The Best Properties Aren’t Always the Best Looking When searching for a house, remember that the best properties aren’t always the best looking. A picture is worth a thousand words, the saying goes. But what that saying doesn’t mention is that a picture can hide cracked floorboards, busted boilers, and leaky pipes. So, while it’s […]
Pricing a home is both art and science. To understand what will inform your agent’s pricing decisions and prepare to bring your own educated input to the conversation, you have a few resources at your disposal to figure out where your house stands among the crowd: a listing agent’s expertise and guidance, plus online property […]
At the home inspection, it can cause almost as much anxiety for you as a seller as it does for buyers. Most purchase agreements are contingent on a home inspection (plus an appraisal, which will be managed by the buyer’s lender). This gives allows the buyer to inspect the home from top to bottom and […]
You can prepare with for the mortgage preapproval process 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 borrowers with lower scores. For […]
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 […]
