Category: Nashville Homes

The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. According to the FHA,monthly mortgage payments should be no more than 29% of gross income, while the mortgage payment,…

Escrow – A neutral third party holds documents and money for a real estate transaction and ensures that all conditions of a sale are met. Also refers to a special account that a lender uses to hold a borrower’s monthly payments on property taxes and insurance. The amount of money that you will be required…

There may be closing cost customary or unique to a certain locality, but closing cost are usually made up of the following: Attorney’s or escrow fees (Yours and your lender’s if applicable) Property taxes (to cover tax period to date) Interest (paid from date of closing to 30 days before first monthly payment) Loan Origination…

The purchase – The IRS says you can deduct interest in the year that it is paid, and that is usually part of each monthly loan payment. Mortgage interest – In general, you can deduct interest charged on a loan used to acquire or improve your principal residence in the year that it is paid.…

Your real estate agent will assist you in making an offer, which will include the following information: Complete legal description of the property Amount of earnest money Down payment and financing details Proposed move-in date Price you are offering Proposed closing date Length of time the offer is valid Details of the deal Remember that…