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…

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…

Financing a Second Home and an Investment Property Differ

Financing a Second Home and an Investment Property Differ

While digging toes in the sand or swishing skis through powdery snow, we often imagine what it would be like to own our little slice of vacation heaven. With historically low interest rates, the idea of taking out a mortgage for a home away from home may seem a bit more possible, especially if you…

Mortgage Essentials: Understanding Settlement Charges (Closing Costs)

Mortgage Essentials: Understanding Settlement Charges (Closing Costs)

When you get a mortgage loan (either for purchasing a new home or refinancing your current mortgage), that loan will carry settlement charges, generally known as “closing costs.” These include things like points, appraisal fee, title search and insurance, survey, taxes, deed recording fee, credit report charge and other costs. Settlement costs include two types…