Posted on November 17th, 2008 by admin
Lenders are particular about what they will lend money for and that can not be clearer then with a mortgage. In order to close a mortgage there are many things that must happen. One of those things is the home inspection. Inspection of the home is a vital part of the approval process.
A home inspection is where a professional comes out and checks over the home for major defects or problems. Usually the inspector will check the electric, plumbing, drainage, heating and foundation, among other things.
If the inspector finds anything wrong he reports that to the bank. The bank then will usually refuse to finance the home until the problems are fixed. Most often the seller will have to fix these problems. That is because inspections are universal; meaning that every inspector for all the banks will find the same issues and the seller cannot sell without fixing them.
The seller may not fix the problems; in that case you won’t be able to get financed for the home. Many loans will be approved contingent on specific repairs taking place first.
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Posted on November 16th, 2008 by admin
The basics of a loan are something you need to understand before you decide to get into a loan agreement. One of those basic concepts is how loan [...] Continue Reading…
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Posted on November 13th, 2008 by admin
Points are a confusing little part of the loan process. They are not really beneficial to the borrower, but rather are more of a benefit to the lender. [...] Continue Reading…
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Posted on November 11th, 2008 by admin
Lenders love to give out mortgages. They like to give them because they earn a lot of money from them. Also, real estate is a great investment [...] Continue Reading…
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Posted on November 8th, 2008 by admin
Since mortgages are such a complex and expensive type of loan you may wonder why you should even get into one in the first place. The answer is [...] Continue Reading…
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Posted on November 5th, 2008 by admin
Lenders will not take just anything for collateral. The whole point of collateral is that you are putting something up that is worth money. The lender prefers [...] Continue Reading…
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Posted on November 2nd, 2008 by admin
An auto loan is probably one of the easiest loans to get. Auto loans are secured by the vehicle being purchased. They also require a down payment [...] Continue Reading…
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Posted on October 31st, 2008 by admin
It can be tempting to stretch the truth on a loan application, especially when you know that you are not the perfect loan candidate. Not being honest on [...] Continue Reading…
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Posted on October 28th, 2008 by admin
Auto dealers try to draw you in with temptations that they can get anybody financed, no matter what kind of credit they have. This can look very good [...] Continue Reading…
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Posted on October 26th, 2008 by admin
You may be wondering how can a checking account get you a loan. Well, checking accounts are a great asset. Think about it. You can have [...] Continue Reading…
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