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Thursday, 09 September 2010 08:36 |
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After closing, a large stack of papers lay in front of you. How do you know which ones to file away for future use? To make your job of sorting through the papers a little easier, here are a few "be sure to save" items.  1. Truth in Lending statement: This document is used to summarize the details of your mortgage, including your percentage rate.
2. Insurance: Not only does it serve for proof of coverage, but just in the case you need to make a claim, you will have contact and coverage information on hand. 3. Deed: Theis document proves that the property has been transferred to your ownership. 4. Riders: (or addenda) are special attachments (separate sheets) that become part of the contract in certain situations. 5. HUD-1 Settlement Statement: This is a standard form which is used to itemize services and fees charged to the borrower by the lender or broker. Be sure to keep all of your paperwork in an organized filing system and in a fire-proof safe. |
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f you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it. |
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First and foremost, buying a home usually requires that the home be able to pass an inspection and be in a safe, livable condition. That of course eliminates numerous homes that we find on the market today because many foreclosures have trouble passing an inspection. With the 203K Renovation Loan Program, the 203K loan will allow you to purchase a home that needs updating and will actually lend you the money to make the improvements! |
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