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A lower appraisal can change the financing calculation and the cash you need. It does not automatically tell you which choice to make. Review the report, loan terms and contract options with the le...
Read the articleEarnest money is a deposit connected to your purchase contract. At closing it is generally credited toward the money you owe, rather than becoming an extra charge. Whether you can recover it if the...
Read the articleAddress a possible error early and tell your lender before assuming it will disappear. Gather the records that show what is wrong and use the credit reporting company’s and information provider’s d...
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A jumbo loan generally exceeds the applicable conforming loan limit for its location and property size. Those limits can change, and lender requirements vary. Check the current limit for the actual...
Read the articleCompare the Closing Disclosure with the loan and transaction you agreed to. Check the loan amount, rate, payment, costs, credits and cash to close, then ask about changes you do not understand. Rea...
Read the articleA VA home loan benefit can help an eligible borrower buy a home, but eligibility for the benefit is not the same as approval for a particular loan. The lender still reviews the borrower and propert...
Read the articleUse your closing documents and the lender’s confirmed instructions for the first due date, amount and payment destination. Do not infer the date from a friend’s purchase or assume a delay means fre...
Read the articleA rate lock is an agreement about pricing for a defined period and set of conditions. Ask what it covers, when it expires and what can change the terms. Choose a lock that fits a realistic closing...
Read the articleA lender’s title policy and an owner’s title policy protect different interests. The lender’s policy generally protects the lender’s covered interest, while an owner’s policy can protect your cover...
Read the articleWith a condo, the lender may need to review both you and the project. Building finances, insurance, legal matters and other project characteristics can affect eligibility. Your personal preapproval...
Read the articleThe lender may need to verify where funds came from and whether they are eligible for the transaction. A deposit can represent savings, a gift, sale proceeds or borrowed money, each with different...
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