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Two versions of appliances exist. PERMANENT – This means it is built in. Think of an island with a range top installed or built-in oven. These DO contribute to the value. DETACHED – Think of appliances you just push in and plug in but can be removed easily. These DO NOT contribute value because they…

A “lot loan” typically refers to a type of loan that is used to purchase a piece of land or a vacant lot. A lot loan is different from traditional home mortgages, which are used to buy homes that include structures. Lot loans are specifically designed for the purchase of land that doesn’t yet have…

Student loans can have an impact on your ability to get a mortgage, but the exact impact depends on various factors including the amount of your student loan debt, your income, your credit score, and the lender’s policies. Here’s how student loans can potentially affect your mortgage application: Debt-to-Income Ratio (DTI): Mortgage lenders look at…

What is a reverse mortgage? Its official name is a Home Equity Conversion Mortgage (HECM), a loan insured by the Federal Housing Administration (FHA) for homeowners age 62+. A Reverse Mortgage allows you to:• Access a portion of your home equity• Use the income tax-free2 cash proceedsas you wish• Eliminate monthly mortgage payments You retain…

A Home Equity Line of Credit (HELOC) is a financial product that allows homeowners to borrow money against the equity they’ve built up in their property. Equity is the difference between the current market value of the property and the outstanding balance on any mortgage or loans secured by the property. HELOCs are typically offered…

Owning a dream home is a significant milestone for many individuals and families. However, navigating the complex world of home loans and particularly for first-time buyers, mortgages can be intimidating. That’s where the expertise of a reliable mortgage broker in Jacksonville, FL, comes into play. At North Star Mortgage Network (NSMN), we are dedicated to…

During the mortgage process, there are typically two types of financial transactions that may occur: deposits and transfers. Let’s take a closer look at each of them: Deposits: Earnest Money Deposit: When you make an offer to purchase a property, you may be required to provide an earnest money deposit. This deposit shows the seller…

Here’s some general information to help you understand the mortgage pre-approval process: Gather your financial documents: To get pre-approved for a mortgage, you’ll typically need to provide documents such as pay stubs, W-2 forms, tax returns, bank statements, and proof of assets. This information helps us assess your financial situation and determine how much of…

Are you thinking about purchasing your own property with the intention of either renting it out or selling it? Investing in a property can be an excellent source of additional income, and investment property loans can help a borrower finance the purchase of a home for the purpose of renovating it, then renting it out…

If you currently have a significant amount of debt and you own your current residence, you may be looking for some ways to reduce the overall amount of money that you owe. One solution to managing your debt while also lowering your monthly mortgage payments at the same time is refinancing your mortgage for a…