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 […]
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 […]
Multigenerational houses are popular, but you should consider the pros and cons, options, and features before making a decision. Grandparents are sometimes moving in. Young adults are boomeranging back after college or sticker shock from rental rates. As a result, the empty nest may be a fading concept. The multigenerational home has emerged as a […]
Adding decorative molding around your home can add an extra touch of elegance. Install molding to the ceiling by capping walls, columns and cabinets, or add chair molding lower to the ground. With detailed molding you can add character to your rooms while also making them feel taller and more finished. You can also take […]
Before you sell your house, you can always update it by painting an accent wall. This can add a pop of color and showcase your personality. It’s usually a low-risk project that a homeowner of any skill level can tackle in a day. You just need some painter’s tape, a brush and the color that […]
