To get preapproved for a mortgage, you’ll need to meet with a lender (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 lender will review […]
What does it mean to get preapproved for a mortgage? 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 […]
When selling your house, there is always a chance that a seller could change their mind. They may have experienced sudden financial trouble, a medical issue, or another situation prompting them to want out of the transaction. Some options include: Seek a refund of the earnest money deposit. Request compensation because of the seller’s breach […]
Rookie home buyers may be at risk for missteps that could compromise the purchase. Here are three tips to help you stay on the right road: Tip 1: Consider All Loan Products Loan products like Federal Housing Administration loans or first-time home buyer programs may help you qualify for a mortgage and save money. Tip 2: Steer […]
Buyers occasionally change their minds about purchasing a home. They may have faced a job relocation, found a house they liked better, been unable to sell their current house, or just fallen out of love with this home. Some options include: If the contract includes contingencies — such as for the sale of a current […]
A title inspection of a home could show unresolved liens or legal disputes over the property’s ownership. Options include: Ask the seller to clear the title before closing — for example, by paying off any outstanding lien or resolving any legal disputes involving the property. Wait for the title to be cleared before proceeding. Ask […]
The Home Inspection can sometimes uncovers serious problems. No home is perfect, but serious problems —for example, with the home’s foundation or major systems — may concern you enough to renegotiate with the seller. Some options include: Ask the seller to make some of the repairs flagged in the inspection report. Use the inspection report […]
After a legally binding real estate purchase agreement has been signed, about 7% of real estate transactions were terminated before closing, according to the April 2025 REALTORS® Confidence Index Survey, based on thousands of real estate professionals’ transactions nationwide. Sixteen percent of contracts faced delays to settlement. The most common reasons are flagged items from a […]
When closing on a house, contracts typically close within 30 to 60 days. In that time, you’ll need to accomplish certain things: resolving contingencies outlined in your purchase contract, meeting contractual deadlines, getting your financing ready, and making sure paperwork is in order. Your agent will] help you navigate the timelines and stay on top […]
What if a buyer is unable to obtain a mortgage to complete the purchase of a home. Sometimes a buyer’s financial situation changes while under contract, such as from a job loss or a sudden medical situation. Options include: Ask the seller to grant a loan extension or extra time to obtain financing. Explore alternative […]
