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Things to know about a Title Report
Things to know about a Title Report
Annette Bui| Updated March 7, 2019 | Mortgage
Most homeowners are focused on securing the best rate
or getting a good appraised value when buying a home. A very important aspect
of the home buying process that may impact the closing time frame is what is
shown on a title report. Oftentimes when buying a condominium, the lender will
need to get the homeowner’s insurance binder. Depending on the community, this
duration may take as long as 5-7 business days. Things to keep in mind to
understand how a title report may affect you.
Legal description-the legal description gives you more
detailed information on the property that is not shown in the original listing
advertisement. It is a written detail of property boundaries, any inclusion of
property’s interest in common areas, easements and or any parking that is
included. If it is a condominium,youwillgetinformation on any non-exclusive or exclusive
Taxes-Real estate property taxes will show up as the
first lien on a title report and will show whether or not taxes have an
outstanding balance or have been paid in full. Any delinquent taxes would need
to be paid and resolved before the lender or seller gets paid.
Mortgage liens-mortgages are a lien that appears
following property tax liens, it is recorded either as a first, second or third
position. This means when a sale occurs, the tax lien is paid first and
subsequently the mortgage liens in the subsequent position typically from
largest to smallest. One of the important things to take into consideration
when getting solar panels installed is if they will attach a lien to your
property. This may impact your eligibility to qualify for a refinance.
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Would you rather be Rich or Wealthy? Annette Bui | Updated April 26, 2020 | Lifestyle Mortgage Blog Having the right money mindset takes you a long way to distinguish yourself from the Rich vs. the Wealthy attitude. Maintaining the appropriate mindset towards money has become truly popular and got a number of folks enthusiastic about why they give thought to it the best way possible. It got me considering that it will probably be will benefit you to discover this matter even further, and speak concerning the variations between a “Rich Mentality” and a “Wealthy Mentality” There are significant distinctions between a rich vs a wealthy mindset when it comes to the following topics: There are a number of variations between a wealthy mentality and a well to do mentality with regards to the under topics: 1. INCOME While many families believe that breaking the $100,000.00 threshold is a good benchmark for wealth when it comes to income. Then they reach that benchmar
How is FHA private mortgage insurance calculated? Annette Bui | Updated June 18, 2020, | Mortgage Programs 101 FHA PMI is abbreviated for private mortgage insurance that comes in two parts. The upfront one time cost added to your loan balance and the secondary is the monthly amount based on a percentage of your purchase price. PMI used to fall off once you reach 78% of your loan to value. However, the rules have been changed for some time now and unless you put 10% down on the original purchase. The PMI does remain on the loan over the lifetime. Here's the upfront portion that is the more expensive part of the program and how it is calculated. The good news is you will have two options to lower or remove this insurance by either refinancing into a conventional mortgage once you reach 20% equity or electing a one-time premium buy out option that normally may be anywhere from $3,500 to $4,500 instead of the lifetime amount you would otherwise pay.