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 […]
Here are the primary steps you need to take when you apply for a mortgage: Initial application: You’ll contact a lender and provide basic financial information. Document collection: You’ll provide requested documents like pay stubs and bank statements. Credit check: The lender will pull your credit report — revealing your credit score and credit history — as as […]
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 […]
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 […]
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 […]
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 […]
What if the appraised value for the home you want to sell comes in lower than what the buyer agreed to pay. A lender will approve a mortgage for only the appraised amount. Options include: Negotiate a price reduction with the seller to match the appraised value. Agree to pay extra cash to the lender […]
What Is a Real Estate Purchase Agreement? A real estate purchase agreement, also known as a sales contract, is a written document outlining the terms and conditions of a home sale. It’s the buyer’s contract for the home purchase and is legally binding only when both parties have signed it. Below are Some Common Contingencies […]
