Archive | Buyers

Home Buyer Tips

Homebuyer Tips [Infographic]

Buying a home can be at times exciting, stressful, exhilarating, and frustrating all in the same deal. Following are 6 tips that will ensure the outcome is one that you can enjoy for years. My number one tip – work with an agent. A good agent will ensure that all of this and more is taken […]

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HUD homes

What is a HUD Home?

HUD is an acronym for the U.S. Department of Housing and Urban Development. HUD becomes the owner of foreclosed properties (1-4 units) that were purchased with an FHA loan. They then re-sell the home to recoup the loss created by the foreclosure. Who Can Buy a HUD Home? HUD homes may be purchased by anyone […]

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Highlighted Mortgage Document And House Keys

What is Escrow?

Simply put, escrow is a financial arrangement where a third party holds and regulates payment of the funds for the two parties involved in a given transaction. It helps make transactions more secure by keeping the payment in a secure escrow account. Funds are then released after all of the terms of an agreement are […]

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Bank Owned Real Estate: REO

What is an REO Property?

An REO property – a Real Estate Owned property – is a bank owned property, one that the bank has already foreclosed on. Once a bank forecloses on a home, it will try to sell that property to recoup its investment (loan). The bank will first try to sell the property at a foreclosure auction, traditionally held […]

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VA Loans

What is a VA Loan?

A VA loan is a mortgage loan that is available to mosts veterans, and is guaranteed by the U.S. Department of Veteran Affairs. Benefits of a VA Loan? Because VA loans are guaranteed by the Department of Veteran Affairs, which reduces the risk to the lender, the lender can usually offer more competitive interest rates, […]

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Young couple meeting loan officer

What is an FHA Loan?

An FHA loan is a mortgage that is insured by the Federal Housing Administration. The FHA actually only insures the loan, the loan itself originates from an FHA approved lenders Because of the built-in mortgage insurance, FHA loans often have relaxed qualification requirements and attractive interest rates. Unlike conventional loans, buyers can use savings or other […]

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Mortgage: Conventional Loan

What is a Conventional Home Loan?

For the majority of buyers, the choices of how to fund their new home purchase comes down to either a conventional loan or an FHA loan. Military veterans may also eligible for a VA loan, and of course, cash is always welcome. Conventional Loans A Conventional Home Loan (often referred to as a “traditional” loan) is […]

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