A mortgage escrow account is an account established by a mortgage lender to hold funds collected from a homeowner to pay for property taxes, homeowner's insurance, and other related expenses. The following items are typically included in a mortgage escrow account:

Property taxes: The lender will collect a portion of the homeowner's property taxes each month and hold them in escrow until the tax bill is due. Homeowner's insurance: The lender will collect a portion of the homeowner's insuranc...

What is a Title Company Used for During a Closing?

As a homebuyer, you may have heard of a title company, but do you really know what they do? In short, a title company is essential for a successful home closing. In this article, we will explain the role of a title company during a home closing, and why it is important to choose the right one.

What is a Title Company?

A title company is a third-party agency that handles the closing process of a real estate transaction. The primary function of a...

At some point during the process of buying a home, the buyer will come across the term "closing costs." Closing costs are expenses incurred during the purchase of a property that are not included in the sale price. These costs are typically paid at the time of closing and can add up to thousands of dollars. Typically we use 3.5% of the accepted offer price as a rule of thumb. Check with your lender for the most accurate number. As a buyer, it's important to understand what items are included in...

                                                             

Once you are done jumping for JOY that your offer has been accepted, the next steps will depend on the specifics of the agreement and the nature of the purchase. Generally speaking, however, here are some common steps that may follow:

Payment: The earnest money that is used as a good faith payment must be made. Payment can be electronically, a handwritten personal check or cashiers check can be sent. The Earnest money will be sent u...

 

Congratulations on considering the purchase of your first home! Here are some important things to keep in mind as a first-time home buyer:

Determine your budget: Before you start looking for homes, it's essential to figure out how much you can afford. Consider your current income, monthly expenses, and debt obligations to determine your budget. To view a Mortgage calculator Click the link Get pre-approved from a mortgage lender: Getting pre-approved for a mortgage can help you understand...