While this video simplifies things to help you remember, except for the addition of an FHA mortgage insurance premium, FHA closing costs are similar to those of a conventional loan. As of 2013, the FHA requires a single, upfront mortgage insurance premium equal to 2.25% of the mortgage to be paid at closing (or 1.75%…
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Recent Posts by admin
What Is Equity?
Equity is the value YOU own in property such as a house. It’s the difference between what’s OWED and what the property is WORTH in the current market. The example this video shows - you have a house worth $300,000 today and you owe the bank $200,000. Your equity would be $100,000. If the house…
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Do I Need A Lawyer To Buy A Home?
As we show you in this video, laws vary by state. Some states require a lawyer to assist in several aspects of the home buying process while other states do not as long as a qualified real estate professional is involved. Even if your state doesn't require one you may want to hire a lawyer…
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What Is Earnest Money, And How Much Should I Set Aside?
Like the video shows, “earnest money” is money you put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price though the amount can vary with local customs and conditions. If your offer is accepted the earnest money…
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