Weather extremes are putting more pressure on homeowners’ heating, ventilation, and air conditioning systems in keeping homes cool during the summer and warm in the winter. That’s one reason it’s more important than ever to keep up your HVAC maintenance. But that’s not always top of mind for homeowners. The HVAC often runs in the […]
Selecting and interviewing an agent is the most important relationship you’ll form on your home selling journey. Pick the right agent and you may get a better sales price for your house. Next, deciding what your home is worth and pricing it is what you will determine with your agent. The right price can attract […]
First things first when selling your home. You need to know what you (and your partner) want in order to sell your home with minimum frustration. Why are you moving? What do you expect from the process? When should you put that “For Sale” sign in the yard? You need to organize your thoughts and […]
Do You Have to Stick With the Lender Who Processed Your Mortgage Preapproval? Preapprovals are just a preliminary assessment rather than a binding commitment, so borrowers aren’t tied to the lender who preapproved them. After being preapproved, home buyers can and should shop around to find the best lender who can offer the best possible […]
Does a mortgage preapproval affect your credit score? While some mortgage preapprovals may result in a hard credit inquiry and affect a borrower’s credit score, however, the mortgage preapproval’s impact alone shouldn’t fundamentally change the status of your credit. Exploring multiple lenders is often beneficial and shouldn’t significantly impact a prospective home buyer’s credit score. […]
You might wonder if a borrower can be denied a loan after mortgage preapproval? While mortgage preapproval may help indicate what type of mortgage a borrower may qualify for, it doesn’t guarantee final approval for a loan. Many factors can impact what ultimately happens with a mortgage. For example, a consumer might be denied a […]
During the preapproval process, prospective home buyers should avoid making any significant changes in their personal finances, like opening new credit cards or taking out loans. It can affect your credit score and DTI ratio. Making a large purchase, like a car, can also affect your DTI, as well as cash reserves if using cash […]
During the preapproval process for a mortgage, you might wonder what do the lenders consider. The process for getting preapproved can vary from lender to lender. Typically, a lender will review information about the applicant’s financial status to determine their qualifications, which can include items such as income, job history, monthly bills, and expected down […]
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 […]
