|
Useful information |
|
What does APR mean?
Buying a home is one of the most significant investments you will make in your lifetime, but obtaining a mortgage loan can be a very complicated process. It is important, for you to understand all of the costs and information being presented to you when you are shopping for a mortgage loan.
Where does APR come from?
The Truth in Lending Act is a federal law that requires creditors to provide information to consumers about the terms and costs of a loan. The intent is to help consumers better understand loan transaction, and to assist them in comparing loans offered by different lenders. The law is administered under a Federal Reserve Board regulation known as Regulation Z. One of the required disclosures that lenders must make in a mortgage loan transaction is something commonly known as APR.
What is an APR and what does it represent?
APR is an acronym for Annual Percentage Rate. This term was specifically designed to help consumers understand the relative cost of a transaction, and to guide them in their search for the best loan.
How is an APR determined?
The concept of the annual percentage rate can be difficult because it is based on a complex mathematical formula, which is prescribed in Regulation Z. What is important to understand though, is that APR is a measure of the cost of credit expressed as a yearly rate. |
|
Declaration of Homestead
Many of us have come to Las Vegas from other states. Many of those states have no Homestead law or have a law that gives little protection against your home being sold to pay your debtors. Under Nevada law, homeowners may record a “Declaration of Homestead” to protect their residence against certain claims. This law can be found in Chapter 115 of Nevada Revised Statutes
Filing a Nevada Homestead means that if you lose a lawsuit, the courts cannot sell the home from under you if you have less than $200,000 equity in the property. If you have more than that in equity, then they can sell it and pay everything over the $200,000 to the entity that sued you.
Homesteading will not prevent your home from being sold to pay a judgment for unpaid taxes, unpaid mortgage payments or unpaid payments of loans taken to improve the property, mechanic's lien or other obligation to pay because of improvements made to your property, and any lien to which you agree by accepting the property subject to codes, covenants and restrictions, deed restrictions or equitable servitudes.
What you Need:
· Print and Mail · Check for $14.00 payable to Clark County Recorder · Envelope with stamp · Deed or mortgage papers · Notary Public
Address envelope to: Clark County Recorder
A quick note: Once you move into your new house you will receive dozens of letters from companies (some bogus others legitimate) requesting to complete your declaration for a fee varying from $25 to $50. I would advice you to complete the form yourself and hence have no middle man involved and more money in your pocket. |
|
Income Source
· Name and address of employers for last two years · One months pay stub(s) · Copy of W2 forms for last two years or 1099’s on pension · Copy of 1040 if self employed for last two years
Liabilites – Payments and Balances
· Alimony and child support amounts · Copy of divorce decree · Copy of bankruptcy discharge
If applying for a VA Loan
· · ·
Assets – Balances
· Last two months bank statements – all pages · Stock and bond statements · Market value of real estate owned · Copy of rental income from investment property · Corporate returns for two years
Other Information
· Address for last two years · Copy of purchase contract (if purchase) · Name and contact details of insurance company · Copy of mortgage coupons or statements on loans that we are paying off (refinance only) · Construction cost breakdown · Plans and specs (for construction loans) |
