Mortgage Tips

Due diligence and earnest money are paid upfront by the buyer when they have found a property they like. Both payments demonstrate the buyer’s commitment to the transaction, but they have different purposes and implications.  Due diligence money is a payment given by the buyer ...

Home equity is a topic that may sound more complicated than it actually is. Due to questions we’ve had, we’ve decided to make a blog post talking about what equity is, how it’s helpful to have, what you can do with it, and how it ...

So you’ve heard that buying a house after the Fall months is a terrible idea, right? However, the best time where you can find your dream home at the best possible price is during the winter months. This may go against every single thing you’ve ...

For this blog update, we’ll discuss the other types of IRAs, SEP IRAs and Simple IRAs. We’ll also go into detail what your mortgage lender will require from you if you choose to use these IRA accounts to help get into your home! SEP IRA ...

Asset documentation is one of the most stressful parts of the mortgage loan process. Having to supply the most recent 2 months of bank statements, and also having to keep providing additional statements every time a new one comes out can be stressful. But the ...

When it comes to buying a new home, there are plenty of options for borrowers. Buying an existing home is the most common practice currently. However, it newly built home may offer a more cost effective approach to home ownership. Buying a newly constructed condo ...

During the home buying process, you have to decide whether or not what is best for your family in the short and long term. And with all of the options available between buying a single family home, condos and townhouses, this can be very fairly ...

In our current age, we’ve become accustomed to having options. When there’s a need or a desire for a specific thing, people strive to bring a solution to that need. The townhouse is a perfect example of solving a problem. A townhouse is the perfect ...

Choosing between purchasing a condo or a single family home can be a very tough decision. Especially if you are a first time home buyer.  Are you someone who enjoys being in arms reach of neighbors and living in a very low maintenance lifestyle? Or ...

Should you buy or rent? As much as I wish I had a straightforward answer for you, I don’t. Instead, I hope to guide your analysis in order to make things just a bit more clear for you. Let’s run down the major benefits of ...

Considering changing jobs, but curious how that might affect the mortgage approval you’re hoping for? Or, maybe you already have a new job and are wondering what your odds are. The general rule of thumb is that you should have a two-year history at your ...

Buying a home with student loan debt is a possibility. The experts at CREFCO explain what you need to consider and how to go about the process for buying a home.

Tax credits are like rewards from the government for doing certain things, and they work by directly lowering the amount of tax you have to pay. But what about the first-time homebuyer tax credit? Well, it’s a special tax break for people who want to ...

An Introduction to Profit and Loss Statements and Balance Sheets For this blog update, we’ll be going into detail about profit and loss statements, Balance sheets, the differences between them, and when the first-time home buyer will  be needing them for the home buying process. ...

For the third and final part of this blog, we’ll be discussing some more documents as well as giving additional tips that may help the first time home buyer speed up the mortgage-lending process. In the last blog update, we talked a bit about some ...

For this blog update, we will be discussing the mortgage term “escrow,” and what it means for the first time home buyer’s mortgage lending process. Escrow in the mortgage lending process is essentially an account that is created during the lending process that holds items ...

Fannie Mae’s HomePath REO Program: An Introduction For this blog post, we will be talking about the Fannie Mae’s HomePath REO program in the eyes of the first time home buyer.  Fannie Mae’s HomePath program is essentially for the selling of newly foreclosed properties that ...

Introduction In the process of obtaining a mortgage, your lender may request a Foundation Inspection or a Foundation Certification. A Foundation Inspection Certification may be requested for several reasons, such as being requested by the appraiser due to his or her inspection, or the home ...

One of the biggest sources of anxiety for the first time home buyer is the asset documentation needed for submission and for the final approval. First time home buyers can easily feel overwhelmed with the amount of documentation that is needed, especially when it comes ...

Understanding Your Budget For the first-time home-buyer, choosing the first home can be a daunting, intimidating process. There seems to be a lot of rules and regulations, many different loan programs to choose from, and a lot of fancy mortgage jargon that can leave a ...