Tag: real estate financing
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Transferring a Deed Before the Loan Is Paid Off? Be Mindful of the “Due-on-Sale” Clause
Are you thinking of transferring your deed? You might be quitclaiming the deed to someone you know, or you might be transferring it into a company or trust. Or you might be getting ready to sell. In all of these cases, check the rules on your home loan. If you have a conventional mortgage loan…
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Will an Easement Need a Separate Recording When Someone Wants to Sell or Buy?
An easement gives someone the right to enter, use, or travel through a deed holder’s land for a specified reason — without impacting the deed holder’s ownership of that same land. In this Q&A column, we take a look at easements that come up when a deed changes hands.
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Heard About Home Equity Sharing? Does It Beat a HELOC or Home Equity Loan?
What if you could get a lump sum of cash today, leveraging your home’s potential appreciation value? You could. With home equity sharing, a deed holder gets a lump-sum cash advance. The lender takes a share of the property’s appreciation. Also called a home equity investment (HEI), it’s an alternative to a home equity loan…
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Risky Business? Minnesota Home Buyers Skip the Mortgage, Preferring Contracts for Deed
Land contract financing, a.k.a. the contract for deed, is a go-to method of home buying in Minnesota — especially in urban neighborhoods. These contracts allow homeowners to sell directly to buyers, bypassing the scrutiny of a mortgage lender. Each year, thousands of Minnesota buyers use them to finance their home purchases. Federal lawmakers across the…
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Wraparound Mortgages: When They’re Used and How They Can Help
Ever heard the term wraparound mortgage? Because this is actually a set of two mortgages for the same home, it’s more complicated than a regular mortgage. It can present special risks, and it’s less commonly seen in the world of real estate. That said, some have used it to be able to get a home…
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Buying Without Your Spouse? What to Know About a Purchase Money Mortgage
Sometimes a homebuyer who’s married wants to buy property as an individual. They want to be the sole buyer, with no other name on the closing papers. How can it work? Consider the purchase money mortgage. As Cleveland’s CrossCountry Mortgage® company explains, “if a married person wants to purchase a property without their spouse being…
