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 […]
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 […]
