Paying your property taxes is part of being a homeowner. Municipalities and governments collect these taxes to fund the services they provide to residents in their communities. These services include schools, police and fire services, libraries, or utilities. Because local governments need property tax funds
If you’re buying a home in a subdivision, planned community, or condominium, there’s a pretty good chance you’ll have to join a homeowners association. Lauded by some and vilified by others, homeowners associations – also called HOAs – make and enforce rules for the community.
A short sale occurs when you sell your home for less than the amount you owe on the mortgage. It’s a long and complicated process – and one to which the lender must agree. You have to be more than underwater on your loan –
During a home purchase, the boundaries and features of the property you’re buying will need to be reviewed. You’ll need to have a house location drawing or a boundary survey done. A house location drawing is done by a licensed surveyor. The drawing will show
You own your home when you buy it, of course, but until you’ve paid off your mortgage, the bank has an interest in your home. In other words, the bank holds your home as collateral on your loan; if you fail to pay, the bank
When you’re offered a mortgage from a lender, you may have the opportunity to take advantage of discount fees or points. If you’re already finding the process of buying a home and obtaining a mortgage overwhelming, this idea might be confusing. Here’s what it means.
Three days before closing, your lender will send you a Closing Disclosure, a five-page document that details the terms of the mortgage loan you’re about to enter. This document replaces the often confusing HUD-1 Settlement Statement that used to be given to homebuyers on closing
Homeowners opt to refinance their mortgages for a variety of reasons, from taking advantage of a lower interest rate to combining other debts into their mortgage. No matter why you choose to refinance, it’s important to know that the process is a little different than
You’re browsing through home listings, and you see one marked as a “short sale.” What does that mean? A short sale occurs when the proceeds of the home sale would be less than what is owed on the property. Short sale transactions can be complicated,
Congratulations! It’s closing day! Before you head to your appointment, make sure you have these essential items with you: Your checkbook. Your lender will send you an estimate of what you will owe before closing day. If there’s any difference between that estimate and the