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Title issues are not common, but if the title search uncovers one — or if it doesn’t, but one comes up later — there can be considerable legal costs. This is where title insurance comes in.
4 ways to build your home equity faster. If you don’t have enough equity in your home to qualify for a loan or line of credit, building that equity isn’t going to happen overnight.
Common reasons why buyers might back out of a deal: Their financing fell through. They unexpectedly lost their job. The appraisal came in too low. A major problem was found in the inspection
In title-theory states, a mortgage continues to be a conveyance of legal title to secure a debt, while the mortgagor still retains equitable title. [23] In lien-theory states, mortgages and deeds of trust have been redesigned so that they now impose a nonpossessory lien on the title to the mortgaged property, while the mortgagor still holds ...
Second mortgages, commonly referred to as junior liens, are loans secured by a property in addition to the primary mortgage. [1] [2] Depending on the time at which the second mortgage is originated, the loan can be structured as either a standalone second mortgage or piggyback second mortgage. [3]
Take for example a house that was purchased for $160,000 but is now worth $100,000 due to the market decline. Further, assume the homeowner owes $120,000 on the mortgage. In this scenario, the loan-to-value ratio would be 120%, and if the homeowner chose to refinance, he would also have to pay for private mortgage insurance.
Government-backed loans, like FHA, VA and USDA loans. You can get a conventional loan for as little as 3 percent down, but you’ll need to pay for private mortgage insurance (PMI) with a down ...
2. Credit card cash advances. Credit cards, when used responsibly, can be useful tools in an emergency.Many credit cards offer a cash advance feature that may allow you to access cash from an ATM ...