When you close on your home, you will be paying around 2 to 6 percent of the purchase price in closing costs, or fees paid to third parties for their services. Lenders are required by law to provide you with an estimate of how much these closing costs will cost you so you know what […]
You’ve heard it time and time again: “Make sure you get your mortgage pre-approved.” But what exactly is a mortgage pre-approval and why do you need one? Do you even need one? Getting a mortgage pre-approved before you search for a home is an important step that many would-be homebuyers skip. By not skipping, you […]
Whether you’re buying or selling a home, you may come across what is known as an escalation clause. Simply put, this practice increases your bid on a home by a specified amount whenever there is a competing bid. However as simple as it sounds, there are a lot of rules and intricacies to follow and […]
When you sell your home, you may see some tax benefits and consequences depending on your situation. For some, sellers may see tax breaks, and for others, they may have to pay more taxes. Here are some common tax benefits and consequences of selling your home:
If you are planning on purchasing a home, it’s important to understand the difference between annual percentage rate (APR) and annual percentage yield (APY). These two items differ enough in how they work that they can significantly affect how much you pay each month in interest.
A transfer on death account (TOD) is an investment account that is designed to make the transfer of an account to a designated beneficiary easier. Transfer on death accounts helps those who want to avoid going through probate. What is Probate? Probate is a legal process that takes place after a person passes away. It […]
Believe it or not, there are restrictions on certain cash deposits and it is regulated by your bank and the U.S. government. As a consumer and homebuyer, it’s important to be aware of cash transaction reporting guidelines. The Bank Secrecy Act The Bank Secrecy Act sets the guidelines for banks and businesses to report large […]
When you apply for a mortgage, one of the first documents your loan officer will ask for is your bank statements. The main purpose of checking and reviewing all these document is make sure that you actually have the funds and means to pay your house payment without defaulting.
Whether you’re purchasing your first home or your second, lenders will look at your income to determine if you can afford a Kansas City home loan. Namely, they will analyze your gross income, or the income you make before taxes and deductions are made. As a home owner, here is what gross income means for […]
Community property is property jointly owned by a husband and wife. This typically includes all money earned, debts incurred and property procured during the marriage. There are eight community property states: