Statement outlines all of the buyer’s costs of getting a mortgage and compares the final, actual costs with the costs estimated on the good faith estimate (GFE). It also outlines the key terms of the mortgage, such as the monthly payment, the interest rate, …
Apr
07
Fourth in a 5-part series. Page 2 (Part L) of the HUD-1 Settlement Statement lists all of the “closing costs” associated with the real estate transaction. The majority of the costs are driven by the buyer’s lender, but not all of them. The terms of the negotiated real estate contract determine which costs are paid …
Apr
07
Third in a 5-part series. Part K of the HUD-1 Settlement Statement summarizes the seller’s side of the transaction in lines 401 through 603. Line 603 is the total of all of the seller’s debits and credits and shows the amount of money that the seller will pocket at closing. This post is a line-by-line …
Apr
07
First in a 5-part series. The HUD-1 Settlement Statement summarizes the financial aspects of the real estate transaction. From the buyer’s perspective, it confirms the terms of the mortgage loan, shows all of the costs associated with getting the loan and buying the house, and shows the total amount of money that the buyer must …
Apr
04
At its most basic level, a survey determines or confirms the boundaries of a property. Using reference points and landmarks, a surveyor measures a property to do this. A survey for an existing home in a subdivision is relatively simple. It generally shows the property lines and the major features of the property, such as …
Mar
31
Fourth in a 4-part series. Almost. Typically, you truly own the home after the transaction is both closed and funded. That’s right, even after the buyer, the seller, and the title company have all done all of the closing paperwork—there are still a few more things that have to be done, most of which are …