Realty Biz

JANUARY 19, 2024

From three decades working as a Realtor, there are common denominators for first-time home buyers going through the purchase process with ease. This includes understanding the terminology, legal aspects, and financial considerations of purchasing a property. It's advisable to reach out to multiple lenders and obtain pre-approval.

Debt-to-income ratio

BAM Media

JULY 2, 2024

But you’re more likely to be chosen as their listing agent when you’ve done a great job on the purchase side. 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! What if they need cash from the sale?

Pre-approval

HomeLight

NOVEMBER 16, 2021

Through the Home Partners program, prospective rent-to-own homebuyers start by filling out a pre-qualification application. If approved, they move to submit a full application. This step includes a credit and background check, income verification documents, and requires an application fee.

Purchase and sale agreement

Realtor.com

AUGUST 26, 2020

“The hit more than wipes out your margin—over something you have no control over,” said Esther Phillips, senior vice president of sales at Key Mortgage Services Inc. Adrian Leal was surprised when one of the mortgage lenders he was considering asked him to sign such an agreement in the late spring.

Loans

HomeLight

NOVEMBER 13, 2024

Could a rent-to-own agreement be just right? Just 1% of homebuyers purchase the home they previously rented, according to a 2024 report from the National Association of Realtors. Once the agreement term concludes, you pay a down payment, secure a mortgage, and transition from tenant to owner. It’s typically between 2.5%

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

Earnest money deposit

Redfin

FEBRUARY 10, 2021

Later in the year, the worst of the pandemic will hopefully be behind us, and as businesses reopen and daily activities become safer, a new batch of homebuyers and sellers will enter the housing market, making for the strongest year of home sales since 2006. ”. There is a shortage of homes for sale. We’re in a seller’s market.

Debt-to-income ratio

Redfin

AUGUST 3, 2022

Homeownership offers stability and a sense of security and safety, but the process of making the biggest purchase of your life can seem overwhelming. Here are the steps to determine how much house you can afford: First, determine your debt to income ratio (DTI). Save for a down payment.

Purchase and sale agreement

HomeLight

OCTOBER 2, 2020

Buyers with lower credit scores and higher debt-to-income ratios are more likely to face overlays, especially when shopping at the very top of their price range. Overlays are lender-specific, so switching lenders may make sense if you’re worried about your loan not being approved. Your house didn’t appraise.

Closing

HomeLight

AUGUST 16, 2021

If you earn real estate income, your lender will expect to see it listed in your provided tax returns. If you just started earning real estate income and it’s not yet been taxed, then you may not be able to use it to qualify for a mortgage. Smaller issues like court judgments can also result in not getting your mortgage approved.

Loans

Redfin

MARCH 3, 2022

You’ll want to rethink purchasing that beautiful new couch and hold off on planning those backyard additions before the title has been cleared. Unless you’re submitting an all-cash offer, you’ll need to obtain financing to purchase your home. The home appraisal is lower than the sale price. How to remedy the situation.

Closing

Redfin

MAY 5, 2023

Due to the state’s thriving economy, low cost of living, and a growing population, Texas has become a magnet for buyers and investors, which has resulted in median sale prices climbing steadily in recent years. to $341,300 and competition slowing down. And if you find your interest between two cities, fear not.

Purchase and sale agreement

Redfin

AUGUST 3, 2023

Despite this shifting demand, the median sale price has continued its steady ascent, increasing by 1.3% 2: Augusta, GA Median home price: $211,950 Augusta, GA homes for sale Augusta is perhaps best known for hosting the prestigious Masters Tournament, attracting golf enthusiasts worldwide. year-over-year. compared to the previous year.

Purchase and sale agreement

HomeLight

MAY 26, 2021

You’ve finally decided to purchase your first home and you have your sights set on a place in the city! You can purchase or sell shares at any price in the market, and you build equity (or make money off a sale) just like a normal transaction with a condo or single-family home. Source: (LinkedIn Sales Solutions / Unsplash).

Purchase and sale agreement

HomeLight

MARCH 17, 2021

The planning stage (1 to 3 years before purchase). 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.

Pre-approval

The Close

DECEMBER 29, 2022

This tool, also known as a like-kind exchange, allows investors to defer paying capital gains taxes on a sale. ” If a property is active contingent, a buyer has submitted an offer to purchase a property, but the sale won’t be finalized until certain conditions, or contingencies, are met. Active contingent. Call option.

Purchase and sale agreement