1. Foreclosure Happens When Mortgage Payments Stop Foreclosure is the legal process where a lender reclaims a home after the borrower fails to make payments. It doesn’t happen overnight—there are usually months of missed payments and warning notices before the process begins. If you’re a homeowner falling behind, you still have time to take action […]
1. A Backup Offer Puts You Next in Line When a home is already under contract, the seller can accept a backup offer from another buyer. That means: If the first buyer backs out, your offer automatically becomes the primary contract You don’t have to start the bidding war all over again You’re legally ready to move forward if
1. Always Inspect Both Systems Before You Close A traditional home inspection might not cover the well and septic in detail—so request separate inspections from licensed specialists: A well inspection will test water quality (for contaminants like bacteria, nitrates, or arsenic) and check the flow rate A septic inspection ensures the tank and drain field are working properly and
1. Homeowner’s Insurance Protects You From the Unexpected Think of homeowner’s insurance as your home’s shield against life’s curveballs. It typically covers: Fire and smoke damage Theft or vandalism Storm and water damage (within limits) Liability if someone’s injured on your propertyIt also helps cover the cost of repairing or replacing your belongings—and in major events, even
First-Time Buyer Guide: Closing Costs Explained in 60 Seconds ���� Thinking about buying your first home but not sure what “closing costs” actually mean? You’re not alone.Most first-time buyers are surprised by the extra costs that show up right before they get the keys. But here’s the good news: once you understand what closing costs are
1. Contingencies Are Conditions Built Into the Contract Contingencies are specific conditions that must be met for the sale to go through. Common ones include: Financing contingency (you must get approved for your loan) Inspection contingency (the home must pass inspection) Appraisal contingency (the home must appraise for at least the purchase price)These are not
1. Foreclosures Are Often Sold As-Is—So Budget for Repairs Yes, foreclosed homes are often priced below market value. But that discount comes with a trade-off: the property is typically sold as-is, meaning: No repairs from the seller Potential hidden damage No guarantees about condition You’ll be responsible for any and all repairs, from plumbing issues to structural concerns.
Let’s be honest — the housing market can feel unpredictable. Rates move. Prices fluctuate. Inventory shifts. It’s tempting to wait for “the perfect time.” But here’s the truth: time is your greatest asset when it comes to building wealth through real estate. At Stairway Mortgage, we’ve helped hundreds of buyers realize that the smartest move
When you’re shopping for a home loan, most people start with their local bank or credit union. But here’s the truth: Your bank only has one offer. A mortgage broker has dozens — and our job is to fight for you, not the lender. At Stairway Mortgage, we believe educated clients make empowered decisions. So
Should You Pay Points to Lower Your Rate? If you’ve ever gotten a mortgage quote and seen “discount points” or “rate buydown” listed, you might have wondered… Is it worth paying extra upfront to get a lower interest rate? The answer? Sometimes yes. Sometimes no. It all depends on how long you plan to hold
Let’s talk about three of the most misunderstood forces in personal finance — and how they can either drain your wealth or build it faster than anything else: Inflation Interest rates Ownership Most people think rising rates and inflation are bad for buyers. But smart buyers understand the full picture — and how ownership protects