Andrews & Associates News

Recent News and Posts

THE NO-COST THIRTY YEAR FIXED RATE MORTGAGE

There really is no such thing as a no-cost mortgage loan. There are always costs, such as appraisal fees, escrow fees, title insurance fees, document fees, processing fees, flood certification fees, recording fees, notary fees, tax service fees, wire fees,…

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TYPES OF MORTGAGE LENDERS

MORTGAGE BANKERS Mortgage Bankers are lenders that are large enough to originate loans and create pools of loans, which are then sold directly to Fannie Mae, Freddie Mac, Ginnie Mae, jumbo loan investors, and others. Any company that does this…

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WHAT’S A FICO®?

WHAT IS A FICO® SCORE? FICO® stands for Fair Isaac & Company and is the name for the most well known credit scoring system, used by Experian. The credit bureau’s computer evaluates a complete credit profile and assigns a score,…

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YOUR SAVINGS AND DOWN PAYMENT

YOUR FIRST STEP TOWARD BUYING A HOME When preparing to buy a home, the first thing many homebuyers do is look at the real estate ads in newspapers, magazines and listings on the Internet. Some potential buyers read how-to articles…

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GLOSSARY OF REAL ESTATE TERMS

A ACCELERATION CLAUSE A provision in a mortgage that gives the lender the right to demand payment of the entire principal balance if a monthly payment is missed. ACCEPTANCE An offeree’s consent to enter into a contract and be bound…

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CLOSING AND TITLE COSTS

It’s the big day. The day you go to the title or escrow company, sign your name on the dotted line, hand over a check and prepare to take ownership of your new home. It’s also the day that you…

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CREATIVE FINANCING

Creative financing: You’ve heard of it, and, as a seller, the idea sounds pretty attractive. But, do you know everything you need to know about carrying back a second; essentially, about becoming a lender? You better know the same things…

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REQUIRED REPORTING TO THE I.R.S.

Sellers of real property will have certain information regarding the sale reported to the Internal Revenue Service. This required reporting is a consequence of the Tax Reform Act of 1986; it is intended to encourage taxpayer compliance and aid in…

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