Housing Wire

DECEMBER 22, 2020

Pre-approval. They’ll need a small amount of information about your income and finances, and if all looks good, they’ll give you a preapproval letter stating how much money you can likely borrow. Link up with an experienced loan officer or mortgage broker , and tap their expertise when you’re confused or need help.

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Fixed-rate mortgage Pre-approval Mortgages Loan Officer 414

Housing Wire

SEPTEMBER 22, 2022

Loan officers get an up-close look at how much shoppers and capital-strapped buyers are getting priced out in the rate-rising environment. Will Savage, a loan originator at PMC Mortgage , sees many pre-approved clients having to get reapproved for a mortgage based on the rate increases. About 9.1%

Mortgages 414

Mortgages Loan Officer Pre-approval Fixed-rate mortgage 414

Housing Wire

FEBRUARY 11, 2022

Apart from selling produce that is popular in former Soviet countries, these stores represent a marketing opportunity for Alex Naumovych, a loan officer at Draper and Kramer Mortgage Corporation. The pastor of the Ukrainian church is currently looking to buy a house and I’m working on his pre approval.”.

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Realty Biz

SEPTEMBER 30, 2023

By comparing loan options, understanding loan terms and interest rates, and exploring resources for mortgage comparison, you can find the right mortgage lender for your financial situation. Let's delve deeper into these topics to guide you towards an affordable home financing solution. Can you buy a house with bad credit?

Finance 97

Finance Debt-to-income ratio FHA loan Mortgages 97

Housing Wire

MARCH 6, 2023

The combination of an economic uncertainty, high mortgage rates and persisting affordability challenges will further reduce purchase demand, which keeps Monson and thousands of loan officers up at night. This means LOs need to find ways to ease the financing pain for borrowers on a case-by-case basis. For the week ending Feb.

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Loan Officer Loans Pre-approval Mortgages 382

Housing Wire

NOVEMBER 8, 2021

Alex Naumovych, a loan officer at Draper & Kramer , has noticed similar trends in his work at a lender. Often times I’ll come in on a Monday and I’ll have emails saying that clients put offers in on homes and had them accepted even though we didn’t write up a pre-approval level,” Naumovych said.

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VA loan Agents Pre-approval Debt-to-income ratio 393

Realty Biz

DECEMBER 20, 2021

According to a new report, choosing the right lender or loan officer is by far the most important decision you will make when entering into a new home transaction. Pre-approval. When you’ve decided which lender to use, you need to begin the pre-approval process. Finding that Perfect House.

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Pre-approval Loan Officer Loans Finance 113

Realty Biz

DECEMBER 14, 2021

According to a new report, choosing the right lender or loan officer is by far the most important decision you will make when entering into a new home transaction. Pre-approval. When you’ve decided which lender to use, you need to begin the pre-approval process. Finding that Perfect House.

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Pre-approval Loan Officer Loans Finance 109

Realtor.com

DECEMBER 20, 2021

. “The best advice that I could give is to get a couple of recommendations for loan officers in your area,” says Nathan Perkins Jr. , “Then ask each of them how much down payment you’ll need for pre-approval for a mortgage.” an agent with Century 21 Envision in Upper Marlboro, MD.

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Pre-approval Loans Loan Officer VA loan 137

Housing Wire

APRIL 18, 2023

When rates start to trend down, the company expects to add more loan officers, call center staff and operation staff. That referral process is an age old, where the real estate community will give up a third of their commission for being delivered a qualified, pre-approved borrower that came out of the relocation world.

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Loan Officer Loans Pre-approval Mortgages 370

HomeLight

AUGUST 31, 2022

The couple would apply for a new $200,000 loan, which would include the $100,000 they used to pay off their outstanding mortgage balance and another $100,000 for other uses. They can expect to pay 2% to 5% of the new loan amount as closing costs, or about $4,000 to $10,000. If that application is approved, they now have two loans.

Equity 101

Equity Finance Loans Closing costs 101

Realtor.com

APRIL 29, 2021

To avoid this fate, make sure to crunch your numbers in our mortgage calculator or a home affordability calculator , and apply for mortgage pre-approval to see just where you stand in terms of how much house you can afford. Pre-qualification and pre-approval are essentially the same. Absolutely not.

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Pre-qualification Pre-approval Mortgages Fixed-rate mortgage 122

Housing Wire

SEPTEMBER 14, 2020

In addition, they must change their entire approach to the business because borrowers have changed their expectations of the home finance industry. But when should the lender inject the loan officer or consultant into the process? Can the borrower shop for a loan anonymously?

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Lending Mortgages Technology Loans 457

Redfin

AUGUST 13, 2020

Plus in terms of personal finance, homeownership is a major accomplishment. . Clearing your way to get approved for a home loan will ensure that you are ready to act when that dream home appears on the housing market. How to get a home loan in 10 steps. The most critical step? Start early. Step 1: Know your credit score.

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Pre-approval Loans Pre-qualification Banks 68

Realtor.com

MARCH 10, 2021

Sold on the idea of the home, the Morgans were able to secure the sale itself by ensuring their finances were in order. “We Better yet, getting prepared with a Verified Approval Letter from Rocket Mortgage® by Quicken Loans® can help prospective buyers stand out from the crowd when making an offer.

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Pre-approval Loan Officer Mortgages Finance 72

Housing Wire

JANUARY 31, 2023

. “I didn’t want to just jump for money,” Miller said, noting that some lenders with lower rates have complexities of putting together a loan — and transferring over existing clients’ loans is a different process for every company. It also underwrites conventional loans and works as a marketing tool for LOs.

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Loans Mortgages Loan Officer Pre-approval 393

C4D Crew

JANUARY 13, 2022

When you’re ready to apply for a loan, make sure you get pre-approved first. Getting preapproved will allow you to start house hunting, knowing approximately how much of a loan you can get. A pre-approval letter states how much you’re approved for based on credit score, income, and other factors.

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Loans Closing Pre-approval VA loan 52

Housing Wire

DECEMBER 28, 2023

In his 20 years in mortgage banking, no year has compared to 2023 in terms of difficulty, said Ben Cohen, Guaranteed Rate ’s managing director and a top-producing loan officer. It was another brutal year, pushing loan originators to work longer hours, close loans faster while diversifying their mortgage product offerings.

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Loans FHA loan Mortgages Loan Officer 424

HomeLight

JUNE 28, 2021

From bidding to buying to financing to special incentives — we’re talking all things HUD homes to help you decide if this property type fits your financials and lifestyle. FHA loans are geared toward individuals in need of lower down payments, or those who may not qualify for conventional loans due to lower credit scores.

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Pre-approval Pre-qualification FHA loan Inspection 92

Redfin

MARCH 3, 2022

Financing issues. Unless you’re submitting an all-cash offer, you’ll need to obtain financing to purchase your home. To avoid a closing delay or, even worse, the sale falling through, it’s essential to be upfront and honest with your loan officer. Delayed approvals from Homeowners Associations.

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Closing Title search Purchase and sale agreement Title 62

Windemere Buying

APRIL 11, 2022

Your mortgage rate will depend on your financial strength, your credit score, and other factors, so make sure to talk to a loan officer before you start looking for a home. Getting pre-approved for a mortgage will identify what you’re able to afford and helps strengthen your offer when the time comes.

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Pre-approval Loan Officer Loans Property Management 52

HomeLight

AUGUST 16, 2021

FHA Within Reach Down Payment Assistance program is the FHA’s DPA program, though you’ll typically find this program offered through your state’s Housing and Finance Authority. An experienced loan originator has seen a lot of different credit scenarios and might be able to provide you tips on how to manage your debt to improve your credit.

Loans 95

Loans VA loan FHA loan Purchase and sale agreement 95

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 1: Why financing is the key to buying a new home. Step 1: Why financing is the key to buying a new home. Step 2: Qualify for a home loan or loan pre-approval.

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Pre-approval Pre-qualification Debt-to-income ratio Loan Officer 131

Housing Wire

SEPTEMBER 26, 2023

The API, which utilizes Loan Product Advisor (LPA) AIM independent of an LPA submission, enables Freddie Mac-approved sellers and third-party originators to get a preliminary view of a borrower’s qualifying asset, income and employment before submitting a full application to LPA.

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Pre-approval Mortgages Loans Industrial 402

Housing Wire

AUGUST 29, 2022

Ishbia is confident his firm can benefit from this trend by cutting prices for brokers and bringing more retail loan officers to its wholesale channel, whose market share currently stands at around 20%. I can get you (borrower) a conditional loan approved in 20 minutes.

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Equity Loan Officer Loans Mortgages 404

HomeLight

MAY 31, 2021

Moskowitz says that sometimes a large down payment isn’t necessarily the way to go when it comes to financing your home loan. “If These are things you just might not know as a buyer — but your agent and loan officer can give you guidance! What type of home loans do you offer? What about interest rates?

Mortgages 57

Mortgages Debt-to-income ratio Loans Closing costs 57

HomeLight

MAY 10, 2022

In case you aren’t familiar, iBuyers provide near-instant cash offers for homes, allow you to sell your home mostly or entirely online, and can facilitate much faster closings than a more traditional or financed buyer. However, this rebate isn’t legal in all states and is subject to lender approval and minimums.

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Brokerage Agents Pre-approval Sales 94

Housing Wire

AUGUST 27, 2021

The story, “The secret bias hidden in mortgage-approval algorithms,” included statements from fair housing activists who concluded that there is “systemic racism” in the mortgage process. When I started my career as a loan officer, there were no credit scores. The problem is that the old process resulted in racial bias as well.

Debt-to-income ratio 414

Debt-to-income ratio Purchase and sale agreement Pre-approval Loans 414

HomeLight

OCTOBER 8, 2020

And don’t forget about trying to get the financing in order so that both transactions proceed to closing, and timing everything correctly with the move out of one house and the move into the new home. ” And fortunately, I had just been approved to be a Trade-In agent with HomeLight. And I picked up a new trade-in.

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Agents Pre-approval Inspection Staging 77

Realty Biz

JANUARY 19, 2024

Let's start with some detailed information and actionable tips on financing. From preparing your finances and exploring mortgage options to calculating your budget, these steps set you on the right path toward finding your dream home. This documentation will be necessary when applying for a mortgage pre-approval.

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Debt-to-income ratio Pre-approval Purchase and sale agreement Inspection 100

HomeLight

OCTOBER 26, 2021

But that is only a preliminary step to getting final approval for a mortgage. We’ve asked Richard Helali, Loan Officer and Sales Lead at HomeLight Home Loans , to pull back the curtain to explain what happens during mortgage underwriting. The last step is the approval process. How long will it take?

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Pre-approval Mortgages Loans Loan Officer 79

Redfin

MARCH 18, 2022

Dionne LeBlanc, Senior Loan Officer at Family First Funding , recommends focusing on increasing your credit score in order to become a homeowner. A good mortgage loan officer will be able to tell you what you can do to increase your score to prepare. Skipping the pre-approval.

Mortgages 64

Mortgages Pre-approval Pre-qualification Loans 64

HomeLight

OCTOBER 5, 2020

” She adds, “You need a strong pre-qualification letter from a legitimate lender, and there’s no getting around that. There is a process you must follow to get pre-approved for a mortgage. On average, closing costs comprise between 2% and 5% of the loan amount. And it’s even better if you can get pre-underwritten.

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Short sale Sales Pre-approval Pre-qualification 74

HomeLight

JUNE 15, 2023

Ask your loan officer about application fees before applying, and if you aren’t comfortable with the fee — which is often non-refundable — look for a lender that does not charge an application fee. Underwriting fee Underwriting refers to the research process of determining if you are a good candidate for the loan.

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Closing costs Closing Title Inspection 84

Housing Wire

AUGUST 22, 2022

The lender approved their application for a loan with a 2.25% interest rate, with a “conservative” estimated value of the house at $550,000, pending approval. The couple believed this work increased the value of the home above its pre-improvement value.

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Loan Officer Pre-approval Equity Loans 370

Realty Biz

DECEMBER 13, 2022

Flyhomes is a single platform that offers the expertise of its research analysts, tour specialists, loan officers, and dedicated agents to help make home buying or selling a breeze so you can focus on what really matters—the quality of life. Later, you pay Flyhomes the same selling price and finalize your mortgage loan.

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Pre-approval Closing costs Loans Technology 66

HomeLight

AUGUST 31, 2021

One particularly important decision homebuyers face is how to finance their new home. Landing a low-interest loan with minimal fees. Say a colleague just bought a new condo and scored an awesome rate on his loan. Lenders then use this info to weigh the financial profile of an applicant for approval. Decisions, decisions.

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Mortgages Closing costs Loans Banks 72