FAQs

USDA / VA / FHA Appraisal Requirements

Posted in FAQs, Guide to FHA Home Loans, Guide to USDA Home Loans, Guide to VA Home Loans, Home Buying Tips & InfoPosted by Maple Tree Funding

In order for a loan to be financed, certain USDA, VA or FHA appraisal requirements must be met. The following will need to be repaired in order to avoid a re-inspection of the property: Paint ANY chipping or peeling paint will need to be scraped and painted, no matter how minor it may be. Remember to remove the old paint chips that have fallen onto the ground and dispose of them properly. Siding ANY missing…

VA Home Loan FAQs

Posted in FAQs, Guide to VA Home LoansPosted by Web Admin

American flag and key from home. VA loan concept.

The VA home loan program is one of the best and most popular benefits the U.S. Department of Veterans Affairs provides to active-duty service members, veterans, and eligible surviving spouses. This guaranteed loan program is provided through private lenders, like banks and mortgage companies. Because the government guarantees a portion of the loan, lenders can provide more favorable terms. Since there’s some confusion about VA home loans among New York residents, let’s take a closer…

The What, Why & How of Mortgage Escrow Accounts

Posted in FAQsPosted by Maple Tree Funding

Piggy bank and model house on a bright interior room background

Many homeowners who plan for a mortgage payment within their budget are unpleasantly surprised to discover their lender requires an additional amount, paid monthly, called ‘Escrow’. What is Escrow? Escrow is basically an account that is separate from your ‘mortgage payment’ where funds are deposited to specifically pay for items that relate to home ownership, such as property taxes and private mortgage insurance (PMI). It is typically an amount over and above the principal and…

What Are Closing Costs? Is There a Way to Estimate Them?

Posted in FAQs, First Time HomebuyersPosted by Maple Tree Funding

Closing costs are various fees that are paid at the closing of your mortgage. Depending on the state you live in, the closing is where you’ll sit down with the seller and those involved in the home buying transaction, such as real estate brokers and lawyers, and you will sign all the paperwork and remit payments that officially transfer home ownership to you. You’ll walk out with the keys… and a bit less money in…

What is a Mortgage Broker & How Does it Differ from a Bank? [VIDEO]

Posted in FAQs, First Time HomebuyersPosted by Maple Tree Funding

broker vs. bank written on whiteboard in black marker

A home will likely be the largest purchase you make in your life. When it comes to financing that purchase, you have lots of options to consider. Government loans, conventional loans, fixed rate loans, adjustable rate loans and more – there are so many mortgage options to choose from. But while you’re considering your options in terms of home loans, you may also want to carefully consider the source of that loan. If you are a…