How To Deal With a Low Appraisal Result which Complicates Buying or Refinancing in Today’s Market

How To Deal With a Low Appraisal Result which Complicates Buying or Refinancing in Today’s Market

Home appraisals are based on recent sales prices of comparable properties.  In rising price markets, those sales prices might not be high enough to support new home sale prices. Here are some ways sellers can improve their home appraisal results: Make sure the appraiser knows the neighborhood.  Sellers can request that the lender send a…

Bridge Loans: Making Two Mortgages Work

Bridge Loans: Making Two Mortgages Work

With historically low housing inventory in many cities, people who want to purchase a new home often find themselves in a cart-before-the-horse scenario, requiring them to purchase a home before their current home is listed or sold. The limited supply also guarantees stiffer competition among buyers, with some coming pre-approved, pre-qualified or with cash in…

Using Gifted Funds Toward Your Home Purchase

Using Gifted Funds Toward Your Home Purchase

When purchasing a home, the borrower typically needs to have adequate liquid funds to cover the required down payment, closing costs and reserves. Fortunately, a borrower’s lack of funds does not preclude him or her from moving forward with the purchase. There are several allowed alternative sources of funds: Gift funds from allowed individuals; Gift…

Important Considerations in Condo Purchase Lending

Important Considerations in Condo Purchase Lending

Financial transparency in condo purchase lending is vital to a borrower’s ability to get the mortgage they want or need. In all types of home loans, a borrower’s financials are key, but this piece focuses on transparency with the condo homeowner association’s financials and legal documents. Most mortgage professionals and real estate agents understand in…