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Frequently Asked Questions

Do I Need To Sell My Home Before I Can Qualify For A New Mortgage On Another Property?

by Jonas Kruckeberg April 1, 2010

Although every situation is unique, it is not uncommon for homebuyers to qualify for a mortgage on a new home while still living in their primary residence.
Perhaps you are outgrowing your current house, or have been forced to relocate due to a job transfer?  Regardless of the motivation for keeping one property while purchasing another, [...]

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How Much Can I Afford?

by Jonas Kruckeberg March 31, 2010

How much mortgage money can I qualify to borrow?
This is typically the number one question mortgage professionals are asked by new clients.
Of critical importance when considering mortgage financing: There is sometimes a difference between what a client ***can*** borrow and what they ***should*** borrow.
In other words, what makes for a comfortable [...]

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8 Questions Your Lender Should Answer About Mortgage Rates

by Jonas Kruckeberg March 31, 2010

Simply checking online for today’s posted rate may not lead to your expected outcome due to the many factors that can cause each individual rate and closing cost scenario to fluctuate.
We can preach communication, service and education all day long, but it’s our ultimate goal to earn your trust so that you can be confident [...]

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What Do Appraisers Look For When Determining A Property's Value?

by Jonas Kruckeberg March 29, 2010

Most people are surprised to learn what appraisers actually look at when determining the value of a real estate property.
A common misconception homeowners generally have is that the value of their home is determined after the appraiser has completed their physical property inspection.
However, the appraiser actually already has a good idea of the property’s value [...]

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Where Does My Earnest Money Go?

by Jonas Kruckeberg March 28, 2010

Hey, I gave my real estate agent a $5000 Earnest Money Deposit check… Where does that money go?
A basic and very obvious question that most First-Time home Buyers ask once their purchase contract gets accepted.
According to Wikipedia:

Earnest Money – an earnest payment (sometimes called earnest money or simply earnest, or alternatively a good-faith deposit) [...]

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What Does Title Insurance Protect Me From?

by Jonas Kruckeberg March 28, 2010

By including title insurance when purchasing property, your title insurer takes on accountability for legal expenses to defend your property title, should it ever be challenged.
Many different occurrences can come into play to warrant the need for title insurance.
The title company responsible will then take on the legal expenses to defend the property for as [...]

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Should I Refinance or Get a HELOC For Home Improvements?

by Jonas Kruckeberg March 28, 2010

For homeowners interested in making some property improvements without tapping into their savings or investment accounts, the two main options are to either take out a Home Equity Line of Credit (HELOC), or do a cash-out refinance.
According To Wikipedia:

A home equity line of credit is a loan in which the lender agrees to lend a [...]

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Calculating The Net Benefit Of A Refinance Transaction

by Jonas Kruckeberg March 28, 2010

Calculating the net benefit of refinancing can be a challenging task if you do not understand what to calculate. We are going to focus on the net benefits of refinancing from the standpoint of lowering your interest rate.
Although there are several reasons to refinance, lowering your mortgage rate to save on interest payments over the [...]

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Understanding the Difference Between an Appraisal vs Neighborhood Listing Prices

by Jonas Kruckeberg March 28, 2010

Why is there such a difference between what my appraised value is and the price similar homes are selling for on my street?
It’s a great question, and you don’t have to be a mortgage professional or a real estate agent to understand the answer.
The distinction lies in the purpose of the two valuations and who [...]

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How Do Mortgage Companies Value A Property That Has Not Been Built Yet?

by Jonas Kruckeberg March 28, 2010

It’s obviously easier to picture the process of estimating value on an existing property in a neighborhood that has a history of home sales, but the task of determining the value on new construction projects does pose some challenges.
Appraisals on homes that haven’t been built yet generally require the contractor and home buyer to supply [...]

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