Zillow Advice RSS: Question-Discussion-Guide,Home Buying, http://www.zillow.com/advice/United-States%253B%253B%253B%253B%253B%253B%253B%253B/home-buying/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate Why can't the banks work with buyers that interested in bank-owned properties, instead of agencies. http://www.zillow.com/advice-thread/Why-can%27t-the-banks-work-with-buyers-that-interested-in-bank-owned-properties-instead-of-agencies/295116/ Are you asking about obtaining a <a href="http://www.zillow.com/mortgage/">mortgage</a> to buy foreclosed bank owned properties?<br/><br/>Some incentives are now available on <a href="http://www.zillow.com/mortgage-glossary/Fannie-Mae/">Fannie Mae</a> <a href="http://www.zillow.com/homes/for_sale/fore_lt/">foreclosures</a> with financing offered by Fannie Mae directly with as little as 3% downpayment.<br/><br/>HUD is offering financing on some of their properties also.<br \><br \>0 replies Sat, 07 Nov 2009 23:49:00 GMT http://www.zillow.com/advice-thread/Why-can%27t-the-banks-work-with-buyers-that-interested-in-bank-owned-properties-instead-of-agencies/295116/ 2009-11-07T23:49:00Z Real estate agents. http://www.zillow.com/advice-thread/Real-estate-agents/491867/ Hello I have been approved for a mortgage and I am going to be a first time home buyer. I am not sure where I want to live .It is either Westchester county New York or Northern New jersey. I s there a real estate agent that will handle a request like mine? I see a lot of agents only work in small areas.<br \><br \>7 replies Sat, 11 May 2013 20:15:00 GMT http://www.zillow.com/advice-thread/Real-estate-agents/491867/ 2013-05-11T20:15:00Z Title Insurance for the Buyer http://www.zillow.com/advice-thread/Title-Insurance-for-the-Buyer/8/ <wikipage><p>The title is what gives you ownership of a property.&nbsp; As the buyer you want a clear or clean title &mdash; one that doesn't have <pagelink type="wikipage" dest="Lien">liens</pagelink> for unpaid taxes against it or claims of ownership by dear Aunt Millie or a surprise <pagelink type="wikipage" dest="Easement">easement</pagelink> through the backyard to reach power lines or a cell phone tower.<br/><br/>As for your lender, he wants to know that the loan is going to a legitimate transaction &mdash; the seller really does own the property and therefore can sell it to you.</p><p>&nbsp;</p><h2>The Title Search</h2><p>In other words, nobody wants an unpleasant surprise after the settlement. So a couple of things happen. First, a title search is conducted. Public records are examined manually or by computer or both. It depends on how pertinent records are kept in your area. The searcher looks at deeds, will, and trusts, tracing the history of the property back many, many years. Among the important questions are whether all past mortgages and liens have been paid. Does anyone hold an easement? Are there any pending legal actions?<br/><br/>But what if the title search misses something and it comes back to bite after you've moved in? This could happen. Buyers have even been known to lose their houses because of clouded ownership &mdash; some past problem that wasn't discovered.</p><br/><h2>Title Insurance</h2><p>The way to avoid losing everything is to buy title insurance, which is available from title insurance companies, title agents, or, in some states, attorneys.<br/><br/>Title insurance is a one-time, up-front investment with rates based on the purchase price of your home and the type of policy you buy. Some are more comprehensive than others.<br/><br/>The policy protects you by making the insurance company liable for most claims against your ownership. If a critical document was overlooked during the title search and you actually lose the house, you'll likely receive damages &mdash; but only if you bought an owner's title policy at closing. You can see why experts advise you to do this.<br/><br/>Make sure you understand the policy you're buying &mdash; what it covers and what's excluded. The owner's policy should cover your full sales price. If you want a policy that covers the value of your home as it increases, ask about adding an inflation rider.<br/><br/>Your lender wants a policy, too. He or she won't even loan you money unless you buy a separate lender's title insurance policy to cover the bank's interest in your property. The lender's policy should be for the amount of the mortgage.</p><br/><h2>Shopping for Title Insurance&nbsp;</h2><p>The only time you can purchase insurance is at closing. Whether buyer, seller, or both pay for the coverage varies according to local custom. In some areas the seller buys the owner's policy and the buyer pays for the lender's policy. Both policies take effect on closing day.&nbsp;<br/><br/>A congressional subcommittee hearing on title insurance in early 2006 looked into why consumers were paying so much for title insurance. They found the industry rife with joint ventures between title insurance companies, real estate brokers, and lenders and heard that these deals are a factor contributing to rates higher than they should be.<br/><br/>The <pagelink type="external" dest="http://www.pueblo.gsa.gov/" nofollow="true">Federal Citizen Information Center</pagelink> Web site offers advice on title coverage and cost savings from the Department of Housing and Urban Development.<br/><br/><strong>Buyer's Tip</strong>: You need a clear title on closing day and two title insurance policies &mdash; one to cover the owner, the other the lender.</p><br/><h2>How to Take Title</h2><p>Many home buyers, especially first-time buyers, are at the closing ceremony signing the mysterious documents when the closing agent asks how they want to take title to the property &mdash; sole owner, joint tenancy, tenants-in-common ... Oops! Another new subject that sounds like a foreign language. Will this never be over?<br/><br/>Don't let your eyes glaze over. This really is important. There are tax and estate considerations to ponder prior to deciding. And you also need to ask whether you need to protect your home from, say, a lawsuit against your business or a malpractice suit against a partner or spouse.<br/><br/>Here are three of numerous ways to take title:</p><ol><li><strong>Sole owner</strong> - An unmarried person buying a house alone has the easiest task. Title is taken as a sole owner in the individual's name.</li><li><strong>Joint tenancy</strong> - When a married or unmarried couple buy a house together, things get more complicated. If they choose to take title with joint tenancy, each has the right of survivorship. If the spouse or partner dies, full ownership goes to the survivor. There are tax advantages for the survivor as well, regardless of marital status.</li><li><strong>Tenants-in-common</strong> - When two or more individuals buy a home together as tenants-in-common, they are partners who may own unequal shares and who can sell their shares of ownership independently.</li></ol><p><strong><br/>Buyer's Tip</strong>: Decide before you attend the closing how you wish to take title to the property. Consult an accountant, real estate attorney, or estate planner to learn the advantages and disadvantages of each type of ownership.</p><p><br/> &nbsp;&nbsp;</p><h2>Recording the Deed</h2><p>When you have title to your property, you own it. But the deed is the written document used to transfer the title from seller to buyer. It is only when the deed is recorded at the appropriate county office that your ownership is official.<br/><br/>Here's what happens. On the day of closing, buyer and seller sign <pagelink type="wikipage" dest="Closing-on-a-House-for-the-Buyer">numerous documents</pagelink> and the closing agent disburses the money. Then, depending on the time of day and practices in your area, someone from the title company takes the deed and other documents that must be recorded to the county office. This is usually done first thing in the morning or at the end of the business day. A recording fee is paid.<br/><br/>The county recorder assigns each document a number and records the time of entry to the minute. A copy is made for the county file. Your real estate transaction is now part of the public record.</p><br/><h2>The Keys, Please</h2><p>Your sales and purchase contract spells out when you can take possession of your new home. But ask your real estate or closing agent whether you'll get the keys to the house at your closing ceremony or after the deed is recorded.<br/><br/>If you live where all parties gather with a closing attorney to sign documents, you might leave the meeting with keys. But if your seller is signing paperwork after you, it might be later in the day or even the next day before you get the keys, garage door opener, and security alarm codes.</p><p><pagelink type="external" dest="https://plus.google.com/116010607353595760297/posts?rel=author" nofollow="false">By Diane Tuman</pagelink></p><br/><p><strong>Next article: <pagelink type="wikipage" dest="Homeowner's-Insurance-for-the-Buyer">Homeowner's Insurance for the Buyer</pagelink></strong></p><p><strong>Previous article: <pagelink type="wikipage" dest="When-Buyer-Closing-Goes-Wrong">When Buyer Closing Goes Wrong</pagelink></strong></p><br/><br/><h2>Related Links</h2><ul><li><p><pagelink type="wikipage" dest="Closing-on-a-House-for-the-Buyer">Closing on a House for the Buyer</pagelink></p></li><li><pagelink type="wikipage" dest="Homeowner's-Insurance-for-the-Buyer">Homeowner's Insurance for the Buyer</pagelink></li><li><pagelink type="wikipage" dest="Explaining-Escrow-for-Buyers">Explaining Escrow for Buyers</pagelink></li></ul></wikipage><br \><br \>1 reply Fri, 12 Oct 2012 18:15:00 GMT http://www.zillow.com/advice-thread/Title-Insurance-for-the-Buyer/8/ 2012-10-12T18:15:00Z Buying a home cross states while switching... http://www.zillow.com/advice-thread/Buying-a-home-cross-states-while-switching/565649/ I would suggest renting for a year. It would allow to find out if you really like California. If you decide you want to buy, talk with a mortgage lender first. If you were staying in the same career, it would be easier as long as you have a new job lined up before quitting. But, starting a new career may require you to have 2 years of income before you can get a mortgage. <br/><br/>Good luck!<br \><br \>0 replies Thu, 06 Nov 2014 19:54:00 GMT http://www.zillow.com/advice-thread/Buying-a-home-cross-states-while-switching/565649/ 2014-11-06T19:54:00Z fha loans http://www.zillow.com/advice-thread/fha-loans/368906/ <p>The best bet is to take specific measures to correct the judgement information, which will prevent you from having any issues qualifying for the best mortgage options.&nbsp;</p><br \><br \>0 replies Wed, 27 Oct 2010 19:14:00 GMT http://www.zillow.com/advice-thread/fha-loans/368906/ 2010-10-27T19:14:00Z I am look to buy a property at 500 W Pine St Abbott Texas Need info . http://www.zillow.com/advice-thread/I-am-look-to-buy-a-property-at-500-W-Pine-St-Abbott-Texas-Need-info/541059/ <p class="MsoNormal"><strong>Are you shopping for a Home?</strong> It may seem backwards to shop for a mortgage before you shop for the house, but there are several reasons for doing this. Shopping for a mortgage will also help if you can get "pre-approved" for the amount you'd like to borrow. This means the lender has looked over your credit and financial statement and agreed to lend you the money. Sellers like pre-approved buyers because there's less risk the deal won't go through. First, you'll find out how much you can borrow, which has a lot to do with how much house you can buy. You can reach me to get approved via my picture profile.&nbsp;</p><br \><br \>0 replies Fri, 16 May 2014 17:17:00 GMT http://www.zillow.com/advice-thread/I-am-look-to-buy-a-property-at-500-W-Pine-St-Abbott-Texas-Need-info/541059/ 2014-05-16T17:17:00Z What is the best way to search for additional liens on a property? http://www.zillow.com/advice-thread/What-is-the-best-way-to-search-for-additional-liens-on-a-property/442687/ Here in S. Florida, the current Foreclosure capital of the country.... I have noticed a number of condo foreclosures, where the condo association is foreclosing on the property. Many times, through doing hours of research in a bunch of different locations i find that the property has additional&nbsp;liens&nbsp;on the property (i.e. mortgage, equity line of credit, ...) is there a consolidated place to search for&nbsp;liens&nbsp;on a property. I have tried my local property&nbsp;appraisers&nbsp;website and it is useless, as is the clerk of courts website... Any suggestions are appreciated.<br \><br \>16 replies Mon, 14 May 2012 06:41:00 GMT http://www.zillow.com/advice-thread/What-is-the-best-way-to-search-for-additional-liens-on-a-property/442687/ 2012-05-14T06:41:00Z where to find foreclosure info http://www.zillow.com/advice-thread/where-to-find-foreclosure-info/541061/ The best way to find foreclosures that are available in your area is to contact a local agent. To find pre foreclosures that data some agents pay to receive be cautious or some sites there is one large one that re reports a delinquent mortgage as a foreclosure none that we mentioned here get with a knowledgeable agent in your area for the most accurate data<br \><br \>0 replies Sat, 17 May 2014 21:47:00 GMT http://www.zillow.com/advice-thread/where-to-find-foreclosure-info/541061/ 2014-05-17T21:47:00Z I've been looking at a property for a while. http://www.zillow.com/advice-thread/I%27ve-been-looking-at-a-property-for-a-while/368911/ Dear DHMoore,<br/><br/>The best way is to have your own realtor as a buyers agent and you may also want to talk to a mortgage banker or broker to get pre-qualified for a price range that you can get a loan for this will be needed before an offer can be put in. Any realtor that you are working with should request it also. This&nbsp;puts everyones time to the best use, because you are looking at things that you cn actually afford.<br/><br/>Good Luck<br/>Greg&nbsp;<br \><br \>0 replies Mon, 11 Oct 2010 16:52:00 GMT http://www.zillow.com/advice-thread/I%27ve-been-looking-at-a-property-for-a-while/368911/ 2010-10-11T16:52:00Z What can I do to get more (or better) quotes for my loan http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan/516470/ There are many websites that will do this work for you, such as lending tree or bank rate. Each site certainly will shop your info for a competitive deal. Zillow also has a feature for this, and the easy way to get better rates is to either do more research with one of these sites, or to have a mortgage broker do it for you. They work with many lenders and can shop all of them simultaneously.<br/><br/>Good luck!<br \><br \>0 replies Thu, 24 Oct 2013 00:55:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan/516470/ 2013-10-24T00:55:00Z Loan for property--outside US http://www.zillow.com/advice-thread/Loan-for-property-outside-US/467286/ A personal loan would be the best bet.&nbsp;&nbsp; Mortgages are secured by the property, and US lenders aren't able to access properties outside the US.&nbsp;<br \><br \>0 replies Mon, 05 Nov 2012 01:12:00 GMT http://www.zillow.com/advice-thread/Loan-for-property-outside-US/467286/ 2012-11-05T01:12:00Z Refinancing an FHA 203K to a Conventional 30 Year... How Long http://www.zillow.com/advice-thread/Refinancing-an-FHA-203K-to-a-Conventional-30-Year-How-Long/442693/ FHA forward mortgages with amortization terms of 15 years or less, and a loan-to-value (LTV) ratio of 78 percent or less, remain exempt from the Annual MIP (Mortgagee Letter 2011-35). Otherwise consider 10% DP:<br/>With 10% down and less than a $625,500 loan MI will cost .35% per year - from there it goes up to .85% with 10% down and over a $625,000 loan. General refi rule of thumb is if your interest rate plus the MI is not 1%+ higher than the current 'offered' rate without MI - don't consider the refi.<br/>Curious - what rate is the lender charging on the 203K?<br \><br \>0 replies Mon, 14 May 2012 22:20:00 GMT http://www.zillow.com/advice-thread/Refinancing-an-FHA-203K-to-a-Conventional-30-Year-How-Long/442693/ 2012-05-14T22:20:00Z when it is listed as preforclosure, who do u go to if u are interested in that property? http://www.zillow.com/advice-thread/when-it-is-listed-as-preforclosure-who-do-u-go-to-if-u-are-interested-in-that-property/541066/ Hi Vivian,<br/>Are you working with a Mortgage Specialist already? I would love the opportunity to assist you if you are not already working with someone. We offer loans in SC with No down payment as well as many other programs. Best Wishes,<br/>Summer<br \><br \>0 replies Fri, 16 May 2014 20:09:00 GMT http://www.zillow.com/advice-thread/when-it-is-listed-as-preforclosure-who-do-u-go-to-if-u-are-interested-in-that-property/541066/ 2014-05-16T20:09:00Z seems that i cannot get a short sale home. what advice do you have on best chances of getting one. http://www.zillow.com/advice-thread/seems-that-i-cannot-get-a-short-sale-home-what-advice-do-you-have-on-best-chances-of-getting-one/516475/ Like people have said...short sales are not the only deals to be had out there. In regards to interest rates going up...truth of the matter is right now rates are going down and in the long term trending towards going lower so you are pretty safe there. Get with an experienced Realtor to help you with your search and teach you the advantages and disadvantages of each transaction type. I have a few I can refer you to in the Land O Lakes area. Feel free to contact me for contact info. <br/><br/>Joshua Lerette - Sales Manager<br/>Carrington Mortgage Services, Inc.<br/>[Contact information removed by Zillow moderator. Please see our&nbsp;<u><a style="text-align: right;" rel="nofollow" title="Good Neighbor Policy" href="/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a></u>&nbsp;for information.]&nbsp;<br \><br \>0 replies Thu, 24 Oct 2013 11:59:00 GMT http://www.zillow.com/advice-thread/seems-that-i-cannot-get-a-short-sale-home-what-advice-do-you-have-on-best-chances-of-getting-one/516475/ 2013-10-24T11:59:00Z Why should I avoid using my real estate broker's recommended mortgage loan officer? http://www.zillow.com/advice-thread/Why-should-I-avoid-using-my-real-estate-broker%27s-recommended-mortgage-loan-officer/491885/ I'm buying a home in Michigan. <br/><br/>I understand that if these two are "in cahoots" then it could be bad for me but I do not understand how and where they could take advantage of me. &nbsp;Can anyone explain where this could happen?<br/><br/>I'm asking specifically because, even thought I've read that it is a bad idea to use this loan officer, I'm considering it. &nbsp;I've met with several loan officers now and the one who my real estate agent recommended has impressed me far more than any of the others I've met. &nbsp;His demeanor, personality and ability to communicate are simply superior. &nbsp;I know this does not mean he will&nbsp;necessarily give me the best deal but it's something to go on.&nbsp;<br/><br/>The second factor is that I'm hoping to close within 4-6 weeks and he is the only loan officer that is confident this is possible. &nbsp;I know he could be lying about this. &nbsp;One thing I do not yet fully understand is what exactly it means if the loan closing drags on for another 4 weeks or so. &nbsp;I realize the seller could cancel the deal if we do not close by the agreed upon deadline but is that it? &nbsp;Would I lose the escrow deposit because of it? &nbsp;<br/><br/>Thanks.<br/><br \><br \>12 replies Sat, 11 May 2013 22:29:00 GMT http://www.zillow.com/advice-thread/Why-should-I-avoid-using-my-real-estate-broker%27s-recommended-mortgage-loan-officer/491885/ 2013-05-11T22:29:00Z Are there any grants or assistance for down payments available? http://www.zillow.com/advice-thread/Are-there-any-grants-or-assistance-for-down-payments-available/393516/ <p class="MsoNormal">Hello,<br/>Yes, there are quite a bit of down payment assistance (DPA) and closing cost programs available. While there are some private DPA and closing cost programs, a lot are funded by the government. When looking at programs offered by companies or non-profit organizations, it's important to make sure that your lender will accept them. There is a better chance that you can find lenders who will honor a program if it is HUD approved. Most HUD approved programs happen to be ones offered by the government.</p><p class="MsoNormal">Federal programs like HOME, American Dream Payment Initiative (ADDI), Community Development Block Grants (CBDG), and Neighborhood Stabilization Program (NSP) fund a lot of state and local programs. States and local municipals (cities and counties) that are receiving these funds can allocate some or all of the money for down payment assistance and closing cost help.&nbsp; Most of these programs follow the guidelines set forth by the federal programs, but they might have slightly differing requirements or caps on the amount that you can receive.</p><p class="MsoNormal">Assistance for these programs usually comes in one of two forms: Silent second mortgages or grants.</p><p class="MsoNormal">Silent second mortgages are small liens that are attached to your property. They generally do not have payments, and a lot of them are forgivable after a certain period of time. The grants are basically gifts that do not need to be re-paid. Among other qualifying factors, most of these programs require borrowers to be under a certain percentage of the medium area income. For example, let's say that the medium area income in your county is $70,000 and the program requires that you earn no more than 80% of the medium income. This means that you will not qualify if you make more than $56,000 annually.</p><p class="MsoNormal">There are also many specialized programs like the Live Near your Work program.&nbsp; These programs are geographically specific. They are offered to residents of certain areas or employees of certain companies and organizations. A lot of local municipals have specific programs geared towards public service workers (teachers, police, firefighters, etc). There is also a great federal program call Good Neighbor Next Door (GNND) that is available to law enforcement officers, teachers, firefighters and emergency technicians. They offer an amazing 50% discount off the list price for eligible properties.</p><p class="MsoNormal">Remember to make sure that your lender accepts the program that you choose. Most loan programs today (FHA, Conventional, etc) will still require that you come out of pocket with a certain percentage of the sales price even if you have been approved for DPA or closing cost help.&nbsp;</p><p class="MsoNormal">Lastly, it's important to remember these programs are constantly in flux. Local programs often run out of funds for a given year or are dropped altogether due to budget cuts or reallocation. When searching for these programs makes sure that the information you find is still relevant and<br/>not out-dated.<br/><br/>Good luck!</p><br \><br \>0 replies Wed, 06 Apr 2011 16:10:00 GMT http://www.zillow.com/advice-thread/Are-there-any-grants-or-assistance-for-down-payments-available/393516/ 2011-04-06T16:10:00Z actually i am interested in buying a new townhome in south fayatte,PA it costs 250000 http://www.zillow.com/advice-thread/actually-i-am-interested-in-buying-a-new-townhome-in-south-fayatte-PA-it-costs-250000/541075/ You are asking for someone to give you a prediction of what tomorrow and beyond may bring. If we were that good we would all be on wall street. I would suggest you get qualified for a Mortgage then &nbsp;work with a Local Buyers Agent to help you understand the market that you are looking to buy into. But you must do your home work when it come to selecting the agent and the mortgage company.&nbsp;<br/><br/><em>[Information deleted by Zillow moderator. Please see our</em>&nbsp;<a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a><em>&nbsp;for posting guidelines]</em><br \><br \>0 replies Fri, 16 May 2014 19:19:00 GMT http://www.zillow.com/advice-thread/actually-i-am-interested-in-buying-a-new-townhome-in-south-fayatte-PA-it-costs-250000/541075/ 2014-05-16T19:19:00Z Family home transaction. http://www.zillow.com/advice-thread/Family-home-transaction/516484/ We are buying home from wife's mother. We have a mortgage company who is recommending us getting a discounted realtor for a 2% commission. We are not negotiating anything, listing. We just need the paperwork done. We need someone to draw up the purchase papers and such for a flat fee. The 2% would be like $8000. Should we look for a flat fee attorney? What are our options for just paperwork?<br \><br \>3 replies Thu, 24 Oct 2013 03:59:00 GMT http://www.zillow.com/advice-thread/Family-home-transaction/516484/ 2013-10-24T03:59:00Z What happens if a bank approves you but will not approve the property you wish to purchase (a condo) http://www.zillow.com/advice-thread/What-happens-if-a-bank-approves-you-but-will-not-approve-the-property-you-wish-to-purchase-a-condo/442705/ <p>If you entered into a buyer agency agreement with the listing agent, you are in Dual Agency situation.&nbsp; Having said that, the deal is either cash or you get a mortgage.&nbsp; In my professional life I have never seen Cash with new Mortgage.&nbsp; If you are in doubt about the contract or your relationship with the agent, seek legal assitance.</p><br \><br \>0 replies Mon, 14 May 2012 16:53:00 GMT http://www.zillow.com/advice-thread/What-happens-if-a-bank-approves-you-but-will-not-approve-the-property-you-wish-to-purchase-a-condo/442705/ 2012-05-14T16:53:00Z Calculating break-even and risk/reward - what am I missing? (potential new buyer) http://www.zillow.com/advice-thread/Calculating-break-even-and-risk-reward-what-am-I-missing-potential-new-buyer/467299/ The&nbsp;lifestyle&nbsp;you live and want would be the number one consideration in my mind. Financially it's a win if you are patient and get an agent that is willing to negotiate strictly on your behalf. Taxes alone probably make it worth while in your situation. I would buy with the sale and or lease in mind. Have an exit strategy with&nbsp;contingencies. If you can't sell quickly when you are ready to move, can you make money leasing it out with a highly rated property manager?<br/><br/>Home affordability is the best it's been for a really long time so if you can buy now and hold for the long term, you will come out way ahead.<br/><br/>I can lend in VA so if you want help running mortgage numbers let me know.<br/><br/><br \><br \>0 replies Mon, 12 Nov 2012 21:43:00 GMT http://www.zillow.com/advice-thread/Calculating-break-even-and-risk-reward-what-am-I-missing-potential-new-buyer/467299/ 2012-11-12T21:43:00Z