closing
Money For Closing and Closing Costs
You need money for your closing and the closing costs and you usually have to send that money to the closing via a bank wire transfer. Q: I am buying my first home and I’m wondering how I actually pay …
Understanding Streamline Refinancing
Q: I was trying to do a streamline refinance of my mortgage and was told that the lender can’t decrease the interest rate on my loan without changing the number of years left on my loan. I have never refinanced …
Neighbor Law: Fence Matters Indicate Wrong Property Line
Q: We found out that the property line between my home and my neighbors’ home is different from what the builder said when he sold us our home. Our neighbor had a survey done to put up a fence. During …
Consolidated Tax Bill Can Cause Mistakes On Sale Of Property
Q: I have been caught up in a real estate nightmare. I purchased a single family home earlier this year. Last month I discovered that I was conveyed two lots instead of one. I talked to people at the tax …
1031 Exchanges For Real Estate Investment LLC
Q: Does doing a 1031 exchange inside an LLC come with any additional headaches? A: A 1031 exchange is term used to describe the sale and purchase of real estate that defers the payment of any federal income taxes. If …
Seller Disclosure Lawsuit May Not Be Valid
Q: I inherited a nine-unit apartment complex from my father, fixed it up, and sold it about six years ago. The buyer, who is a licensed real estate broker, is now suing us and our agent, claiming we didn’t fill …
How To Qualify For A Mortgage On A Fixed Income
Q: I am a retired 63 year-old with a combined income of $37,000 annually. My wife will begin collecting an additional $704 per month in Social Security starting this November. We both have excellent credit scores of 800. Here’s our …
Which Closing Costs Are Tax Deductible?
Q: Last summer we refinanced our farm home. Line 103 of the settlement statement indicated that we had settlement charges of about $4,000. A month or so later, we listed the property for sale and it closed at the end …
Short Sale Appraisal Process May Be Required By Lender
Q: We are closing on a house next week. It’s a short sale in a nice neighborhood at a huge discount. All the papers are in order. The deal went smoothly but took 8 weeks. The seller’s bank wants a …
Tips to Make the Mortgage Closing Process Easier
The mortgage closing process is already difficult enough. Make the mortgage closing process easier by avoiding errors in the loan documentation. When going through the mortgage closing process on a home loan, documents should be checked for any and all errors. A mortgage banker warns that mistakes could be costly in the mortgage closing process. The best solution for the mortgage closing process is getting loan documents in on time and giving your mortgage banker plenty of time to look through the loan documents.
