Real Estate Blogs Of The Carolina's

Soft inquiries, sometimes known as a soft credit check or a soft credit pull, do not impact your credit scores because they are not attached to a specific application for credit.   They can occur when a credit card issuer or mortgage lender checks a person's credit for preapproval purposes. Examples of soft inquiries are when you check your own credit or one of your current creditors checks your credit.   If you are concerned about the negative impact on your score, specify to the lender that you want a "soft pull" to see if you qualify for preapproval. Soft inquiries may appear on your credit report but should not adversely affect your credit score. Consumers are entitled to one free copy from each major credit bureau, Experian, Equifax and TransUnion, once every twelve months available at AnnualCreditReport.com .   Hard inquiries occur when a borrower makes a new application for credit.   These will impact your credit score and will remain on your credit re...

When the situation arises that you have a lump sum of cash to pay down your existing mortgage,  there may be different options available.   Pre-paying principal on a fixed-rate mortgage shortens the term of the mortgage but the payment stays the same. Conversely, recasting a mortgage with a lump-sum principal payment lowers the principal and interest payment but leaves the term intact with the same payoff date. The interest rate on the mortgage will stay the same regardless.   Prepaying principal can be done at any time but may not be applied until the next payment date.   Recasting cannot be done within the first 90-days of a mortgage. Pre-paying principal is like driving faster on a trip to a specific destination to get you there sooner.   Recasting/Re-amortization gets you to the destination at the same estimated time of arrival but using less fuel. Most loans allow you to pre-pay principal, but recasting is not allowed on FHA, VA, and GNMA. ...

Do you remember if or when you have replaced your washing machine hoses?   Are they the original hoses and if so, how old is your washing machine?   It is recommended that washing machine supply hoses should be replaced every five to seven years.   Washing machines, like all appliances, are expected to work and when they don't, it's time to have them fixed or replaced.   However, there is a critical connection from the water supply that may even be older than your washing machine itself. Eventually, unless hoses are replaced, they will fail, which on the mild side could be slow leaks or burst entirely, and could cause a catastrophic flood in the home.   The failure could come from a number of causes including age, improperly installation, poor-quality materials or poor design. The hoses are generally under the same pressure as the other plumbing in the home.   Imagine having an open faucet running directly on your floor. Ask someone whose hose broke...

The Fannie Mae and Freddie Mac loan limits are adjusted annually to keep up with cost of living but with the appreciation experienced in many markets, it may not be enough. When the conforming loan limit is not enough, qualified buyers can turn to a jumbo loan. The maximum loan limit on conforming, conventional loans for 2022 is $625,000 for a single-family home but is increased up to $937,500 for designated high price areas.   The underwriting guidelines for conforming loans are consistent with regards to things like minimum down payment, private mortgage insurance, debt-to-income ratio, minimum credit score and cash reserves required. Jumbo loans are loans more than the FNMA maximum limits and are considered non-conforming loans.   This allows lenders to set their own requirements on maximum loan amount, minimum required credit score, maximum debt-to-income ratio, and minimum down payment. The rates paid on the jumbo loans may be the same as conforming loan rates. ...

Some people consider a house payment as basic as monthly utilities but with a plan and some discipline, you can be mortgage free. Consider a person borrowed $300,000 at 3% for 30 years, the principal and interest payment would be $1,264.81 and at the end of 12 years, the unpaid balance on the mortgage would be $210,900. If that same person had financed the home on a 15-year term at 2.5%, the payments would have been $2,000 but the unpaid balance at the end of 12 years would be $69,310.   The homeowner will have a larger equity but they have also had to make higher payments. 15-year mortgages usually have a lower interest rate than the 30-year loans and at the time this article was written, the difference in a 30-year loan was about 0.5%.   A 15-year loan gives the lender their money back in half the time.   If rates go up during the interim, they will be able to loan it at the higher rate sooner.   For that reason, they are usually willing to offer a slightly l...

Homeowners know the need to periodically check certain things around the home to ensure that things operate properly and efficiently.   If maintenance is required, it may be less expensive to take care of it early rather than waiting until it is not working at all. Checklists are helpful because it requires little effort to know what must be done.   They are usually concise and provide enough information to complete the task.   These items apply to most homeowners but in no way offer a comprehensive list. Vacuum dryer exhaust ... not only does it affect the efficiency of your dryer itself, the accumulation of lint along with the hot air can ignite and create a fire hazard. Replace HVAC filters 4 to 6 times a year ... This is one DIY project that almost everyone should feel confident in handling.   Locate the filter, make a note of the size, and keep replacements available.   Turn off the unit, open the door or housing, remove the dirty filter, ...

You don't have to have an Uncle IRRRL but you must be a veteran with a current VA-backed home loan. IRRRL is an acronym for Interest Rate Reduction Refinance Loan. To refinance with this program, also called the VA Streamline, the loan must provide a net tangible benefit (NTB) which would be in the financial interest of the Veteran.   Obtaining a lower interest rate is usually the reason behind refinancing but there needs to be enough difference in the current and the new mortgage to justify the expenses incurred.   Significantly lower payments or a shorter term are examples of acceptable benefit. The Veteran must currently have a VA-backed home loan to refinance using this program.   The Veteran does not have to currently live in the home as long as it can be certified that he or she did at one time. In most cases, an appraisal is not necessary and less verifications are required.   A minimum 640 credit score is needed, and borrower must be current on their pa...