Point2Homes

DECEMBER 7, 2020

Start by writing down all of your income and expenditures for the month, and remember to include discretionary spending, like entertainment or purchases. Lenders will normally look at your debt-to-income ratio to determine whether you qualify for a loan. Image: Andy Dean Photography / Shutterstock.com.

Debt-to-income ratio 118

Debt-to-income ratio Pre-approval Inspection Inspection contingency 118

Lighter Side of Real Estate

AUGUST 5, 2020

Between an accepted offer and closing, there are lots of moving parts and boxes that need to be checked: from financing, to inspections, to the title search, to seller’s circumstances—and unexpected things can happen throughout the process. Homeownership is one of the central tenets of contemporary life.

Pre-approval 145

Pre-approval Debt-to-income ratio Title search Finance 145

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. Sometimes when a homebuyer wants to close on the home as quickly as possible, it can lead to unrealistic contract dates. There’s no judgment here as we’ve seen it all.

Closing 62

Closing Title search Purchase and sale agreement Title 62

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. Whether you grew up in Texas, are relocating for work, or always dreamed of living in this affable state, it’s a great place to buy a house. It’s all about the down payment.

Earnest money deposit 89

Earnest money deposit Title Inspection Title search 89

Redfin

JUNE 14, 2023

We’ve gathered market insights on several highly sought-after cities in North Carolina to start you on your home search. If you need help figuring out where to start, Redfin has your back. From market insights and the homebuying process, read on to make the jump to homeownership. What’s it like to live in North Carolina?

Pre-approval 58

Pre-approval Debt-to-income ratio Closing costs Title 58

HomeLight

SEPTEMBER 1, 2022

The good news is that PMI won’t last forever and it can be canceled (with some qualifications) once your loan-to-value ratio, or your loan amount balance divided by your house’s market value, ends up lower than 80% of the original appraised value. While homebuying seems daunting, you feel ready to jump in. But, what exactly happens next?

FHA loan 101

FHA loan Loans Debt-to-income ratio Mortgages 101

Realtor.com

NOVEMBER 28, 2022

Also known as Section 502 or 504 loans, these programs are specifically reserved for people with low or moderate incomes looking to buy in designated rural parts of the country. Here’s everything you need to know about USDA loans, and whether they’re right for you. What is a USDA loan?

Loans 95

Loans Mortgages FHA loan Debt-to-income ratio 95

HomeLight

MARCH 17, 2021

It takes a lot of planning and preparation, possibly even some soul-searching, to decide what’s the right move in your situation. Whether you have a stable income to cover mortgage costs. While you’ll find lots of ways to ballpark your housing budget, the real determiner will be your debt-to-income ratio , or DTI.

Pre-approval 98

Pre-approval Purchase and sale agreement Title Closing 98

HomeLight

AUGUST 16, 2021

If you operate your own business (or collect multiple 1099 forms), then you may be asked to provide a profit-and-loss statement for the previous year as part of your proof of income. Your tax returns for the past two years will show the lender whether your income fluctuates wildly or is steady. Identification. 1099 forms.

Loans 104

Loans Mortgages Bankruptcy Purchase and sale agreement 104

HomeLight

JULY 29, 2022

When you’re buying a house, the list of what can go wrong at closing includes everything from issues with the mortgage loan and buyer’s credit, insurance snags, appraisal problems, title claims, and events beyond everyone’s control (such as natural disasters, or buyer or seller illness or death). Problem: You lost your job.

Closing 103

Closing Purchase and sale agreement Title Home sale contingency 103

Redfin

SEPTEMBER 14, 2023

4: Hillsboro, OR Median home price : $542,900 Hillsboro, OR homes for sale For those searching for a suburban atmosphere with a strong sense of community, check out Hillsboro. Prepare to embark on an exciting journey to homeownership in the Beaver State. What’s it like to live in Oregon?

Pre-approval 59

Pre-approval Debt-to-income ratio Title search Closing costs 59

HomeLight

MARCH 31, 2022

Buyers should also take note of real estate taxes in the area as they search. The state has much to offer prospective homebuyers, whether you are looking for a home with property or want to settle down in the city. But buying a home can feel daunting and unachievable, especially if you are looking to purchase your first home.

Closing costs 78

Closing costs Loans Closing Debt-to-income ratio 78

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). Let’s get started.

Pre-approval 75

Pre-approval Purchase and sale agreement Title Debt-to-income ratio 75

The Close

DECEMBER 29, 2022

And now we present the 131 real estate terms you need to know—and be able to define for clients—in 2023: 1031 Exchange. This tool, also known as a like-kind exchange, allows investors to defer paying capital gains taxes on a sale. The catch is that they must sell one property and buy a similar one within a set time frame. Active contingent.

Purchase and sale agreement 97

Purchase and sale agreement Title Proof of funds Pre-approval 97