Ken Starks

One of the biggest events in a real estate transaction is the closing, when all parties sign the final contracts and ownership (and the key) is officially turned over to the buyer. They often receive the documents a day in advance and bring them to your agreed upon location, along with everything that they need to make your signature official. : This is especially helpful for those with young children or in remote areas, who may need to travel to get to a different closing location. The requirements to become a mobile notary vary by state but most only require a small amount of training and to register with the appropriate state authority.

No matter what your vacation preference are, there are homes available to purchase that can provide you with a place to rest in between your adventures. If you are purchasing it to live in as your primary residence, called owner occupied, you generally get more favorable loan terms than if you are purchasing it as an investment, called non-owner occupied. If you are able to afford the costs of the second home without renting it out, lenders will often offer you the same or similar terms to an owner occupied mortgage. If you have to rent it out to cover the costs, however, it is viewed more like an investment property and you can expect to pay slightly higher interest rates and provide more documentation during the purchase process.

If your financial position has changed or the value of your home has gone up since you purchased it, you may be considering changing the terms of your home loan. If you want to get more favorable terms, lower your monthly payments, or pull cash out of the value of your home, a refinance may be exactly what you’re looking for. Some may be able to offer a greater loan-to-value amount (if you are pulling cash out of your home’s value) or a lower interest rate. Once you decide to refinance, you will have to submit financial documents to help the lender evaluate how much they are willing to loan you, just like you did when you initially purchased the home.

Buyers like it because they are able to purchase a home without having to save for years and years to pay for the entire thing at once. So if getting a mortgage to purchase a home is good, getting a second one must be better, right? You are consolidating unusual debt (such as one-time emergency medical bills) to lower your monthly payments or pay off debt faster. Second mortgages can be useful tools but should be treated with the same budget scrutiny that you do your initial home purchase.