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  About Mortgage Foreclosure When you get a  mortgage  for  buying a new home , you need to ensure you make the payments on time according to the schedule. If you default on the monthly mortgage payments the lender in the legal rights will go through a foreclosure action. In this post, we will understand what is foreclosure and the process that goes with it. What Is A foreclosure? A foreclosure happens when a borrower is unable to make the mortgage payments. A foreclosure is a voluntary decision that usually occurs when a homeowner has a loss of income, excessive debt, unexpected expenses, medical emergencies, or possibly a divorce. So what does foreclosure mean? Foreclosure is the process of forfeiting your mortgaged property after failing to pay the remaining balance. Before entering into foreclosure, the borrower gets a grace period depending on the state guidelines providing an opportunity for the homeowner to discuss with a foreclosure attorney about possible al...

  About Escrow Fee There are a lot of costs included in a real estate purchase transaction. Different departments work diligently to make sure that your transaction is completed on time. All these departments have fees that would be usually charged to the buyer at the end of closing. One of such fees is called the escrow fee. In this post, we will understand what is escrow fees in detail. Before we jump into escrow fees let’s first understand  escrow  and escrow accounts. What Is An Escrow? An escrow is a neutral third party who makes sure that all the terms that are in the agreed-upon contract are fulfilled before the transaction is complete. The escrow companies work for both seller and the buyer. Once the sales contract is signed between the buyer and the seller, the escrow officer is responsible to take the  earnest money  deposit from the buyer and hold it in an escrow account. Along with that, the escrow officer will ensure that all the conditions in the c...

  The typical single-family home cost in the Houston region has increased by 32.5% and rental homes have increased 23.8% in 23 months. Over the most recent 23 months, the typical single-family home cost in the Houston region has gone up from $309,975 to $410,923. That is a 32.5%increase. In that equivalent period, the typical expense of a rental home has expanded from $1675 to $2075, a 23.8% leap. As far as some might be concerned, that implies the expense of buying a home or it is turning out to be more expensive to lease a condo. For other people, it implies the danger of removal. On one or the flip side of the range, it flags that affordable housing isn’t so affordable any longer. Tim Surratt is a real estate agent with 30 years of involvement. His purchasers can bear to buy homes, however, they are either spending more cash or buying fewer houses in the market with gigantic interest and little stock. “(It’s going on in) every price tag,” Surratt said. “Moderateness is getting i...

  Mortgage interest rates have expanded, driving some housing market specialists to update cost expectations to drop for 2022 and 2023. Last year, the housing costs expanded by more than eleven percent, addressing the single biggest one-year increment since the 2007 Financial Crisis. In late March, the Federal Reserve of Dallas announced that uncommon development in the housing market connects with different variables including “changes in extra cash, the expense of credit and admittance to it, supply disturbances, and rising work and crude development materials costs.” These elements add to what the Federal Reserve alludes to as “supported genuine house-cost gains,” and are not indications of a market bubble. Notwithstanding, the unexpected increments could prompt a bubble as a result of a developing “conviction that the present powerful cost increments will proceed [and in cases where] numerous purchasers share this conviction, buys emerging from an “apprehension about passing up...

  Introduction to Annuity There are many options to choose from when you are planning your retirement. It is important to have a retirement plan so that you don’t have to liquidate your assets when you retire. An annuity is one of the most common options that many people prefer when it comes to planning their retirement. In this post, we will understand what is an annuity in detail. What is Annuity? The concept of an annuity is very simple. It is a contract between you and your insurance company where you give your money now in a lump sum or periodically and the insurance company will create an income stream for you after a specific period based on the option that you choose for withdrawal. The annuity interest is deferred until the company starts paying you through the income stream. What are the types of Annuities? There are 3 types of annuities fixed, variable, or indexed. I — Fixed Annuity: A fixed annuity has the lowest risk factor. The insurance company will guarantee a minim...

  If you need a custom-built home this year, don’t anticipate moving in at any point shortly. “At present, (building) another house can require 12 to year and a half,” says Jeff Taylor, organizer and overseeing head of Mphasis Digital Risk, a firm giving innovation administrations to contract loan specialists. In any case, there might be a strategy for getting around those significant delays. Numerous builders have what are known as spec homes, which could abbreviate the move-in period to weeks as opposed to months. As costs for existing homes flood, they can likewise offer great worth. “Overbidding and excessive costs are making spec homes an incredible option for purchasers if they can get one,” says Alexia Bertsatos, a realtor with EXP Realty who works in Arizona’s East Valley. “The cost can be locked the second the agreement is marked, abstaining from offering wars and overpaying.” On the off chance that this sounds like a decent choice for you, continue to peruse to find out a...