What is the difference between an equity loan and a 2nd mortgage? Do they both have closing costs?
Tag Archives: closing costs
What is the difference between an equity loan and a 2nd mortgage? Do they both have closing costs?
Posted in Mortgage Tips
Tagged closing, closing costs, difference, equity, equity loan, loan, mortgage
Anybody know if there is some hidden problem with this type of sale?
I recently signed a contract to buy a new home from the builder, previous contract fell through, the home is ready for move in, I was told closing costs would be paid by the builder. The contract is contingent upon me financing thru the builders mortgage company. I paid a pretty large earnest fee, 8k. I was reluctant to pay this without talking to the lender first but of the course I was told their mortgage co would be able to provide any other rates that banks quoted me. As it was, I had a preapproved loan, and yes it is at a much better rate. Now it looks like I am stuck with this deal. The papers provided by the mortgage co don’t reflect any closing costs being paid by the builder, they actually have my earnest money listed in this block. Am I being taken for a ride here? Any help out there?
Posted in Homes For Sale
Tagged anybody, banks, builder, closing costs, contract, earnest, earnest money, Home, mortgage, mortgage co, mortgage company, move, problem, sale, type
How do you deal with a salesperson who is telling lies to try and push you into a sale?
I’m looking at this housing subdivision that’s being built and a substitute rep for the area was being pushy. He told me they would only pay closing costs if I used one of their preferred lenders. This was an outright lie.
How do you deal with reps after they’ve undermined their own credibility? Do I call them on the carpet or be polite and go around them to deal with other people?
Posted in Homes For Sale
Tagged area, closing, closing costs, housing, housing subdivision, lie, preferred lenders, REP., sale, salesperson, SUBDIVISION, substitute
How do you buy a piece of land when it is for sale by owner?
How do you go about buying property when it is being sold without a realtor. What do you do and how do things get organized (ex. the closing etc…) Also do you have to pay tax on the property when you purchase it? And, how much (roughly) are closing costs?
Posted in Land For Sale
Tagged closing, closing costs, Land, owner, piece, Property, realtor, sale, tax
How does MI. land contract work?
A friend of mine is on a land contract. He agreed to buy the house after a few years of ‘renting’. A few years is coming up and he cant get a mortgage at this time. The owner asked him to pay $5000 and now he can rent month to month. Either do that or he has the responsibility to sell the house himself. The $5000 is “closing costs”. On what? The house isnt sold or even up for sale. Why doesnt this make sense to me? Why would it be his responsibiltiy to sell that house?
The contract was never recorded.
Posted in Land For Sale
Tagged cant, closing costs, contract, contract work, friend, house, Land, land contract, Mine, month, mortgage, time, work