What is a Blanket Mortgage?
A Blanket Mortgage is a loan where the borrower offers up more than one parcel of real estate as security (collateral) for the debt.
This is a popular option for Builders and Developers who commonly buy large amounts of land. They will often divide the land up into multiple, individual lots and sell the lots off one by one. Instead of getting a new loan each time one of the lots is sold, the borrower will use the Blanket Mortgage loan to buy them all at once. A Blanket Mortgage will usually contain a “release clause” as well. This means when an individual lot is sold, that portion of the mortgage is released (paid back to the lender). The loan is then adjusted and continues on in this manner until all of the lots are sold and the entire mortgage has been repaid.
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An Earnest Money Deposit (or “EMD”) is an important part of the home buying process. It is an amount of money that you will deposit (in escrow) that tells the Seller you are committed to the purchase of the home. It’s important to know that this earnest money deposit is not an extra cost of buying a home. It will be credited towards the down payment at closing. In the event that it exceeds your mortgage down payment and settlement costs, you will receive the balance at closing.
In most cases you will write the check to your Realtors, Real Estate Brokerage Company or the company that will be assisting you in the settlement (Title Company). Never write the check to the Seller or their Realtor directly. The money is usually due very shortly after the contract is fully accepted by all parties (ratified) and will be placed in an escrow account. Shortly before you go to settlement, it will be released so it can be applied towards your settlement cost and down payment on the day you purchase the home. In the event the amount you put down exceeds the amount needed for these cost, you will get a refund of the difference. This is your money, and it is treated as such. It is only applied to your costs.
Every market can be different when it comes to answering this question. Make sure you read and understand the contract. It should state what happens to the EMD if you no longer qualify (or decide you do not want to buy) the home. If you are within your rights to cancel the contract, the Seller will agree to release the funds back to you in full. However, there are many different ways this can be handled. Not all are not favorable, so understand the contract you are signing and discuss any concerns you may have with your Realtor. If you are not comfortable with the language that is written in the contract be sure to consult an attorney before signing to ensure your rights are protected too.
An Earnest Money Deposit is your way of telling the Seller “I love your home and really want to buy it.” In most cases the money remains yours and is applied to your costs in regards to the purchase. It can also be a great way to leverage your offer in the event you find yourself in competition with another Buyer. A great Realtor can guide you through the offer process and help you structure a deal that is more than just about a sales price.
The purchase of a home usually is the single greatest investment most people make in their lives. It’s important to look at one’s home as an investment, and understand what drives the value of the property in order to find opportunities that maximize wealth. Given the unpredictable nature of the real estate market, what should you know about home appreciation before you buy?
Our Expert Realtors offer a 
THE most important tip to buying your first home is to find an experienced Realtor and have an initial consultation. Your Realtor will lay out the entire buying process and give you an idea of what to expect, along with a timeline of the events leading up to you closing on your home. In today’s ever changing market place, being represented by a strong Realtor is paramount. New lending laws, called 
-What type of home are you looking for?
a certain amount and being comfortable with the payments at that amount can sometimes be different. Say you buy a house worth X amount of dollars, then the down payment and closing costs will be X, and the PITI (principal, interest, taxes, insurance) plus HOA/Condo fees will be X. Once you are comfortable with those amounts, you will have less anxiety looking at homes in your price range. Another reason to get pre-approved is to find out what type of loan you will be using. The type of loan – whether it’s conventional, VA, FHA, or some other program, could make a difference in your home purchase. For example, some condos are not FHA certified, meaning they would not qualify for a FHA loan. This would be important to know before you got your heart set on a condo only to find out you cannot purchase it with your preferred loan program.
Setting out to tour luxury homes can be a fun way to spend an afternoon, and a great way to get design ideas! But don’t set yourself up to be disappointed when you fall in love with a home who’s price is double (or more!) what you have been pre-qualified for. Know your price range, and stick to viewing homes within that budget. You can always incorporate some of those design elements you admire and give your new home that luxury feel.
Pay close attention to your home inspector at the