During a mortgage refinance, it's usually normal for your new lender to become the first mortgagee on your homeonwer's insurance policy before finalizing the refinance. Q: Should a mortgage broker or a lender name themselves as the first mortgagee on a homeowner’s insurance policy without first completing the underwriting process, appraisal and funding the loan [...]
A quality home inspection is crucial, but it's important to vet your home inspector before you sign a contract. Q: Can you please provide more information on one of your articles I recently read about home inspectors? The article paints home inspectors in a bad light. No home inspector should have a "liability buyout" clause. [...]
Questions of seller disclosure can be complicated. Here's what homebuyers should know. Q: I have a question about disclosure. My sellers gave me a disclosure statement that said there were no defects in the home. After we moved in and took down some drywall we found big cracks in the basement foundation. We also found [...]
When you sell your home, you have to pay taxes on the sale. As in this reader's case, factors like a transfer of homeownership can affect the taxes you pay. Q: I have read several questions on your site related to quitclaim deeds and the cost basis when the house is sold. My question is [...]
After gaining an investment property from a divorce, this reader asks whether it's better to sell the house or continue to rent it to cover expenses. Q: I got divorced last year and from the divorce, I got a house in California. The value of the house is about $600,000. I owe about $250,000 on [...]
Your ability to qualify for a mortgage is dependent on your income. Even if you're on a fixed income, including disability income from social security, you may still be able to qualify. Q: I own my home on just over two acres with a pond. I recently had a house fire but had no insurance [...]
A condo association has the right to approve or reject buyers, but as in the case of this buyer, it's important to be aware of your rights. Q: My mother and I are on the same deed since she added me in 2010. She’s still alive and there is no mortgage on the property. The [...]
Buying a home can be stressful, especially if it’s your first home purchase. CPA Michael Trickey, managing director of The Berkshire Group in Lake Zurich, Illinois, hopes his new book, [amazon_textlink asin='1681022915' text='Finding Home: Everything You Need to Know - and Do - For Home Buying Success,' template='ProductLink' store='thinkglink-20' marketplace='US' link_id='becfb09b-6d76-11e7-a2e1-674bfee7d6fe'] will help first time [...]
If your name is on a home title but not on the mortgage, you can still buy property and qualify for a mortgage. Q: My name is on a title of a home but not on the mortgage. If I want to go out and purchase property or a home will my name being on [...]
While transferring interest in a home to refinance a loan is often straightforward, it's important to investigate the situation to avoid potential issues. Q: I own one-third of a property left by my mother's estate. My sister wishes to transfer her third to me, as she has no interest in the property and has not [...]
