Many mortgage lenders won’t leave it up to you to cover your property taxes and hazard insurance. Rather, when you register up for a mortgage you’ll be asked to open and put money into an escrow account, which your lender will use to cover those bills. Knowing your home is insured and it can’t be […]
Purchasing real estate through a land contract is fairly straightforward. The buyer gives the seller a deposit for the home or piece of land and the seller acts as the bank, financing the balance of the purchase price. The buyer and seller work together to negotiate an rate of interest at the time of purchase. […]
Lenders often require borrowers to buy buying points to be eligible for a mortgage. The purpose of purchasing points fluctuates, but their cost doesn’t. Each point is worth 1% of the loan amount. As an example, a purchasing point for a mortgage of $400,000 will probably cost $4,000. Buying points can help save you money […]