brandon72 Profile

Join Date:

Blogs Owned

The official blog of the Home Buying Institute allows first-time home buyers to ask questions online.. and get answers from real estate experts.

Visit Follow

Other Tags: home buying, real estate, mortgage loans

Latest Blog Posts

  • Can I Cancel My Remortgage / Refinance Loan Application?
    on Dec 31, 2008 in refinance
    Reader Question: Can I cancel a remortgage / refinance application at any time? You will need to review your application to see what the stipulations are for canceling. Every lender has different policies, so there's no way I can answer the question
  • Difference Between Underwriting Fee and Processing Fee
    on Dec 31, 2008 in Home loans
    Reader Question: Is there a difference between a processing fee and an underwriting fee? Yes, there's a difference between them. While they are both common fees associated with mortgage loans, they are assigned for two different things. Here's
  • How Long Does the Settlement Process Take?
    on Dec 29, 2008 in Home buying process
    Reader Question: How long does the settlement process take? It varies based on many factors. But on average, the real estate closing / settlement process can take anywhere from two to four hours. If everything goes well (meaning there are no dispute...
  • Can I Buy a Home Instead of Renting It?
    on Dec 29, 2008 in Home buying process
    Reader Question: I lost my home due to certain circumstances. And now am going to rent a home from someone that is selling it. Is it possible for me to buy home from them, instead of renting? Sure, it's possible. I know quite a few people who are st
  • Selling a Home for Less Than I Owe - How Will It Affect Me?
    on Dec 29, 2008 in Home loans
    Reader Question: If we sell a house for less than it is worth and make arrangements with our mortgage company to pay the difference, how will that affect us getting a new mortgage? It sounds like you're talking about a short sale process, in which t
  • Trying to Refinance to Fixed Rate - Property Appraised Low
    on Dec 26, 2008 in Economy
    Reader Question: I recently purchase a brand new home in April 2007 469.000 with a 20% down payment at an ARM rate, I recently tried to refinance for fixed rate, however the property appraised at $290.000. How is that? Welcome to the recession. It s...
  • When Do You Pay the Down Payment Money on a Mortgage Loan?
    on Dec 26, 2008 in Home buying process
    Reader Question: When during the mortgage process do you pay the down payment money? You typically pay it during the closing process (also referred to as "settlement"). This is the process in which ownership is transferred from the sell
  • Paying Off Debt Before Applying for Home Mortgage
    on Dec 19, 2008 in Home loans
    Reader Question: How much time before applying for a home mortgage is it good to pay off debts on credit report? I've received similar questions through our Credit Help Blog lately (it's another Q&A blog similar to this one). So it'
  • Have to Transfer But Can't Sell the Home - What to Do
    on Dec 19, 2008 in Home loans
    Reader Question: "My husband will be transferring to another state. With so many foreclosures in our area, it is impossible to sell our house. We'd have to give it away. We talked with our lender and they are not willing to do a quick sell,
  • First Step to Buying a Home - Where Do I Start?
    on Dec 19, 2008 in Home buying process
    Reader Question: What is the first thing I need to do to buy a home? We have an article on the main website that explains the ten basic steps to buying a home. That's probably worth reading, since it's relevant to your question. As the first s
  • Earnest Money Deposit - Do I Lose the Deposit if I Back Out?
    on Dec 19, 2008 in Home buying process
    Reader Question: If I back out of buying a home, will I lose my deposit? It depends on where you are in the process. If you have made an offer on the home, and the seller accepted the offer and took the home off the market ... then yes, you'll proba
  • Improving My Credit Score of 527 by Summer of 2009
    on Dec 17, 2008 in Credit scores
    Reader Question: "Right now my credit score is 527 which has fallen because of late payments due to unexpected life changes. I have been working with a mortgage consultant who said if I continue to bring my payments back to good standing it will.
  • How Long Between the Offer and the Closing Date?
    on Dec 14, 2008 in Home buying process
    Reader Question: How long until closing after the offer is made on the home? That's up to the buyer and the seller. Because when you make an offer on a home, the closing date is one of the things you would write into the contract. Typically, there.
  • Am I Eligible for the First-Time Home Buyer Tax Credit?
    on Dec 11, 2008 in Economy
    Reader Question: My wife and I bought a home in November of 2007. Are we eligible for the first-time home buyers credit? We meet all the other requirements besides the date requirement. We are not involved with the tax credit program for first-time...
  • Using Fiance's Income Without His Name on the Mortgage
    on Dec 11, 2008 in Home loans
    Reader Question: Can I use my fiance's income and not have his name on the mortgage? That depends on what you mean by using your fiance's income. If you want to use it to help you qualify for the mortgage, then he will be one of the borrowers o
  • Interest Rate on Rural Development Loan
    on Dec 8, 2008 in Home loans
    Reader Question: Is a rural development loan at a higher interest rate than a regular loan? I have no direct experience with this type of loan, but I have researched it on numerous occasions for books and articles. So everything I'm about to tell yo
  • How Long Does Mortgage Pre-Qualification Take?
    on Dec 8, 2008 in Home loans
    Reader Question: How long does it take to get pre-qualified for a mortgage loan? The actual process of pre-qualification is usually pretty quick, because it's just a basic review of your finances. Of course, it depends on many things. How big is the
  • Getting a Mortgage Loan When Self-Employed
    on Dec 4, 2008 in Home loans
    Reader Question: I have a zero credit score. Everything I own is paid for, including my mobile home. I was approved for a mortgage loan in June 2008, but a week later I lost my job. I am now self-employed. The lenders I have spoken with now say I hav...
  • Big Difference Between Appraisal and Asking Price
    on Nov 26, 2008 in Home buying process
    A Reader's Concern: I'm interested in buying a house with cash and it's being sold by the owner, not through an agent. I decided to pay and have an appraisal done as I didn't know what the value was. In addition, I had a termite and h
  • My Credit Score is Bad But My Spouse's Credit Is Good
    on Nov 26, 2008 in Credit scores
    Reader Question: My credit score is not so good, due to some accounts I became delinquent on but later settled and paid off. My husband has excellent credit. We want to buy a home. How will my low credit score affect our home loan? We answered a sim...