Redfin

MARCH 3, 2022

Any changes in your debt-to-income ratio or credit score could cause issues with your loan application, which increases the chance of a delayed closing. Fortunately, you have a few options and your real estate agent will advise you on the best plan to resolve the situation and avoid a delayed closing.

Closing

Realtor.com

NOVEMBER 28, 2022

Direct loan: This will vary, but you can use the USDA’s Self-Assessment tool to get an estimate based on a preliminary review of factors like your income, debt, property location, and number of inhabitants. “They include fees for things like home appraisal , mortgage processing, and title search.”

Loans

Redfin

AUGUST 3, 2022

Determining how much house you can afford is the first step in the home buying checklist – setting a realistic budget will relieve stress in the long run and help narrow your home search. Here are the steps to determine how much house you can afford: First, determine your debt to income ratio (DTI).

Purchase and sale agreement

Redfin

AUGUST 29, 2024

Debt-to-income ratio (DTI) Another major factor that a lender will consider when approving your mortgage loan is your debt-to-income ratio (DTI). DTI is calculated by dividing total monthly debts by gross monthly income. Don’t forget to pick your agent’s brain and ask for their input.

Earnest money deposit

HomeLight

MARCH 31, 2022

Buyers concerned that these types of programs might hurt their chances of beating out offers or working with certain real estate agents shouldn’t worry. You can talk to a local agent or search online to find out what you can get within your price range in each area. Title insurance. Title searches.

Closing costs

Redfin

SEPTEMBER 14, 2023

Connect with a local agent in Oregon Oregon’s local real estate agent is crucial because they possess in-depth knowledge of the area’s housing market, neighborhoods, and local regulations, ensuring you make informed decisions and find the ideal home.

Pre-approval

Redfin

JUNE 14, 2023

Through pre-approval, a lender thoroughly assesses your financial situation, including income, credit history , and debt-to-income ratio, to determine the maximum loan amount they are willing to lend you. This allows you to confidently search for homes within your budget and make realistic offers.

Pre-approval

Lighter Side of Real Estate

AUGUST 5, 2020

Ask an agent to go see houses before getting pre-approved. If you haven’t actually qualified for financing, you should hold off on going to look at houses with a real estate agent (or even going to open houses), since there’s no guarantee that a mortgage company can lend you the money. Work with an agent who doesn’t care.

Pre-approval

HomeLight

AUGUST 29, 2022

Another plus is that Texas doesn’t have state income tax, according to Rach Potter, who sells homes 44% quicker than the average agent in Dallas, Texas. You can also ask family, friends, your buyer’s agent, and attorneys for mortgage lender recommendations. It shows the amount of debt you have in comparison to your income.

Earnest money deposit

HomeLight

MARCH 17, 2021

While you’ll find lots of ways to ballpark your housing budget, the real determiner will be your debt-to-income ratio , or DTI. The lender wants to be sure you can pay back the mortgage plus any other debts you owe, so the bank will calculate your DTI. Hiring an agent. Those funds are due on closing day.

Pre-approval

HomeLight

JULY 29, 2022

“One big thing that could delay closing is if, say, someone goes out two weeks before they close and they buy a car — or they buy all new furniture,” explains Pete Veres , a top-selling agent with 19 years of experience in Albuquerque, New Mexico. This can radically alter their debt-to-income ratio and jeopardize the whole deal.

Closing

The Close

DECEMBER 29, 2022

Whether you’re a veteran agent or a rookie hoping to sound authoritative during your first transaction, you need to be able to succinctly explain common real estate terms and definitions to your clients. It might feel stressful, but handling contingencies well is actually a time when you, as the agent, can really shine.

Purchase and sale agreement