Subprime – bad interest rates (for those with bad credit) Conventional Backed by a bank Higher down payment Higher credit score Unconventional Lower down payment Backed by the gov More risk Lower credit score FHA Can be as low as 3.5% down (for first time home buyers, need to live in prop for at least …
Buying a home can be really intimidating for first time home buyers, so I just wanted guide you through it. First off… Do you have a stable income source? Show you have some sort of income coming in (W2) (regular 9 to 5 worker) preferred – independent contractors or self employed (1099) might have be …
Deed Vs. Title Deed Deed is evidence of the transfer Think of it as your receipt for buying a home A Deed is tangible Title Title is your actual ownership interest in the property Title is intangible What is a Mortgage? Technically a mortgage is not a loan per se A mortgage is the act of pledging your home as collateral
Although these terms are used interchangeably they CAN mean different things What is a Real Estate Agent? A Real Estate Agent is someone who has their Real Estate Salesperson license In the state of NY this means they must have completed a 75 hours pre licensing course, taken and passed the proctored exam final, and passed the state exam. …
First of what does it mean to refinance? In simple terms, refinancing means replace an old debt with a new debt. If you’re making all your monthly payments on time, the banks might be willing to work with you and get you better rates. What is home Equity? Simply put, home equity is the amount …
Cash Out Refinance vs. Home Equity Line of Credit vs. Home Equity Loan Read More »
