Mortgages - What you need to know!

With home prices on the rise and for-sale homes in short supply in some markets, it's no wonder home buyers are looking for an edge. Some think that making an offer through the seller's agent, rather than their own buyer's agent, will save them money and provide an advantage amongst multiple offers. The answer isn't exactly clear since there are both pros and cons to purchasing a home through the seller's agent. Reduced commission? Maybe. Some listing agents will indeed give the seller a break on their commission if there is no buyer's agent, but that's not automatic. Rather, it's solely up to the agent to decide. Some listing agents -- not all, but some -- will offer a discount to the seller if they find their own buyer. In that case, a seller might say, 'I have these (two offers) and one is from my listing agent and one is from a buyer's agent, so instantly, I save maybe 1 percent. That does happen. Sometimes, not all the time. Most agents unde...

How long does it take to close on a purchase?  Lately, the number of days is shrinking.  As mortgage rates climbed this summer, refinance mortgage demand waned, freeing up lenders to close on purchase home loans more quickly. Data from mortgage software firm Ellie Mae shows that lenders needed 42 days, on average, to close an August purchase.  It's a noteworthy reading for today's home buyers. Rate locks of 45 days or fewer  incur fewer costs than locks of even one day more. How To Get Your Purchase Approved More Quickly For buyers wanting to close quickly, some of the loan factors will be beyond your control. For example, you cannot control how fast an appraisal is performed because the appraisal requires the cooperation of the seller; or how fast a title search is performed by a title company. However, there are steps you can take to make sure your loan gets approved as fast as humanly possible. Step one is to be prepared. Know Your Paperwork Requi...