Month: March 2018

Why You Should Include an Appraisal Contingency in Your Offer

Making an offer on a home is a huge deal. Having the seller accept that offer is an even bigger deal. In a matter of weeks or months, you could become a homeowner. However, before you start jumping for joy, you should understand the different contingencies you should include in your contract. One of the most important is the appraisal contingency. Without it, you could find yourself in deep financial trouble or worse yet, have legal troubles on your hand. WHAT IS AN APPRAISAL CONTINGENCY? Just like any other contingency, an appraisal contingency gives you a way out of the...

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Things to Know Before You Buy a Home in a Flood Zone

Before you can close on a mortgage, your lender will need to know a few things about your home. The most important is the value. They cannot lend you money if the value of the home isn’t high enough. Second most important, however, is if the home is in a flood zone. If it is, you will be required to carry flood insurance, which differs from homeowner’s insurance. Compare Offers from Several Mortgage Lenders. If you find out your home is in a flood plain, it may not change your decision to buy the home, but there are some things...

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Home Financing Options for H-1B Work Visa Holders

If you have a work visa but want to establish residency in the United States, you are in luck. There are a few programs you can get just as a United States citizen would. Fannie Mae and FHA loans are both loans that allow H-1B workers to obtain. Get Matched with a Lender, Click Here. Keep reading to learn the requirements if you are here on a work visa. PROVING YOUR RIGHT TO WORK One of the most important things you must verify with a lender is the right to work in the United States. Without a work permit, you must...

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The Top Reasons Some Mortgages are Too Risky

Many people need a mortgage if they want to buy a home. Unfortunately, mortgages are not a one-size-fits-all approach. Some borrowers need specific features in order to qualify. However, some of those features may be considered ‘risky.’ Are they too risky for you? Get Matched with a Lender, Click Here. Keep reading to learn which mortgages we think you should avoid moving forward. EXTENDED TERM MORTGAGES HAVE HIGH RISK The average borrower has a 30-year mortgage and that’s about as far as you should stretch it. Stretching your mortgage term out too long just ends up costing you more in the...

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