THE MAKEOVER BLOG
Renovation stories, useful ideas, and perspectives to help you see what comes next.
Mortgage
One of the biggest differences with a 203k is that you do not get all the renovation money at closing. Here is exactly how the escrow process works. At closing the lender takes the full renovation amount plus the conting…
Read article : 203k's - How the renovation money is held in escrowMortgage
Closing day is exciting but it feels different from a regular home purchase. Here is exactly what to expect when you sit down at the table. The closing usually takes 45 minutes to an hour. You will meet with the title co…
Read article : What actually happens at the closing tableMortgage
Realistic timeline for appraisal. Underwriting. And loan approval on a 203k. Plus how to keep it from dragging. Getting through appraisal. Underwriting. And final loan approval is one of the longest parts of a 203k. Here…
Read article : Realistic timeline and how to keep it from draggingMortgage
Underwriting is the stage where the lender reviews everything to decide if they will approve your loan. In a 203k this step is more detailed than a regular mortgage because both the purchase and the renovation are being…
Read article : The underwriting process and what lenders are looking forMortgage
The appraisal on a 203k loan is different from a regular home purchase. It is one of the most important steps in the process. Here is exactly how it works. A normal appraisal only looks at the current condition of the ho…
Read article : How the special 203k appraisal works (before-and-after value)Mortgage
Choosing the wrong 203k lender can cost you months and thousands of dollars. Here are the biggest red flags every buyer needs to watch for. Red flag number one. The lender says they do 203k loans but admits they only do…
Read article : Lender red flags that protect your time and moneyMortgage
Asking the right questions upfront can save you months of headaches and thousands of dollars. Here are the most important questions every buyer should ask their lender before submitting an application. First group. Quest…
Read article : The exact questions to ask before you applyMortgage
Finding the right lender is one of the most important steps in your 203k journey. Here is exactly how to shop for a good one without wasting time. Start by asking for referrals. Talk to real estate agents who regularly s…
Read article : 203k - How to shop for experienced 203k lenders in your areaMortgage
Picking the right lender is one of the most important decisions you will make in a 203k transaction. Many buyers learn this the hard way. A regular mortgage lender and a true 203k specialist are very different. Here is w…
Read article : Why your lender choice can make or break the whole deal
