Housing Wire

MARCH 30, 2021

At HousingWire’s 2021 Annual Spring Summit, CreditXpert VP of Sales and Client Success Matt Hydrew and T odd Worthington , director of qualification support at Bank of England, discussed top-of-the-funnel strategies lenders can use to help borrowers gain a better understanding of their credit score. Or, give up looking altogether.

Pre-qualification

Housing Wire

MAY 25, 2022

In a housing market vastly different from the pre-pandemic period, how can industry professionals position themselves to achieve growth despite these current obstacles? More people are diversifying their income streams and opting to work for themselves or through real estate investments. Why partner with Newrez?

Debt-to-income ratio

Realtor.com

NOVEMBER 11, 2022

Here are more step-by-step home-buying details, including information about down payments, closing costs, mortgage rates, pre-approved mortgages, and more. Step 2: Qualify for a home loan or loan pre-approval. Consider this pre-qualifying step akin to getting a full medical checkup before you train for a marathon. .

Pre-approval

HomeLight

OCTOBER 22, 2021

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. Debts: How much of your income is going toward monthly minimum debt payments? Source: (Joshua Hoehne / Unsplash). What’s the 28/36 rule?

Pre-qualification

McKissock

JANUARY 31, 2021

You are one week away from the closing table, and your first-time homebuyer’s lender calls with stressful and unfortunate news. 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. By Brooke Tanner.

Debt-to-income ratio

HomeLight

AUGUST 31, 2020

VA loans also offer even more benefits, like better interest rates and less strident qualifications — but as the name indicates, they are only available to current military members or veterans (or their spouses). For example, pre-pandemic, an FHA loan could be secured with 3.5% down and a minimum credit score of 580.

Debt-to-income ratio

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. Lenders will look at your credit history much more closely. How much other debt you have to pay each month.

Pre-approval

Realty Biz

DECEMBER 12, 2022

Mortgage Pre-Approval and Pre-Qualification Are Not The Same. You should avoid opening any new credit accounts until after you have closed on your home. Stay Comfortably Within Your Debt-to-Income Ratio. Generally, no more than 43 percent of one's income should be spent on necessary monthly debts.

Debt-to-income ratio

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. Dill shares that it’s only a myth that FHA-backed offers are by default weak offers: “They are strong and well-qualified buyers with steady income.

FHA loan

HomeLight

DECEMBER 8, 2023

This equity is then used to provide you with the necessary funds to make a down payment and handle closing costs on your new home in Ohio. How a bridge loan unfolds: You can use the equity from your existing house to cover the down payment and closing costs of your new home. More on loan costs below.)

Equity

HomeLight

OCTOBER 27, 2020

Lending qualifications remain the same whether you’re self-employed or have a W-2, says Sanchez. You don’t need to put more down or have a higher credit score” just because you’re self-employed, so long as you can meet the income documentation for a QM loan, which may require those tax returns. Step 6: Get pre-approved for 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

HomeLight

JULY 30, 2021

Additionally, a certain amount of the monthly rent is also typically stipulated to help cover the buyer’s closing costs or down payment. For example, monthly rent on the house is $2,000, and the buyer agrees to pay an additional $300 a month, which will go toward closing costs on the purchase.”. Lease-purchase agreements.

Purchase and sale agreement

Realty Biz

SEPTEMBER 30, 2023

They can help you navigate the mortgage process and identify suitable options based on your financial situation and provide you with a pre-approval. Get pre-approved: Before house hunting, consider getting pre-approved for a mortgage. Remember, buying a house with bad credit requires careful consideration and thorough research.

Finance

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

HomeLight

MAY 31, 2021

From loan types, to down payment amounts , and how long it might take to close , here’s a breakdown of all the questions you should be asking your lender, and why these are good things to know before you buy a home. I had some clients a few years ago that had trouble qualifying because they had a lot of debt.

Mortgages

Redfin

JULY 11, 2023

Government-backed loans, such as FHA or VA loans, provide more flexible qualification criteria and specific benefits. How does the mortgage pre-approval process work? Mortgage pre-approval is a crucial step in the homebuying process. What are closing costs?

Pre-approval

Redfin

AUGUST 29, 2024

However, there are a lot of things to learn about how to buy a house, like current mortgage rates, your credit score, home inspections, and closing costs. 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).

Earnest money deposit

Marco Santarelli

JULY 10, 2024

This is significantly higher than the pre-pandemic rates, which hovered around 3-4%. VA Loans: Assumable, especially attractive for veterans and active military personnel, with necessary VA qualifications. Closing Process: Legal documentation and signing off of the loan transfer.

Pre-qualification

Windemere Buying

OCTOBER 18, 2021

By working closely with your agent , you can identify these pitfalls ahead of time and adjust accordingly. Not getting pre-approved Getting pre-approved is a key component of the early stages of the buying process and will help to maximize your chances of getting your offer accepted. 10 Mistakes to Avoid When Buying a Home 1.

Pre-approval

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. Pay close attention to warranty timelines.

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. Sellers want shorter contingency periods so they don’t waste time on failed escrows and are more comfortable that the deal will close on time.

Pre-approval

Marco Santarelli

OCTOBER 6, 2023

Some lenders may require higher scores, especially for borrowers with other risk factors, such as a high debt-to-income ratio or a short credit history. Easier Qualification: No-money-down mortgages often come with less stringent qualifying requirements compared to traditional mortgages.

VA loan

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. Those funds are due on closing day. They also speed up.

Pre-approval

The Close

DECEMBER 29, 2022

After all, great communication leads to closed deals. Furthermore, in today’s market, understanding our complex mortgage industry could actually help you close more deals and maybe even save clients money. This is when the seller signs over all rights and obligations related to a property to the buyer before the actual closing.

Purchase and sale agreement

Marco Santarelli

APRIL 6, 2025

Its important to note that specific lender rates may vary based on individual qualifications and market conditions. The recent drop in rates is closely related to concerns surrounding tariffs. Low Debt-to-Income Ratios : A lower debt-to-income ratio indicates financial stability. 5/1 VA 5.93

Debt-to-income ratio