Assessed value is the worth of your home as decided by the city on a yearly basis. This value is then used to determine what you pay in real estate taxes. Every year, the assessed value can go up or down, which can change your monthly mortgage payment. Appraised value is the worth of your Read more about Complicated Terms. Simple Definitions: Assessed and Appraised Value[…]
I know there’s a lot of terminology in the mortgage world. Today I want to break down one you may have heard: funding fee. Funding fee is a one-time upfront cost on all VA loans that is paid directly to the Veterans Administration. In the chart below, you can see the percentage of the funding fee Read more about Complicated Terms. Simple Definitions: Funding Fee[…]
These credit improvements will have a positive impact on home buyers, as credit scores and reports weigh heavily on the ability to qualify for a mortgage.
“Portlandia” on the IFC channel is one of my favorite TV shows. The sketch comedy program pokes fun at the lives of millennials in Portland, Oregon. Last week, “Portlandia” was all about buying, selling and renovating houses. One of the best moments from the episode depicted how first-time homebuyers don’t understand the concept of escrow. Click the video below to watch! I often Read more about Complicated Terms. Simple Definitions- Escrow and Mortgage Payments[…]
Realtors always negotiate the best terms of the contract on behalf of your clients. I often see buyers in Virginia who ask sellers to cover the closing costs. For example: “Seller to contribute $X toward buyers closing costs, pre-paids, etc..to be used at buyer’s discretion.” But do you know the difference between closing costs and Read more about Complicated Terms, Simple Definitions: Pre-Paids and Closing Costs[…]