Posts by admin
Cash to close
Cash to close refers to a combination of the down payment plus closing costs. The combination of the two makes up the cash to close, and the earnest money deposit is applied to the cash to close.
Read MoreFirst Home Advantage
Today we introduced the First Home Advantage loan product, which improves pricing of loans for eligible buyers, mostly for but not just limited to first time buyers. Fannie Mae and Freddie Mac, entities of the federal government, removed loan level pricing adjustments (LLPAs) on all Home Ready loans and also on loans where at least…
Read MoreHome equity lines of credit
We offer home equity loans but not home equity lines of credit. A home equity line of credit (HELOC) is generally a 2nd mortgage loan you take out in addition to the loan that you currently have. Most homeowners take out a HELOC to finance home renovations. Or, you could take out a HELOC to…
Read MoreTransfer Tax
First time buyer potential tax savings on closing costs: DC: .375% to .725 of purchase price MD: .25% of purchase price. In Maryland, home buyers who’ve never owned real estate in the state and are buying a primary residence are exempt from the state transfer tax, which saves .25% of the purchase price in…
Read MoreUnderstanding Closing Costs
There are five primary categories of closing costs: Lender fees Title Attorney costs, including title insurance Transfer taxes to local government Real Estate Agent Commission/Fee Upfront deposits for escrows and prepaids In addition to the main categories, there are going to be miscellaneous costs which vary by transaction. For instance if you are buying a…
Read More