Buying While Selling

Buying your new home while selling your old home can seem daunting if not impossible. It is difficult to feel in control with so many factors at play. But there are really only three scenarios: You sell your old home before you buy your new home; You buy your new home and sell your old simultaneously (same day closings); You buy your new home before you sell your old home. Few people choose to sell their old home before purchasing the next for fear of homelessness. Moving your belongings into storage and finding temporary living accommodations is not for everyone. But it does …

Do Credit Inquiries Hurt Your Credit Score?

Reblogged with Permission Via: http://www.mtgprofessor.com/A%20-%20Credit%20Issues/do_inquiries_hurt_your_credit.htm Posted September 18, 2000, Revised January 29, 2004, Revised November 18, 2004, November 16, 2006, March 26, 2011, August 1, 2011 Borrowers in distress often contact many lenders hoping to find one who will approve them. For this reason, multiple inquiries can have a negative impact on a consumer’s credit score. But multiple inquiries can also result from loan applicants shopping for the best deal. The challenge to the scoring system is to distinguish borrowers in shopping mode from borrowers in distress mode. Hard Inquiries Versus Soft Inquiries Self-inquiries, such as ordering a credit report …

What is a HO-6 Policy?

An HO-6 policy is insurance covering the interior of a condominium.  In most cases, the association’s master policy does not cover the interior and only applies to common areas.  By “interior” we mean: carpet, cabinets, drywall, fixtures, and doors, upgrades, personal liability, and personal property. For this reason alone, an HO-6 can be well worth the low cost of $15-$30 per month.  But for many home buyers, an HO-6 policy is a precondition for underwriting approval.   Under the new lending rules, an HO-6 insurance policy must provide coverage for no less than 20% of the condominium unit’s appraised value.   A …