Lenders – Education
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Timeline – Refinance: See how you can help speed it up!
Borrower’s Refinance Timeline – From loan application to closing.1. Shop lenders for interest rates, getting loan scenarios or work-sheets that have rates and fees.2. Collect documents: Bank statement, tax returns, W-2s, Paystubs, etc – get the list of what’s needed...
Timeline – Buyers: Be informed. Be comfortable.
Buyer’s Timeline: From contract signing to closing.1. Shop lenders for interest rates, get loan estimates or “work-sheets” from each that show rates, fees, payment, etc.2. Collect documents: Bank statement, tax returns, W-2s, Paystubs, etc – get the list of what’s...
Timeline – Real Estate Professionals: Know why you and your communication is so important
Real Estate Professional Timeline – from contract signing to closing.From signing the contract to sitting down at the closing table takes from 2-5 weeks, on average, depending on whether or not the buyer has gotten a lender-pre-approval or not. A pre-approval...
Timeline – Sellers: Understand what to bring and to know. Things have changed!
Seller’s Timeline – From contract signing to closing. 1. Before you list your home for sale: Prepare your home for a quick and smooth sale – fix EVERYTHING. De-clutter every room, even if you have to rent a storage facility or put some things in a family/friend’s...
Timeline – Title Co. See what we do behind the scenes.
1. Receive title order from the lender (or Real Estate Professionals in a cash purchase) – within a week or two of when buyers and sellers finalize their contract. 2. Do title search immediately – Search the land records at the county clerk’s office in the county in...
Timeline – Sellers: Know. Understand. Be comfortable.
Seller’s Timeline – From contract signing to closing 1. Before you list your home for sale: Prepare your home for a quick and smooth sale – fix EVERYTHING. De-clutter every room, even if you have to rent a storage facility or put some things in a family/friend’s...
What is a mortgage?
The mortgage is a document that is a list covenants between you and the lender. It says that as long as you abide by those covenants, the lender will leave you alone. All conventional mortgages in Kentucky are approved by the government and are standardized. So,...
Top 5 reasons closings get delayed
5 Key DOs/DON’Ts to help get YOUR closing(s) closed on time! Remember – Folks’ possessions are on moving vans, that may not be able to be rescheduled …Childcare has been arranged …Folks have taken off work …Folks don’t have extra days-off …Buyers can lose their...
Who must attend closing? Marital Rights. Dower/Curtesy
By state law in Kentucky, if you buy a property in your sole name, your spouse will instantly have an ownership interest in that property – just by the fact that you are legally married. Names on deeds do not solely determine ownership; Names PLUS marital status...
Owner’s Title Insurance – When you should buy it
Owners Title Insurance Made Easy! What is it and when you should buy it. There are two types of title insurance: Lender’s and Owner’s. 1.Lender’s: Required when you get a loan. Does NOT protect you. Protects the Lender. You pay for it. Lenders don’t want common title...
What is a settlement agent, title company, real estate attorney?
A title company, real estate attorney, closing company, etc. = are all terms frequently used interchangeably to describe “settlement agents”. Title companies are either owned by, or employ real estate attorneys – Jett Title does both. All settlement agents perform...
Top 10 loan officer mistakes
Not communicating with both Real Estate Professionals for regular status updates. Not reply to Real Estate Professionals. Keep them in the dark. When no Real Estate Professionals are involved, not giving title company Seller’s contact information – title must search...
Land contract explanation & how a closing works on it
A land contract is nothing more than a rent-to-own agreement. It is NOT a purchase transaction, it IS an agreement to purchase the property at a future date. A land contract IS an agreement to purchase a property at a future date, at an already agreed-upon price,...
How to convey difficult news
The only thing worse than bad news…is bad news later! Kill the monster while its small! Do NOT let it continue to grow, getting uglier and nastier every hour. Don’t put off sharing bad news. Don’t be afraid to address the potential “tough stuff”, gently, directly, and...
Title commitment – what is it, each part, why
Coming Soon
How to estimate escrows in Kentucky – Taxes in KY & Collection
Estimating escrows in KY is the SAME in all 120 counties. [What’s “escrow”? – For all non-lenders: Your monthly payment usually includes the amount to pay back your loan each month (principal and interest), plus 1/12th of your annual property tax bill, and 1/12th of...
Property Taxes in Kentucky and Fayette Co.
Property Taxes in Kentucky (Fayette Co. is below) 1. They are paid in arrears, annually, on a calendar year. 2. All bills get mailed out sometime during the month of October, by each county’s sheriff’s department. 3. Tax bills most always get mailed to whoever the...