Explore Morristown, TN
By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Comments 0
Land ContractAn alternative to a non-conforming loan is the use of a land contract, which is allowed in some states. A land contract is an agreement between a buyer and a seller, where the buyer agrees to make periodic payments to the seller. The title to the property only transfers to the land c...
By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Comments 0
Items You Need When Applying For a LoanHave These Items Ready When You Apply For a LoanIt used to be that lenders mailed out verifications to employers, banks, mortgage companies, and so on, in order to verify the data supplied by borrowers. Nowadays, the interest is often in speed and getting an...
By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Comments 0
FICO® Scores and Your MortgageYears ago, credit scoring had little to do with mortgage lending. When reviewing the credit worthiness of a borrower, an underwriter would make a subjective decision based on past payment history.Then things changed.Lenders studied the relationship between credit sco...
By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Comments 0
FICO® Score - a Brief ExplanationWhen you apply for a mortgage loan, you expect your lender to pull a credit report and look at whether you’ve made your payments on time. What you may not expect is that they seem to be more interested in your FICO® score.“What’s a FICO® score?” is a common reacti...
By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Comments 0
Documenting Your Assets - Verifying Your Down PaymentWhen buying a home, it is not enough to just come up with the money. With the exception of no asset verification loans, lenders want to verify where the money for your new home will be coming from. If you can document that the funds are coming ...
By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Comments 0
Closing Costs When Buying or Refinancing a HomeThis is a detailed summary of costs you may have to pay when you buy or refinance your home. They are listed in the order that they should appear on a Good Faith Estimate you obtain from a mortgage lender. There are two broad categories of closing co...
By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Comments 0
Adjustable Rate Mortgages - The BasicsAn adjustable rate mortgage (ARM) has an interest rate that fluctuates periodically. This is in contrast to a fixed rate mortgage, which always has the same interest rate.Every ARM has basic components: An index A margin Adjustment Period An interest rate cap...
By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Comments 0
Adjustable Rate Mortgages - The PROS & CONSNow that you know what an ARM is and how it works, you may be wondering what the advantages and disadvantages are. So let’s explore that issue.Offering adjustable rates allows lenders to transfer part of the interest rate risk from themselves to the borr...
By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Comments 1
Understanding Title InsuranceWhat is title insurance? Newspapers refer to it in the weekly real estate sections and you hear about it in conversations with real estate brokers. If you’ve purchased a home you may be familiar with the benefits of title insurance. However, if this is your first home...
By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Comments 0
Title Insurance Requirements for Insuring TrustsIn today’s world of busy probate courts and exorbitant death taxes, the living trust has become a common manner of holding title to real property. The following may help you understand a few of the requirements of the title insurance industry if tit...
By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Comments 0
Title Insurance - Where Does Your Dollar Go?Title Insurance: As a homebuyer, the term is probably familiar - but is it understood? What is your dollar actually paying for when you purchase a title policy?Title Insurers, unlike property or casualty insurance companies, operate under the theory of ...
By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Comments 0
The Functions of an EscrowBuying or selling a home (or other piece of real property) usually involves the transfer of large sums of money. It is imperative that the transfer of these funds and related documents from one party to another be handled in a neutral, secure and knowledgeable manner. Fo...
By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Comments 0
Statements of InformationWhat’s in a name?When a title company seeks to uncover matters affecting title to real property, the answer is, “Quite a bit.”Statements of Information provide title companies with the information they need to distinguish the buyers and sellers of real property from other...
By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Comments 0
Required Reporting to the I.R.S.Sellers of real property will have certain information regarding the sale reported to the Internal Revenue Service.This required reporting is a consequence of the Tax Reform Act of 1986; it is intended to encourage taxpayer compliance and aid in audit and enforceme...
By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Comments 0
Creative FinancingCreative financing: You’ve heard of it, and, as a seller, the idea sounds pretty attractive. But, do you know everything you need to know about carrying back a second; essentially, about becoming a lender? You better know the same things that financial institutions know - you be...
By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Comments 1
Closing and Title CostsIt’s the big day.The day you go to the title or escrow company, sign your name on the dotted line, hand over a check and prepare to take ownership of your new home.It’s also the day that you and the seller will pay “closing” or settlement costs, an accumulation of separate ...
By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Comments 0
Common Ways of Holding TitleHow Should I Take Ownership of the Property I am Buying?Real property can be incredibly valuable and the question of how parties can take ownership of their property is important. The form of ownership taken -- the vesting of title -- will determine who may sign variou...
By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Comments 1
What is a Short Sale Anyway?An increase in foreclosure rates will inevitably bring with it an increase in short sales. But what is a short sale?A short sale happens when you sell your house for less than your remaining mortgage balance, the proceeds of which go to the lender and in return the len...
By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Comments 0
Setting the PriceThe price is the first thing buyers notice about your property. If you set your price too high, then the chance of alienating buyers is higher. You want your house to be taken seriously, and the asking price reflects how serious you are about selling your home.Several factors wil...
By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Comments 0
Plan of Action Analyze why you are selling - If you understand your motives, you will be able to better negotiate and to get what it is that you want, whether it be a quick sale, high price, or somewhere in the middle.  Prepare your home for the buyer - Maximize the strengths of your property and...

Morristown, TN Real Estate Professionals