Three scams to avoid when locking your loan

Q: I’m trying to get a better understanding of private mortgage insurance (PMI). I understand the fundamentals and that it usually equals 1/2 percent-1 percent of the mortgage, but what I’m not sure about is how it is paid. Is the PMI paid each year until you reach the 20 percent mortgage-to-value ratio? Can you …

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8 scenarios that hurt mortgage qualification

“8 scenarios that hurt mortgage qualification What you should know if you’re divorced or have student loan debt Do I jeopardize my mortgage application by changing jobs before the loan closes? Yes. The underwriter approved your application based on your documented income covering two years or longer, from one source. At closing you must certify …

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Factoring energy efficiency into a home’s value

Under the SAVE (Sensible Accounting to Value Energy) Act, estimated energy-consumption expenses for a house would be included as a mandatory new underwriting factor. When you apply for a mortgage to buy a house, how often does the lender ask detailed questions about monthly energy costs or tell the appraiser to factor in the energy-efficiency …

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How public record errors hurt real estate sellers

Real estate buyers today often turn down a listing because they think it’s priced too high relative to the livable square feet it has to offer. In some neighborhoods, like planned unit developments, price per square foot might be a fairly reliable value indicator because there is little variability in the housing stock. It’s of …

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