Yes, it’s a good idea to get your home appraised after renovation to determine the new value. Appraising your home after renovations ensures an accurate assessment of its current worth, reflecting the added value from the upgrades. Renovations can significantly impact your home’s value, making a post-renovation appraisal essential for understanding the investment’s return. Whether…
Government recording and transfer fees are typically not prepaid costs in real estate transactions. These fees are usually paid at the time of closing. When buying or selling a property, it’s important to understand the various costs involved in the transaction. One of these costs is the government recording and transfer fees, which cover the…
Principal curtailment refers to making extra payments against the principal owed in order to reduce the outstanding balance of a mortgage. This can help shorten the loan term and save on interest payments. When it comes to managing your mortgage, understanding the concept of principal curtailment is crucial. Making additional payments directly towards the principal…
A 700 credit score is considered good and can help you qualify for favorable loan terms and interest rates. It shows that you are a responsible borrower and can be trusted with credit. With a 700 credit score, you have a solid financial standing and are likely to be seen as a low-risk borrower by…
Yes, you can get a loan with just pay stubs. Many lenders accept pay stubs as proof of income, making it possible to secure a loan using this documentation. Pay stubs help verify your employment and income, which are crucial factors in the loan approval process. When applying for a loan, providing your pay stubs…
Title vesting refers to the legal rights to a property held by the owner. It determines the ownership structure and affects the ability to sell or refinance the property. When you purchase a home, the way you hold the title, or “title vesting,” is crucial. It impacts your legal rights to the property, including the…
To convert a VA loan to a conventional loan, you can refinance your existing VA loan with a conventional loan through a lender. This process involves meeting the lender’s financial qualifications and credit requirements to secure a conventional loan. When it comes to transitioning from a VA loan to a conventional loan, it’s important to…
Yes, you can negotiate payment arrangements after a judgment has been made. If you’re unable to pay the debt in full, you may be able to work out a payment plan with the creditor. Dealing with a judgment can be a stressful and overwhelming experience. Once a creditor obtains a money judgment against you, they…
A returned payment fee is a charge incurred when a consumer bounces a payment due to insufficient funds. This fee is imposed by banks and financial institutions when a payment is returned for various reasons. When you make a payment that bounces due to insufficient funds or other reasons, a returned payment fee is applied….
Title endorsements are modifications to a title insurance policy that provide additional coverage to the buyer or lender. They change the terms of the coverage in the title policy to the benefit of the insured party. Title endorsements expand the coverage of a standard homeowner’s title insurance policy by removing exceptions or adding new protections….
Getting a Home Equity Line of Credit (HELOC) typically takes about two to six weeks. The timeframe varies based on the borrower’s ability to provide required information, and the lender’s underwriting and processing time. Obtaining a HELOC involves steps that can be taken to expedite the process, such as preparing necessary documents in advance. This…
A Prescreened Offer for Credit is a promotional offer extended to a select group of consumers based on their credit history and credit score. Credit card companies use this information to make firm offers of credit to consumers who meet their criteria. These offers are not visible to future lenders or creditors and do not…
To improve DTI ratio, focus on paying off existing debts and avoiding new ones. Increasing your income can also help lower the ratio. Having a healthy debt-to-income (DTI) ratio is crucial for financial well-being, especially when applying for loans. Your DTI ratio is a measure of how much of your income goes toward paying off…
A personal loan works by providing you with a lump sum of money that you repay in monthly installments over a fixed period, along with interest charges. The repayment period can range from two to seven years, depending on the loan terms. When you apply for a personal loan, the lender will assess your creditworthiness…
To refinance a home, you’ll need to set a clear financial goal, check your credit score and history, determine your home equity, shop multiple mortgage lenders, get your paperwork in order, prepare for the home appraisal, and have cash ready for closing if needed. Refinancing can be a little complicated, especially if your credit score…