Lighter Side of Real Estate

JANUARY 24, 2024

Unless you come into a windfall of money, most people need to get a mortgage in order to buy a home, so getting a mortgage pre-approval to find out how much a lender will allow you to spend is the first step. How much other debt you have to pay each month. The process can be both exciting and perhaps a bit intimidating for some people.

Pre-approval

Realty Biz

DECEMBER 12, 2022

A mortgage is a loan that you take out from a bank or other financial institution to buy, build or substantially improve on a property. Mortgage Pre-Approval and Pre-Qualification Are Not The Same. Stay Comfortably Within Your Debt-to-Income Ratio. Let's dig in. What is a Mortgage? Final Thoughts.

Debt-to-income ratio

HomeLight

OCTOBER 27, 2020

They are specialty loans,” explains Sanchez, “where, if you are a self-employed individual and we as a lender can see income via bank statements [instead of with tax returns], you may be able to qualify.”. The bigger your down payment — and the more money you have in the bank overall — the better chance you’ll have at getting a loan.

Debt-to-income ratio

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. Image Source: Getty Images 5 Mistakes to Avoid After Pre-Approval Being pre-approved doesn’t mean buyers are all set.

Pre-approval

Marco Santarelli

SEPTEMBER 30, 2023

However, it is important to note that interest rates can vary depending on a number of factors, including the loan amount, loan term, and the borrower's debt-to-income ratio. Get pre-approved for a mortgage before you start shopping for a home. Borrowers with a credit score of 680 and a down payment of at least 3.5%

FHA loan

BAM Media

JULY 2, 2024

It’s an acronym that provides a framework for conversations around buyer qualification. I’m not a big fan of asking, “ Hey, are you pre-approved ? If they say no, and they’ve been pre-approved with enough cash to put down, great! So, today is all about that roadmap—and all the questions you should be asking.

Pre-approval

Redfin

JULY 11, 2023

Government-backed loans, such as FHA or VA loans, provide more flexible qualification criteria and specific benefits. These may include proof of income, bank statements, employment verification, credit history, and debt information. How does the mortgage pre-approval process work?

Pre-approval

HomeLight

MAY 31, 2021

One of the first things you’ll want to know is just how much house you can afford , which is based on your income, credit score, debt-to-income ratio (DTI), and savings amount (including your down payment). I had some clients a few years ago that had trouble qualifying because they had a lot of debt.

Mortgages

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. The number is then multiplied by 100 to get the final percentage.

Earnest money deposit

HomeLight

JUNE 27, 2022

You’re choosing from pre-set finishes and you may get to choose paint colors, types of flooring , fixture finishes, and appliance packages. These allow you to choose a few paint colors and add-ons, but you will mostly get pre-built features that the builder has already decided on. But don’t stop there! Negotiate with the builder.

New Construction

Redfin

APRIL 7, 2023

Get pre-approved for a mortgage My advice to first-time homebuyers is to find a good loan officer and get pre-approved, fully underwritten approval is best. – Robert Cenzer | Redfin Agent Don’t jump in and start house hunting until you have been pre-approved by your local bank or lender.

Pre-approval

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. You need an idea of how much house you can afford.

Pre-approval

The Close

DECEMBER 29, 2022

This is when a homeowner turns a deed over to the mortgaging bank to avoid going into foreclosure. This allows the borrower to avoid personal liability for the remaining unpaid debt. Debt-to-income ratio (DTI). This is the amount of a property that a person (not the bank) actually owns. Related Article.

Purchase and sale agreement