The top five reasons lenders reject mortgage applications, according to the National Association of REALTORS® “2024 Profile of Home Buyers and Sellers” are: 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 sold in […]
You might wonder how much mortgage you can be reapproved for when applying for one. The amount a lender will preapprove you for will be based on multiple factors including: Income: Your gross monthly income and any other income you receive. Credit score: Higher credit scores — 700 or above — tend to qualify for larger loan […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
