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Thank you for the opportunity to answer this question. Being from Texas I only know of 2 loans that you can do. The first would be a home equity loan . In Texas with a home equity loan you can borrow up to 80% of your appraised value. This loan typlically has closing costs and is usally a fixed rate of 10,15,20 or 30 years. The second loan is a home
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A good faith estimate is just that an estimate. It is an estimate of charges that you can expepct when you go to closing. These charges include lender fees, broker fees, title company fees, tax and insurance (escrow account) fees, recording fees. Be sure that you take your good faith estimate to closing and compare them. Ask questions about the differences
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I can only speak of residential loans in Texas. Most lenders require that your home be off MLS for at least 6 months before being able to do a home equity loan. I only know of one bank (US Bank) that allows you to do a home equity loan in Texas after being off the market for 1 day. Due to the housing market collapse lenders are changing their guidlines
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This is my experience in Texas with Real Estate Loans. Once a contract is accepted the seller is supposed to move out by the day the loan funds. It is important that you do a final walk through prior to closing on your home. This way you can make sure that the condtion of the home did not change during the time of the contract. If the seller is planning
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I can only speak from experience from real estate transactions I've witnessed in Texas. A listing agents duty is to the seller of the property. They must disclose any defects with a sellers disclosure , make suggestions on fair market value by comparing it to similiar propeties in the area. Their main goal is to get the home sold and to represent the
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I can only speak for Texas real estate agents. The buyer's agent makes the money from the person selling the home. I have not worked with any buyers agents that have ever charged any money to the buyer. The commission comes from the seller. The only money that the buyer may have to put up front before closing on the home is earnest money , an option
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The term "liar loan" is another way of saying stated income or a no income verification loan. This is basically a program for people who are unable to prove their income. This was originally set up for self employed people who take a loss on their tax returns. Stated income or no income verification is basically applying for a loan without having to
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This is a good question. Thank you for giving me the opportunity to answer. A good faith estimate does not mean that your rate is locked. Mortgage rates change sometimes 3 and 4 times daily depending on the market you are in. They have several different locks . 7 days, 15 days, 30 days and 45 days. There are longer locks but usually require a fee of
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This is a good question. Their are a couple of ways to do this. I originate loans in Texas so I will share the ones available here. First off, if it is your primary residence the loan amount will be maxed out at 80% of your appraised value. Second homes or Vacation homes and investment properties can go to 90% but usually require mortgage insurance
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The mortgage application process goes like this. You can do the applicaton 1 of 3 ways. Over the phone Face to face meeting Online application The loan officer fills out a loan application asking a variety of questions regarding name, ss#, date of birth, employments history, monthly income, bank account info and so on. The loan officer then requests