A first-time home buyer is wondering about purchasing a home with cash. Paying for your first home entirely with cash is a very conservative financial move. Whether you choose to do it depends on how nervous you are about being able to make your payments each month and what kind of return you expect from your investments elsewhere. It might be smarter to make a substantial down payment and take out a mortgage for the rest.
When you're selling your home you may have a prelisting home inspection. Can you get in trouble if your home differs from what your local government has on record? If your home has work on it without the appropriate building permits you need to get that resolved prior to selling.
A mortgage lender wants to make sure that real estate taxes are always paid. If the real estate tax bill for your home isn't paid, the house could be sold to someone who agreed to pay the taxes owed and you and the lender could be left out in the cold. You could lose your home and the lender could lose its interest in the home. In some circumstances, however, lenders will waive the requirement of a tax escrow. The lender must feel assured that you will pay the property taxes, and in some states you must fulfill certain requirements.
Shopping for a new mortgage can be confusing. You should ask what for an itemization of closing costs, because some of them may be negotiable. You may be able to close at the end of the month instead of at the beginning and cut down on your prepaid interest, but this only changes the cash you'll need at the closing and does not reduce your loan fees. Ask the lender to provide you with an estimate and make sure the closing costs are itemized so you can see what you're paying.
When people divorce sometimes one partner will sign a quit claim deed, which gives up that person's ownership to a home. The person who signed the quit claim deed cannot legitimately say that he or his new spouse has any right to the home, even if his name remains on the mortgage loan.
A homeowner is having trouble demonstrating ownership of his home to address issues with a siding contractor. He has tried to establish that he is on the title of their home with a quitclaim deed. Title insurance could solve this problem and prove that the title was transferred to him as the owner.
