Blog Archives

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What’s a home inspection? Do I need one?

March 27, 2013

A home inspection is a thorough visual examination to determine the overall condition of a property. A certified home inspector should check all major components (roof, attics, ceilings, walls, floors, foundations, crawl (more...)

What is mortgage loan insurance?

March 27, 2013

If you need a mortgage for more than 80% of the purchase price of your home (i.e. a high-ratio mortgage), you’re required by law to have this insurance, aka mortgage default insurance. (more...)

What is a conventional mortgage?

March 27, 2013

It’s a mortgage where the down payment is equal to 20% or more of the purchase price. That means you’ve borrowed 80% or less of the purchase price, so you don’t necessarily (more...)

What’s a down payment?

March 27, 2013

It’s the portion of the purchase price that you furnish yourself: your initial equity in your new home. The larger your down payment, the less your home will cost in the long (more...)

What does pre-approval mean?

March 27, 2013

It means you’ve got a guaranteed interest rate from a lender for a specified period of time (usually 60 to 120 days) on a specified amount of money. It’s not a guarantee (more...)