What is private mortgage insurance and do I need it?

PMI is a type of private mortgage insurance used with conventional loans. Like other kinds of mortgage insurance, PMI protects the lender if you stop making payments on your loan. PMI is often required when you have a conventional loan and make a down payment of less than 20 percent of the home’s pu...

What is APR?

What is APR? "APR" stands for annual percentage rate. It lets the borrower know the actual cost of a loan. The annual percentage rate considers all the finance charges executed by a bank so that borrowers can compare which rate is a better rate for them. Every lender must inform a borrower what the ...

What is title insurance and do I need it?

What is title insurance and do I need it? Mortgage lenders require borrowers to buy title insurance that protects the bank for the full amount of the mortgage in case of title problems. An “owners” title policy protects the owner’s equity. Premiums are set by the insurance department and are depende...

What is a home inspection?

What is a home inspection? It is a limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. They are usually conducted by a home inspector who has the training and certifications to perform such tasks. The inspector prepares and delivers to the cl...

What can I expect for closing costs?

What can I expect for closing costs? Typically, closing costs run between 3% and 5% of your total loan amount, so if you’re borrowing $100,000 you can expect closing costs somewhere between $3,000 and $5,000. If you’re borrowing $200,000 you can expect closing costs of $6,000 to $10,000. If you h...

Do I have to attend the closing?

Do I have to attend the closing? This depends on the state. Typically, the seller does not have to attend to the closing to sign papers. though it isn’t mandatory, it is recommended that the buyer attend, to avoid any complications in the end. If you have questions about real estate or need an at...

What expenses can a home buyer expect?

What expenses can the a home buyer expect? Closing costs vary depending the location of your new home, the property you are buying and any loans you maybe be taking. Here is a general list to keep in mind.

• Application Fee
• Appraisal
• Attorney Fee
• Closin...
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What expenses can home seller expect?

What expenses can home seller expect? Outside of the expenses a seller has prior to a sale, like painting, staging, minor fixes, etc., there are expenses to consider one you do sell including:

• Real estate agent commissions.
• Other closing costs or credits to the buyer.
...
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Do I need an attorney when I buy a house?

Do I need an attorney when I buy a house? Buying a home is a big investment. It is important that you understand the legal issues involved in residential real estate transactions, including disclosures, purchase contracts, potential title defects, zoning issues, and taxes. Although the steps involve...

How do I buy out my business partner should I need to?

How do I buy out my business partner should I need to? Typically, the course of action taken to buy out a business partner would be outlined in a legal document that states the terms and conditions made between all partners involved during the initial stages of building the company. A buyout would r...