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The risk of zero-down loans while the Fed talks recession

Housing Wire

Bank of America recently announced a loan for lower-income households that doesn’t require homebuyers to come up with a downpayment or closing costs, and doesn’t base the loan on a minimum FICO score. So, not only do we have 40% plus of homes with no mortgage, the nested equity homeowners have now is almost unfair.

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What Does Clear to Close Mean, And How Much Longer Before I’m a Homeowner?

HomeLight

Bankruptcy documents. What happens before the clear to close? According to Ellie Mae’s Origination Insight Report for 2019 , the average closing takes about 47 days from start to finish. Itemized list of closing costs and who is responsible for what. Closing date. Closing costs. Divorce decree.

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What to know when buying a property in Florida

Realty Biz

It is necessary to have homeowner’s insurance in place to protect against floods and hurricanes in Florida. Be sure to factor in additional insurance costs when working out how much you can afford each month for your mortgage. Unlike most other states, Florida protects your home from foreclosure, even if you file for bankruptcy.

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The Ultimate Mortgage Loan Documents Checklist For First-Time Homebuyers

HomeLight

They will also consider your current and previous debts that resulted in foreclosures or bankruptcies. Bankruptcy paperwork. If you’ve filed for Chapter 7 or 11 bankruptcy, you’ll need to observe a three- to four-year waiting period before being eligible to secure a mortgage. Closing costs. Closing Disclosure.

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How Long Does It Take to Close On a House With Cash in 2022? Here’s Your Timeline

HomeLight

Mortgage interest is tax-deductible , and many homeowners appreciate the deduction. Michael Simpkins , a real estate agent in Florida who’s worked with 69% more single-family homes than the average agent in Apollo Beach , thinks that the advantage to paying cash over taking out a mortgage to buy a home is that you’ll save on closing costs.

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Should You Pay Off Debt With a Cash-Out Refinance? What to Consider

HomeLight

If you’re a homeowner with consumer or student debt, it’s tempting to tap into your home’s equity with a cash-out refinance to pay down these balances. Homeowners may refinance to secure a lower interest rate, change their loan terms, or, as in this case, tap into their home equity.

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17 Home Closing Delays and How You Can Avoid Them

HomeLight

A title search of public records (typically going back 50 years) can reveal common property title discoveries tied to the house, such as a contractor’s lien, an active bankruptcy of the seller, taxes on the home still owed, or a child support lien, to name a handful. How it can delay closing. Homeowners insurance not secured.

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