Rochester Real Estate

NOVEMBER 5, 2015

Before taking the time to grant a mortgage pre-approval , lenders evaluate this information. Whether you work with a mortgage broker or a bank , they will also consider your PITI when evaluating your ability to repay the loan, using metrics such as housing expense and debt-to-income ratios.

Debt-to-income ratio

Marco Santarelli

FEBRUARY 7, 2025

Let's delve into the critical factors that set the 2025 housing market apart from the pre-crash era. During the mid-2000s, subprime lending was prevalent, and average credit scores for approved mortgages were likely lower than post-crisis averages. Work with a reputable lender to get pre-approved for a mortgage.

Pre-approval

Redfin

MARCH 5, 2025

Review your savings for your down payment , monthly income, and potential loan options to set a realistic price range. Maintaining a low debt-to-income ratio and a strong credit score can also enhance your eligibility for favorable mortgage terms. The 28/36 rule is a common mortgage budgeting guideline.

Debt-to-income ratio

Redfin

JULY 30, 2025

Key takeaways: First-time homebuyer: Anyone who hasn’t owned a primary residence in the past three years Common first-time homebuyer qualifications: Credit score, debt-to-income ratio, down payment, income limits, employment history, purchase limits, homebuyer education Buying your first home?

Debt-to-income ratio

Rochester Real Estate

NOVEMBER 5, 2015

Hiring a Real Estate Agent When buying a property, the right buyer’s agent will save you time and, perhaps more importantly, money. Before you hire a real estate agent, meet with them to discuss your requirements before you choose. You don’t want to be denied the loan after being approved.

Purchase and sale agreement

Redfin

JULY 30, 2025

Speak with a real estate agent to help determine if you’re in a good position to begin the homebuying process. >>See: Lower your debt-to-income ratio: Paying down existing debt can improve your financial profile, helping you qualify for lower interest rates. >>See: Is Now a Good Time to Buy a House?

Pre-approval

The Mortgage Report

JULY 24, 2025

Getting Pre-Approved Down Payment Assistance Buying With Low Credit Buying With Low Income Buying With A Disability Who Has The Best Mortgage Rates? Fortunately, mortgage lenders will not count this monthly repayment on your 401(k) loan against you in your debt-to-income ratio,” adds Schwartz.

FHA 203k rehab loan

Rochester Real Estate

NOVEMBER 5, 2015

For example, if you use a bank for your loan you may already have a pre-existing relationship with them and they sometimes offer very competitive interest rates. Have you tried calling a bank on a Saturday night to get a pre-approval letter? Check with your agent to determine how the latest guidelines apply to your situation.

Finance

The Mortgage Report

JULY 22, 2025

Getting Pre-Approved Down Payment Assistance Buying With Low Credit Buying With Low Income Buying With A Disability Who Has The Best Mortgage Rates? Things to consider: You’ll need to qualify for the loan on your own — your credit, income, and debt-to-income ratio all matter.

FHA 203k rehab loan

Redfin

JULY 31, 2025

If you’re unsure where to start, check with HUD-approved counseling agencies, non-profit organizations, and local housing authorities to find available courses. Along with your trusted real estate agent, it’s helpful to bring a friend or family member. It’s best to connect with at least a few agents before selecting one.

Purchase and sale agreement

Redfin

JULY 3, 2025

Some lenders may require a finalized divorce decree before approving a mortgage, as this document outlines debt and asset division, alimony, and more. These details directly impact your debt-to-income ratio , how much you afford and borrow. If you’re the one making those payments, they count as debt.

Debt-to-income ratio

Redfin

JULY 7, 2025

Work closely with your divorce attorney and real estate agent: They can help you understand your rights, protect your interests, and ensure your purchase aligns with your divorce proceedings. Check your credit score: Divorce proceedings and unpaid joint debts can impact your credit , affecting your mortgage rate and approval odds.

Debt-to-income ratio

Redfin

MARCH 5, 2025

Review your savings for your down payment , monthly income, and potential loan options to set a realistic price range. Maintaining a low debt-to-income ratio and a strong credit score can also enhance your eligibility for favorable mortgage terms. The 28/36 rule is a common mortgage budgeting guideline.

Debt-to-income ratio

The Mortgage Report

JULY 16, 2025

Getting Pre-Approved Down Payment Assistance Buying With Low Credit Buying With Low Income Buying With A Disability Who Has The Best Mortgage Rates? Lender approval is required, and qualifying alone can be tough without solid income and credit. How Much Home Can I Afford? Ask if your mortgage is assumable.

FHA 203k rehab loan

Housing Wire

NOVEMBER 8, 2021

After completing countless Veterans Administration (VA) mortgage loan transactions over the years, Chris Pascoe, a Marine veteran turned RE/MAX agent, has developed something of a system. First, he has his clients lender call the listing agent. Somebody has a problem once and then that story just spread.

VA loan

Realty Biz

AUGUST 20, 2023

Mortgage pre-approval is an essential step when buying a house. During pre-approval, lenders carefully evaluate your financial information, including income, assets, credit history, and other relevant details. How long it takes for lenders to give mortgage pre-approval can vary from a day to a week.

Pre-approval

Housing Wire

AUGUST 23, 2023

” Better is partnering with other businesses to offer services such as homeowner’s insurance and to provide access to a network of real estate agents, rather than offering these products and services directly to borrowers. When we had agents, we were not large enough to provide the consumer full coverage [geographically].

Debt-to-income ratio

Lighter Side of Real Estate

SEPTEMBER 12, 2023

If you’ve been searching for a house for any amount of time, you’re probably well aware of how important it is to get a mortgage pre-approval before you even start looking at houses, or at least as early on in the process as possible. When Should You Update Your Pre-approval? Pre-approvals aren’t good forever.

Pre-approval

Realtor.com

JANUARY 7, 2021

Although this is a major milestone on the march toward closing, there are many points where this deal can go off the rails—like if you find out your home buyer wasn’t approved for a mortgage. Why home buyers aren’t always approved for a mortgage. Still, pre-approval is not a guarantee that a buyer will get a loan.

Loans

Point2Homes

DECEMBER 7, 2020

Lenders will normally look at your debt-to-income ratio to determine whether you qualify for a loan. Typically, they don’t want you to have debts that add up to more than 43% of your gross monthly income. The real estate agent you choose to work with is even more important when buying a foreclosure.

Debt-to-income ratio

Realtor.com

NOVEMBER 11, 2022

monkeybusinessimages/iStock No, it’s not leaping into buyer mode by picking out a real estate agent who has pretty homes, setting up a home inspection, and then moving in your sectional couch. Step 2: Qualify for a home loan or loan pre-approval.

Pre-approval

Windemere Buying

JUNE 7, 2021

Getting pre-approved is a great first step for buyers, but there can be a number of hurdles in the process. Pre-approval is broken down into two steps: pre-qualification and pre-approval. Making a large credit purchase equates to increasing debt, which raises a buyer’s debt-to-income ratio.

Pre-approval

BAM Media

JULY 2, 2024

While most agents are headed toward beach towels and piña coladas, summer is your prime time to hone in on your business and set yourself up for dominating the second half of the year. There are key questions every agent should be asking home buyers. I’m not a big fan of asking, “ Hey, are you pre-approved ?

Pre-approval

McKissock

JANUARY 31, 2021

Maybe they made a new purchase and their debt to income ratio is too high. Or maybe the underwriter feels that their income and credit score isn’t high enough. These are all situations that have happened to many real estate agents, buyers, and sellers time and time again. That is what it is all about!

Debt-to-income ratio

RIS Media

APRIL 8, 2022

While financing may be pre-approved, the process is complex. Something can come up (such as an unanswered financial obligation or a significant purchase before the closing that changes the debt-to-income ratio) and put a home back. . Low appraisal. Is there a difference between contingent and pending?

Debt-to-income ratio

Realty Biz

MARCH 9, 2021

Getting Pre-Approved for the Family Opportunity Loan. Getting a pre-approval letter from a lender for the Family Opportunity Loan is almost identical to getting approved for any conventional mortgage. The borrowers will need to present documents showing their income for the past 2 years.

Pre-approval

HomeLight

FEBRUARY 12, 2021

As a seller, you’re usually not taking on additional risk by accepting an offer from a buyer pre-approved for an FHA loan than you would with a buyer pre-approved for a conventional loan. Defective paint surfaces in homes constructed pre-1978. of all mortgage originations. down payment. A leaking or worn out roof.

FHA loan

HomeLight

AUGUST 31, 2020

Don’t forget to do your research and ask plenty of questions when talking to lenders and your real estate agent about local and state first-time buyer programs. You may have a preapproval, but a preapproval does not guarantee formal loan approval. For example, pre-pandemic, an FHA loan could be secured with 3.5%

Debt-to-income ratio

HomeLight

OCTOBER 22, 2021

It’s tough to say without a mortgage approval, but it always helps to start with a home affordability calculator. You may be wondering how affordability calculators work if you’re ready to get some numbers down on paper before showing up for a pre-qualification meeting with a lender. So, how much home can you afford?

Pre-qualification

HomeLight

OCTOBER 27, 2020

Not only does paying off your debt increase your credit score, but lenders will also want to see that you have a low debt-to-income ratio. Your debt-to-income ratio is calculated by simply dividing all your monthly payments (debts) by your gross monthly income.

Debt-to-income ratio

HomeLight

NOVEMBER 16, 2021

We examined a range of programs for you to explore and consulted an experienced agent to help you understand what’s available and whether it’d be a good fit for you. Through the Home Partners program, prospective rent-to-own homebuyers start by filling out a pre-qualification application. Source: (Jonathan Francisca / Unsplash).

Purchase and sale agreement

Real Trends

APRIL 4, 2023

Agents in these markets can prepare for the influx of Latino homebuyers in the coming years. Being “mortgage ready,” is a combination of factors including debt-to-income ratios, credit scores and downpayment savings. Your buyers may or may not have their mortgage pre-qualification or pre-approval letters yet.

Debt-to-income ratio

Realty Biz

JANUARY 19, 2024

Interviewing and selecting a buyer's agent and choosing a mortgage lender and real estate attorney are vital steps. This documentation will be necessary when applying for a mortgage pre-approval. If your credit score needs improvement, address any outstanding debts or errors in your credit report.

Debt-to-income ratio

RIS Media

MAY 11, 2022

AAPI demand for housing is high: 65% of real estate professionals working with Asian buyers say demand for housing is greater than pre-pandemic. Freddie Mac, which partnered with AREAA on this year’s State of Asia report, provided insights into indicators that affect mortgage approval rates among the AAPI community.

Debt-to-income ratio

Redfin

MARCH 25, 2021

Get pre-approved for a home loan. It’s always wise to seek a mortgage pre-approval before you start searching for a house. When you’re buying in a seller’s market, that pre-approval is essential. Ways you can improve your credit score can include: Paying down debt to improve your debt-to-income ratio.

Pre-approval

Redfin

FEBRUARY 10, 2021

Buyers should ask their real estate agent about their local market and advice on making offers competitive. Have a Healthy Debt-to-Income Ratio (DTI). Another key component banks consider when issuing loans, is your debt-to-income ratio. Find a Knowledgeable Real Estate Agent. Get Pre-approved.

Debt-to-income ratio

HomeLight

AUGUST 31, 2021

“The 203(k) loan is one of the best products in real estate when it’s used as an effective tool,” says Eric Forney , an Indianapolis real estate agent who sells his clients’ listings an average of 41% faster than the typical agent in his market. Only lenders that have been approved by the FHA can offer 203(k) loans.

Loans