Most homeowners hope for a substantial increase in their home value – and these days many are achieving it when they sell their primary home. But that appreciation can come with a thorny issue: capital gains tax owed when they file their tax returns after selling. If you’re in that situation or anticipating it, you […]
When you buy a house, you really don’t know who else has keys to your home, so its a good idea to change the locks. That ensures you’re the only person who has access. Install new deadbolts yourself for as little as $11 per lock or call a locksmith. If you supply the new locks, locksmiths […]
Once you’ve accepted a buyer’s offer on your home, it will get a once-over from the buyer’s home inspector. The inspection is usually a contingency of the offer, meaning the buyer can back out based on serious problems discovered. The lender also expects an inspection to make sure it’s making a good investment. During the home inspection, an […]
Selling is essentially a transfer of feelings. This transfer may be new to you if you’re a first-time home seller, especially given what’s involved. Most people love and cherish their home. You want the next owner to fall in love with it, too — through photos, through words, and through the experience of walking through […]
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 […]
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 […]
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 […]
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 […]
