Buying a home is exciting, beginning with a proposal and leading up to a big, life-changing day. First, you have to find a home you love and make a commitment — that is, a strong real estate purchase offer, which the seller could accept, counter, or reject. Even after you have an accepted real estate […]
When applying for a mortgage, 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 amounts and lower interest rates, even though lower scores are […]
Here are the primary steps for a Home Loan Preapproval: 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 a basis for evaluating whether […]
If you need to get ready for a mortgage preapproval process you can prepare with these four steps: Obtain a free credit score: A credit score of at least 620 is often recommended in qualifying for a mortgage, though higher scores can benefit you with the loan amount and interest rate. But some lenders will approve […]
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 […]
Cost savings are a big driver for living in a multigenerational home. We have noticed the trends of more siblings pooling financial resources to qualify for a mortgage and young adults moving back with their parents to cut expenses. We have seen a lot of first-time home buyers who are on the sidelines right now […]
You can always upgrade your house by installing floating shelves in your home. This combines the functionality of extra storage space with a bit of style and personal flair. Floating shelves can be mounted on walls in many different patterns, and they come in various materials to give your rooms a unique touch. For a […]
How Much Does a home inspection cost and how long will it take? Remember that a thorough, accurate home inspection takes time. The last thing you want to do is to try to hurry the inspector along. The inspector’s most important priority is accuracy, and accuracy takes time. The chances of mistakes and missed conditions […]
