closing costs: The VA's IRRL Refinance Loan is Simple, Easy, & Beneficial for Veterans
- 11/24/20 10:03 AM
The VA's IRRL Refinance Loan is Simple,
Easy, & Beneficial for Veterans
It sounds like an obvious. Elementary too ...
A loan program's primary mission should be: Make life better and easier for the consumer(s) utilizing it.
If that's the goal, then the VA (Veteran's Administration) has nailed it with their Interest Rate Reduction Loan. This loan is better known by the acronym of "VA IRRL".
What does the VA IRRL loan do?
This loan serves U.S. Veterans already holding an existing VA Loan by refinancing their present loan into a new lower interest rate loan. This is accomplished all while requiring limited documentation from veteran borrowers.
Because of the VA IRRL loan, … (3 comments)
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closing costs: WHAT are Transfer Taxes? HOW Much are They? WHO Pays?
- 10/30/19 02:04 PM
WHAT are Transfer Taxes?
HOW Much are They?
WHO Pays?
When I first speak with clients seeking information regarding mortgage financing, they're typically focused on 3 things:
What Down Payment they will need What their Interest Rate will be Can they get Approved for a Mortgage
The answers to those questions are definitely needed and vitally important. But they are not questions quickly answered.
I must first obtain some information in order to be able to answer their questions credibly and reliably. This includes information regarding their finances, debt, credit, savings and more.
As the needed info is shared and our conversation unfolds, questions go back and forth … (15 comments)
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closing costs: The Funds Needed at Closing = "Cash to Close"
- 06/07/17 12:35 PM
The Funds Needed at Closing = "Cash to Close"
"Cash to Close" ...
It's the term used in mortgage lending that refers to the final amount of money a Borrower needs to bring or send to their Closing on their Closing day.
But in today's modern mortgage process, "Cash to Close" actually means anything but cash when it comes time for you to produce funds at the time of your Closing. Why? Today's rule of thumb regarding mortgage closing fund requirements is: (Rules and practices vary from State to State, so for simplification, I refer to Illinois practices here.) Amounts under $50,000 are typically brought to Closing via a Cashier's … (24 comments)
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closing costs: Your Buyer's Guide to Closing Cost Credits
- 01/26/17 02:10 PM
Your Buyer's Guide to Closing Cost Credits
Closing Costs ... people are always interested in them.
HOW they can be paid, borrowed, financed ... and possible credits for Closing Costs that might be available to them from their Sellers or their Lender.
I find that many of my new clients have preconceived notions about Closing Costs. Or they're just plain confused by them.
And it's easy to understand why this can be the case. The differing loan types ... Conventional, FHA, VA, USDA, Jumbo loans ... all have varied Rules and Guidelines. It can be tough for new Borrowers to wrap their head around all of it. It's a lot to … (12 comments)
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closing costs: The Funds Needed at Closing .. and How They are Figured
- 12/07/16 09:04 AM
The Funds Needed at Closing .. and How They are Figured
Most new mortgage clients I speak with have pretty basic concerns regarding their upcoming financing. One of the questions I hear most often is ...
How much money will I need at my Closing? A simple and quick answer might be provided by the following math equation: Down Payment + Closing Costs/Pre-Paids = Total Funds to Close But unfortunately, it's typically not that simple. Here's why ... … (25 comments)
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closing costs: Closing Cost Options That Help Buy or Sell a Home
- 07/21/16 09:02 AM
Closing Cost Options That Help Buy or Sell a Home
The accumulation of a Down Payment is often a First-Time Homebuyer's primary focus once the decision to buy has been made. Monetarily and mentally, the down payment becomes the one central goal they focus on ...
So when I raise questions regarding the availability (and source) of funds needed for Mortgage Closing Costs, the question can catch them by surprise.
Oftentimes, First-Time Buyers are either completely unaware that funds will be needed for these Costs, they've (incorrectly) assumed that their Down Payment covers them, or that the costs can … (28 comments)
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closing costs: Beyond Down Payment: What Will My Mortgage Closing Costs Be?
- 04/06/16 08:27 AM
Beyond Down Payment:
What Will My Mortgage Closing Costs Be?
When I first speak with new mortgage clients … especially those that are first-time home buyers … there's often a bit of confusion regarding what costs will be involved in the obtaining of their loan.
After I've spent some time with them detailing the costs of their loan, I find that many say they were surprised to find that they’ll incur additional costs beyond the funds needed for down payment. (Unless, of course, they’re using a 0% down payment program).
Many had incorrectly assumed that their down payment was all that was needed to buy. But it's a fact. There are … (14 comments)
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closing costs: What Closing Costs to Expect if You're a First-Time Home Buyer
- 08/28/15 09:37 AM
What Closing Costs to Expect if You're a First-Time Home Buyer
There's a lot of things to learn and know when hoping to become a First-Time Home Buyer. It can all seem a bit overwhelming ...
Closing Costs: Closing Costs are one of the most important things you must know as part of your upcoming transaction and financing.
And while everyone's transaction may have costs specific to it (or the locale of the property), there are some costs that are pretty much basic and universal to every transaction.
Below is a comprehensive list of those costs charged … (31 comments)
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closing costs: Buying Homes Owned by Banks & Gov. Agencies: What Benefit Might Exist
- 03/19/14 03:44 AM
Buying Homes Owned by Banks and Government Agencies: What Benefits Might Exist
Property Sellers are often showing up on real estate contracts these days as Entities or Companies, not as human beings. Government Agencies including Fannie Mae, Freddie Mac, HUD, VA, and banks are as well.
The housing inventory has been low (at least in Chicagoland housing markets), as local Sellers have been reluctant or incapable of taking a hit financially from lower housing values and sales prices. Recent trends point to increasing housing values from 2013 and into 2014, and we've been seeing … (8 comments)
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closing costs: What's Your Point?? Nawww ... Not THAT Point!
- 02/17/12 01:14 AM
What's Your Point??
Nawwwww ... Not THAT Point!
A great scene, isn't it? But it's not those "points" I'm going to talk about in this blog. No, I'm talking the "points" referred to when discussing mortgage costs and options.
I've had several discussions as of late, with some pretty confused borrowers regarding these "points". They've had no real grasp of exactly what a "point" is prior to our discussion. What it can equate to in cost to them. How the cost of a "point" is figured. … (47 comments)
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closing costs: Addressing First-Time Home Buyer's Worries ... Down Payments, Credit, FHA, & More
- 03/30/09 08:39 AM
I recently had an associate that forwarded an article to me regarding the findings of a survey conducted with prospective first-time home buyers. Being a mortgage banker, he knew the results of such a survey would naturally be of interest to me.
The information contained within this article surprised me just a little bit, I have to admit. Maybe it's because I am employed within the real estate industry and sensitive to every move and gesture of it, but it seems to me that news, information, and opinions regarding our industry are everywhere and delivered non-stop. At times, it feels almost relentless.
Still, the findings of this … (2 comments)
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closing costs: Forget the Rules of the Past ... It's a Brand New Ball Game!
- 03/16/09 08:26 AM
With the onset of better weather, there seems to be a renewed buying interest. Other incentives, such as more affordable housing prices (especially for first-time buyers), economic stimulus measures (the Fed's income tax credit that can be up to $8,000 for qualified buyers), interest rates hovering in the 5% to 5.5% range, and seller's, banks, and lenders willingness (and neediness) to get homes sold, have also contributed to this upswing in recent activity. The last area mentioned here ... sellers of all types ... is where I wish to focus your attention.
During conversations with both realtors and prospective home buyers I have heard the lament, "Banks, FHA, Fannie/Freddie, HUD, and sellers will … (0 comments)
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