Housing Wire

DECEMBER 22, 2020

Pre-approval. They’ll send out an appraiser, who will analyze the property and local market to assess its worth. If the appraisal comes in lower than that amount, you’ll need to renegotiate or make up the difference in cash. Adjustable-rate loans have interest rates that fluctuate after a certain amount of time.

Fixed-rate mortgage 417

Fixed-rate mortgage Pre-approval Mortgages Loan Officer 417

Housing Wire

FEBRUARY 21, 2023

The industry is buzzing with conversations around appraisal modernization — for good reason. Appraisal modernization reduces origination cycle time, bolsters appraiser capacity and helps lenders deliver a more seamless and transparent borrower experience. Here’s a quick rundown of how this modernization can support your success.

Pre-approval 370

Pre-approval Technology Title Loans 370

Housing Wire

NOVEMBER 8, 2021

There remains a belief among listing agents and their clients that the VA appraisal and closing process will be a hassle. A lot of the misconceptions about working with VA loans center on the VA appraisal process – which differs from conventional mortgage appraisals – as well as the time it will take for a transaction to close.

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VA loan Agents Pre-approval Debt-to-income ratio 395

Housing Wire

OCTOBER 1, 2020

Effective Thursday, homebuyers on Realtor.com who say they wish to be pre-approved for a mortgage will see an advertisement from Rocket Mortgage that will allow them to receive pre-approval in as little as 20 minutes. It’s being rolled out in hundreds of test markets. “They think, ‘I want to buy a home.’

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Pre-approval Mortgages Inspection Title 427

Housing Wire

JULY 3, 2023

“This is a battle for a very finite amount of buyers that are entering into this space. (…) You have to be presenting your borrowers in the best possible light just to get their contracts accepted, pre-qualifying borrowers and trying to get them in an approved subject to appraisal and any other condition so they can be in a position to win,” (..)

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Loan Officer Marketing Pre-approval Fixed-rate mortgage 370

HomeLight

JULY 25, 2022

That’s why buyers and lenders often contract with licensed, local appraisers and inspectors to perform an in-depth examination of the home and create a snapshot of its current market value and its condition. This won’t replace a home appraisal, but it can be a helpful starting point. Home appraiser versus home inspector.

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Inspection Pre-approval Loans Finance 103

Realty Biz

JANUARY 15, 2024

To address this, consider getting an accurate appraisal and working closely with a knowledgeable real estate agent who can help you navigate market conditions effectively. Another option is to hire an appraiser to estimate the value of your property based on various factors such as location, size, and recent sales data.

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Pre-approval Purchase and sale agreement Finance Equity 107

CT Homes

APRIL 4, 2024

Typical Closing Process and Timeline Loan Application and Pre-Approval : Typically takes 1-3 days for pre-approval, with the full application process extending up to 2 weeks. Appraisal : Scheduled immediately after the inspection period, the appraisal process can take 1-2 weeks for the lender to review and approve.

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Closing Pre-approval Inspection VA loan 55

Housing Wire

FEBRUARY 28, 2023

An Amazon stock will be valued during a home appraisal, and the rate and term can be locked within the Better platform. This January, Better launched a program called “One Day Mortgage,” with a goal of allowing customers to “apply for a mortgage, get pre-approved, lock their rate and receive a mortgage commitment letter” within a day.

Equity 383

Equity Pre-approval Loans Finance 383

HomeLight

SEPTEMBER 30, 2021

When the appraisal comes in lower than your offer price, it’s either an opportunity for you to renegotiate the sales price with the seller — or it’s going to completely derail your home sale, and you’ll have to start over again. What is an appraisal and how does it work? How common are low appraisals? What is an appraisal?

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Pre-approval Seller concession Finance Banks 98

Realty Biz

APRIL 8, 2024

This includes checking your credit score, saving for a down payment, and getting pre-approved for a mortgage. Online mortgage calculators can provide a rough estimate, but getting pre-approved by a lender will give you a more accurate figure. What Is a Mortgage Pre-Approval? What Can I Afford?

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Pre-qualification Pre-approval Closing costs FHA loan 57

Housing Wire

JANUARY 26, 2022

The digital mortgage lender advertises that it creates pre-approvals for its customer within hours, not days, charges no lender fees, and ensures on-time closings 100% of the time. If an appraisal doesn’t come in on time or closing documents don’t make the deadline, Tomo executives say they will still close on schedule.

Mortgages 370

Mortgages VA loan Pre-approval Lending 370

HomeLight

AUGUST 20, 2021

Typically within a week after you’ve had the house inspected, you’ll most likely have to endure a home appraisal , a professional assessment of your home’s value. Bidding wars enabled buyers to offer over asking price for houses, which, in some cases, resulted in low appraisals threatening the deal.

FHA loan 104

FHA loan Inspection Pre-approval Loans 104

Realty Biz

FEBRUARY 16, 2024

Buyers, investors, sellers, and the go-between, real estate agents, brokers, appraisers, etc., In that case, you can educate yourself and gain experience in an alternative real estate domain , such as an attorney, teacher, video marketing specialist, or appraiser. You need to finish a state-approved pre-licensing real estate course.

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Pre-qualification Pre-approval Property Management Residential 90

HomeLight

NOVEMBER 1, 2021

If you’re selling your home in a hot market rampant with bidding wars that drive up the purchase offers on home sales, you may realize that your home is unlikely to appraise for the inflated purchase offer or even for your asking price. How is the appraised value of the home determined? What is an appraisal gap?

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Purchase and sale agreement Proof of funds Backup offer Finance 102

McKissock

FEBRUARY 10, 2023

If you are an independent appraiser, these can be particularly hard questions to answer, since you may be mostly or entirely responsible for setting up your retirement plan. Here are some insightful tips on how to retire, geared specifically toward real estate appraisers. Should you? How can you know? your SS income.

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Pre-approval Commercial Banks Property Management 69

Realtor.com

AUGUST 13, 2020

Step 1: Getting mortgage pre-approval. If problems crop up—with the home inspection, appraisal, mortgage, or other things—then the real estate buying process could take even longer. Step 1: Get pre-approved for a mortgage. Keep in mind that mortgage pre-approval is different than mortgage pre-qualification).

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Pre-approval Pre-qualification Due diligence Loans 143

Redfin

FEBRUARY 17, 2021

So whether you’re a seasoned homebuyer or a first-time homebuyer , you’ll need to plan for a home appraisal before you can get final approval for your mortgage. . You may be wondering just what is a home appraisal and how much does a home appraisal cost? What is a home appraisal? What is a home appraisal? .

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Pre-approval Pre-qualification Loans Mortgages 70

Housing Wire

NOVEMBER 9, 2022

According to Black Knight’s mortgage monitor report, the country’s housing equity position remains strong compared to its position at the beginning of the pandemic, with equity positions $5 trillion, or 46%, above pre-pandemic levels. Borrowers apply for a set amount of money that they need and receive that money as a lump sum if approved.

Equity 530

Equity Loans Principal Pre-approval 530

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. The appraisal process for FHA loans is stricter. If you have an FHA loan backed buyer, expect a thorough appraisal process.

FHA loan 109

FHA loan Loans Pre-approval Pre-qualification 109

McKissock

FEBRUARY 10, 2023

If you are an independent appraiser, these can be particularly hard questions to answer, since you may be mostly or entirely responsible for setting up your retirement plan. Here are some insightful tips on how to retire, geared specifically toward real estate appraisers. Should you? How can you know? your SS income.

Pre-approval 52

Pre-approval Commercial Banks Property Management 52

McKissock

AUGUST 13, 2021

Why must an appraiser be given a copy of the sales contract? First and foremost, Standards Rule 1-5 in the Uniform Standards of Professional Appraisal Practice (USPAP) states that we are to: “analyze all agreements of sale.” Learn more in our free guide, The ROI of Professional Development for Appraisers.

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Sales Purchase and sale agreement Pre-approval Development 64

Realtor.com

APRIL 14, 2021

This is creating bidding wars, offers over asking, and appraisal gaps—houses are going quickly,” says Shanon Schinkel , branch manager and mortgage lender at Homebridge Financial Services. Get pre-approved ASAP. Experts say p otential buyers should make pre-approval their first step. Understand appraisal gaps.

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Pre-approval Mortgages Loans Banks 111

Housing Wire

FEBRUARY 12, 2024

In business for close to two decades, The CE Shop offers real estate exam prep, continuing education, and broker licensing courses, plus programs for prospective mortgage and appraisal professionals. If you’re new to real estate, you’ll need to complete a state-approved course and pass your state’s licensing exam.

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Pre-approval Design Agents Industrial 407

Real Trends

MARCH 29, 2023

If they’re financing, call the lender and review the lender’s approval letter. There could be different concerns depending on if the buyer is pre-qualified, pre-approved or loan committed? Regardless, they need to be comfortable in the price range the lender has approved them for.

Pre-approval 81

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Realty Biz

MARCH 13, 2024

Getting Pre-Approved For A Mortgage In a seller’s market like Maryland, getting pre-approved for a mortgage loan should be one of the first steps for hopeful buyers. Pre-approval provides a significant advantage by showing sellers you are a serious buyer with the financing ready to make a purchase.

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Pre-approval Marketing Inspection Closing costs 94

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.

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Loans Purchase and sale agreement Pre-approval Debt-to-income ratio 133

The Residential Specialist

APRIL 16, 2021

Pre-approval: Another key aspect of an attractive offer is loan pre-approval. In a competitive market, a strong, clear pre-approval from a lender is almost a necessity. When a seller has a pile of offers and one doesn’t have pre-approval, it is easy to remove it from consideration. “To

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Pre-approval Inspection Residential Agents 97

Realty Biz

AUGUST 12, 2023

These can include title search fees, appraisal fees, attorney fees, and more. Loan-to-Value Ratio (LTV) : A ratio that compares the amount of the loan to the appraised value or sale price of the property, whichever is lower. Pre-Approval : A written commitment from a lender stating the amount they are willing to lend to a borrower.

Purchase and sale agreement 98

Purchase and sale agreement Mortgages Pre-approval Fixed-rate mortgage 98

Easy Agent Pro

AUGUST 27, 2023

Submit Encourage Clients To Get Their Pre-Approval Letter Real estate agents can help summer buyers by encouraging them to get pre-approval letters. Without a pre-approval letter, there is no way to know the budget that clients are working with.

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Pre-approval Staging Inspection Agents 65

Windemere Selling

JULY 19, 2023

10 Important People in the Home Buying Process #2 Get Pre-Approved for a Mortgage Before getting serious about your hunt for a new house, you’ll want to choose a lender and get pre-approved for a mortgage (not just pre-qualified—which is a cursory review of your finances—but pre-approved for a loan of a specific amount).

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Pre-approval Inspection Closing costs Agents 67

Realty Biz

AUGUST 22, 2022

In my eagerness to buy my first home, I made a full-price offer with the only continency being that my mortgage was approved. In a few short weeks, the market has gotten much softer in this neighborhood and I’m not even sure the house will appraise for my purchase offer. I didn’t even include an inspection contingency.

Purchase and sale agreement 99

Purchase and sale agreement Earnest money deposit Pre-approval Home sale contingency 99

RIS Media

JANUARY 19, 2021

Before you start looking for your next home, you should get pre-approved for a mortgage. You don’t necessarily have to borrow money to buy a home from the same lender that pre-approved you. What is Pre-approval and Why is It Important? Pre-approval and pre-qualification are not the same thing.

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Pre-qualification Pre-approval Mortgages Finance 69

Windemere Buying

APRIL 12, 2023

After identifying which lender you’d like to work with, a helpful first step is to get pre-approved for a mortgage by submitting financial information for their review. Home Appraiser A professional appraiser will determine a home’s appraised value , which ensures that the lender is loaning the correct amount of money.

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Pre-approval Inspection contingency Title Inspection 103

The Close

FEBRUARY 14, 2024

Sure, the curb appeal may be better, but consider the fact that appraisers don’t factor in the cost of appliances or upgrades when determining a home’s value. They expect that will raise the value of their unit when, in fact, that square footage cannot be added to the total square footage by an appraiser. “And you know what?

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Pre-approval Earnest money deposit MLS Renovation 98

Realty Biz

SEPTEMBER 23, 2023

Understanding the mortgage process, including prequalification and pre-approval, is also essential. The agent also helps with the paperwork, including making offers, reviewing contracts, and coordinating inspections and appraisals. It is essential to prepare for the mortgage pre-approval process.

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Purchase and sale agreement Pre-approval Agents Pre-qualification 73

RIS Media

APRIL 18, 2022

Buyers are waiving their home appraisal or offering an appraisal gap guarantee. Get pre-approved for a mortgage. Before making an offer on a property, it’s important to have pre-approval for a mortgage. Your agent can help you get pre-approved for a mortgage in the current market.

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