If you need to get ready for a mortgage preapproval process you can prepare with these four steps: Obtain a free credit score: A credit score of at least 620 is often recommended in qualifying for a mortgage, though higher scores can benefit you with the loan amount and interest rate. But some lenders will approve […]
Listed below are the top reasons lenders reject mortgage applications, according to the National Association of REALTORS: High debt-to-income ratio: 40% Low credit score: 23% Income was unable to be verified: 12% Not enough money in reserves: 12% Insufficient down payment: 9% Check out below to see what home is currently listed for sale in […]
Preapproval letters can give home sellers extra assurance when putting an offer in on a house. Some listing agents and sellers will not consider an offer without a preapproval letter. There is no point negotiating with someone unless they can show they are qualified. Otherwise, it can be a huge waste of time for a […]
To get preapproved for a mortgage you’ll need to meet with a lender — for example, from a bank you’re already using or a mortgage loan officer at another bank, a credit union, a mortgage broker, or an online lender. (Ask your real estate agent for recommendations if you’re unsure.) During the preapproval process, a […]
When applying for a mortgage, preapproval requires a lender or mortgage broker’s thorough review of your finances to determine if you qualify for a mortgage and for how much. Many people think they are good to buy because they make a certain amount of money, but there is more than income that goes into being […]
The fun part of buying a home is looking through all the homes for sale to uncover your special gem. Without a little prep work, you could set yourself up for unpleasant surprises. After all, if you skip getting a mortgage preapproval before starting your search, you may fall for a home that a lender […]
Here are some popular mutigenerational home design features. Households prefer features that best fit their family members and preferences, but these are popular choices: Separate entrances Accessibility features (for example, wide doorways, grab bars, ramps, slip-resistant flooring) Two full kitchens or a separate kitchenette (for light snacks, morning coffee, etc.) Multiple private suites with full […]
With multigenerational living, grandparents may move in to help care for grandchildren — or vice versa. About a third of these households cite caregiving as a top reason for combining households, including 25% who cite adult caregiving. Gen Xers, currently 45 to 60 years old, are the most likely to live in multigenerational households (at […]
Home buyers lately say they’ve wanted to move to be closer to friends and family — more so than for a job, housing affordability, or better schools. Americans have reprioritized their family relationships [after] emerging from the COVID-19 pandemic. Nearly 80% of Americans living in a multigenerational home say the setup enhances bonds or relationships […]
Cost savings are a big driver for living in a multigenerational home. We have noticed the trends of more siblings pooling financial resources to qualify for a mortgage and young adults moving back with their parents to cut expenses. We have seen a lot of first-time home buyers who are on the sidelines right now […]
