Realtor.com

JANUARY 7, 2021

Although this is a major milestone on the march toward closing, there are many points where this deal can go off the rails—like if you find out your home buyer wasn’t approved for a mortgage. Why home buyers aren’t always approved for a mortgage. Still, pre-approval is not a guarantee that a buyer will get a loan.

Loans 133

Loans Purchase and sale agreement Pre-approval Debt-to-income ratio 133

Point2Homes

DECEMBER 7, 2020

Lenders will normally look at your debt-to-income ratio to determine whether you qualify for a loan. Typically, they don’t want you to have debts that add up to more than 43% of your gross monthly income. The real estate agent you choose to work with is even more important when buying a foreclosure.

Debt-to-income ratio 118

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

Realtor.com

NOVEMBER 11, 2022

monkeybusinessimages/iStock No, it’s not leaping into buyer mode by picking out a real estate agent who has pretty homes, setting up a home inspection, and then moving in your sectional couch. Step 2: Qualify for a home loan or loan pre-approval.

Pre-approval 131

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

BAM Media

JULY 2, 2024

While most agents are headed toward beach towels and piña coladas, summer is your prime time to hone in on your business and set yourself up for dominating the second half of the year. There are key questions every agent should be asking home buyers. I’m not a big fan of asking, “ Hey, are you pre-approved ?

Pre-approval 52

Pre-approval Debt-to-income ratio Pre-qualification Purchase and sale agreement 52

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. Making a large credit purchase equates to increasing debt, which raises a buyer’s debt-to-income ratio.

Pre-approval 52

Pre-approval Debt-to-income ratio Pre-qualification Loans 52

Lighter Side of Real Estate

AUGUST 5, 2020

Ask an agent to go see houses before getting pre-approved. If you haven’t actually qualified for financing, you should hold off on going to look at houses with a real estate agent (or even going to open houses), since there’s no guarantee that a mortgage company can lend you the money. Try to mislead the mortgage company.

Pre-approval 145

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

McKissock

JANUARY 31, 2021

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. These are all situations that have happened to many real estate agents, buyers, and sellers time and time again. That is what it is all about!

Debt-to-income ratio 95

Debt-to-income ratio Pre-approval Pre-qualification Loans 95

RIS Media

APRIL 8, 2022

While financing may be pre-approved, the process is complex. Something can come up (such as an unanswered financial obligation or a significant purchase before the closing that changes the debt-to-income ratio) and put a home back. . Low appraisal. Is there a difference between contingent and pending?

Debt-to-income ratio 144

Debt-to-income ratio Title search Backup offer Home sale contingency 144

Realty Biz

MARCH 9, 2021

Getting Pre-Approved for the Family Opportunity Loan. Getting a pre-approval letter from a lender for the Family Opportunity Loan is almost identical to getting approved for any conventional mortgage. The borrowers will need to present documents showing their income for the past 2 years.

Pre-approval 144

Pre-approval Earnest money deposit Debt-to-income ratio Loans 144

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. Defective paint surfaces in homes constructed pre-1978. of all mortgage originations. down payment. A leaking or worn out roof.

FHA loan 111

FHA loan Loans Pre-approval Pre-qualification 111

HomeLight

AUGUST 31, 2020

Don’t forget to do your research and ask plenty of questions when talking to lenders and your real estate agent about local and state first-time buyer programs. You may have a preapproval, but a preapproval does not guarantee formal loan approval. For example, pre-pandemic, an FHA loan could be secured with 3.5%

Debt-to-income ratio 93

Debt-to-income ratio FHA loan Pre-qualification VA loan 93

HomeLight

OCTOBER 22, 2021

It’s tough to say without a mortgage approval, but it always helps to start with a home affordability calculator. 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. So, how much home can you afford?

Pre-qualification 111

Pre-qualification Pre-approval VA loan FHA loan 111

HomeLight

OCTOBER 27, 2020

Not only does paying off your debt increase your credit score, but lenders will also want to see that you have a low debt-to-income ratio. Your debt-to-income ratio is calculated by simply dividing all your monthly payments (debts) by your gross monthly income.

Debt-to-income ratio 105

Debt-to-income ratio Pre-approval Pre-qualification Loans 105

HomeLight

NOVEMBER 16, 2021

We examined a range of programs for you to explore and consulted an experienced agent to help you understand what’s available and whether it’d be a good fit for you. Through the Home Partners program, prospective rent-to-own homebuyers start by filling out a pre-qualification application. Source: (Jonathan Francisca / Unsplash).

Purchase and sale agreement 104

Purchase and sale agreement Pre-approval Debt-to-income ratio Pre-qualification 104

Real Trends

APRIL 4, 2023

Agents in these markets can prepare for the influx of Latino homebuyers in the coming years. Being “mortgage ready,” is a combination of factors including debt-to-income ratios, credit scores and downpayment savings. Your buyers may or may not have their mortgage pre-qualification or pre-approval letters yet.

Debt-to-income ratio 80

Debt-to-income ratio Pre-qualification Pre-approval Mortgages 80

Realty Biz

JANUARY 19, 2024

Interviewing and selecting a buyer's agent and choosing a mortgage lender and real estate attorney are vital steps. This documentation will be necessary when applying for a mortgage pre-approval. If your credit score needs improvement, address any outstanding debts or errors in your credit report.

Debt-to-income ratio 100

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

RIS Media

MAY 11, 2022

AAPI demand for housing is high: 65% of real estate professionals working with Asian buyers say demand for housing is greater than pre-pandemic. Freddie Mac, which partnered with AREAA on this year’s State of Asia report, provided insights into indicators that affect mortgage approval rates among the AAPI community.

Debt-to-income ratio 98

Debt-to-income ratio Pre-approval Bankruptcy Mortgages 98

Redfin

MARCH 25, 2021

Get pre-approved for a home loan. It’s always wise to seek a mortgage pre-approval before you start searching for a house. When you’re buying in a seller’s market, that pre-approval is essential. Ways you can improve your credit score can include: Paying down debt to improve your debt-to-income ratio.

Pre-approval 71

Pre-approval Debt-to-income ratio Marketing Mortgages 71

Redfin

FEBRUARY 10, 2021

Buyers should ask their real estate agent about their local market and advice on making offers competitive. Have a Healthy Debt-to-Income Ratio (DTI). Another key component banks consider when issuing loans, is your debt-to-income ratio. Find a Knowledgeable Real Estate Agent. Get Pre-approved.

Debt-to-income ratio 76

Debt-to-income ratio Pre-approval Inspection Loans 76

Redfin

MARCH 5, 2025

Review your savings for your down payment , monthly income, and potential loan options to set a realistic price range. Maintaining a low debt-to-income ratio and a strong credit score can also enhance your eligibility for favorable mortgage terms. The 28/36 rule is a common mortgage budgeting guideline.

Debt-to-income ratio 31

Debt-to-income ratio Backup offer Finance Pre-approval 31

HomeLight

SEPTEMBER 30, 2020

That’s because your lender is looking at what you pay in debts each month relative to your income. If you don’t have a great lender in mind, your real estate agent can give you some trustworthy options.”. Get with your licensed agent who can speak to additional expenses you might expect in your area,” says Ludecker.

FHA loan 88

FHA loan Pre-approval Debt-to-income ratio Inspection 88

HomeLight

AUGUST 31, 2021

“The 203(k) loan is one of the best products in real estate when it’s used as an effective tool,” says Eric Forney , an Indianapolis real estate agent who sells his clients’ listings an average of 41% faster than the typical agent in his market. Only lenders that have been approved by the FHA can offer 203(k) loans.

Loans 104

Loans FHA loan Pre-approval Finance 104

Redfin

APRIL 7, 2023

To help you get started, we turned to some of Redfin’s top Partner Agents in San Diego to help you navigate the process with confidence. 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.

Pre-approval 59

Pre-approval Agents Pre-qualification Debt-to-income ratio 59

Realty Biz

JULY 19, 2023

Obtain a pre-approval letter from lenders to understand your borrowing capacity. Consider community property and debt implications during the mortgage process. Obtaining a Pre-Approval Letter from Lenders Getting pre-approved for a mortgage is an essential step in the home-buying process.

Mortgages 76

Mortgages Pre-approval Debt-to-income ratio Closing costs 76

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. Don’t forget to pick your agent’s brain and ask for their input.

Earnest money deposit 63

Earnest money deposit Purchase and sale agreement Pre-approval Debt-to-income ratio 63

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.

Closing 97

Closing Mortgages Loans Closing costs 97

Redfin

AUGUST 3, 2022

Here are the steps to determine how much house you can afford: First, determine your debt to income ratio (DTI). This is your monthly expenses versus your cash intake or the bills you pay divided by your gross monthly income. Debts include recurring bills, such as car payments, daycare payments, and student loans.

Pre-approval 76

Pre-approval Purchase and sale agreement Title Debt-to-income ratio 76

Redfin

MARCH 5, 2025

Review your savings for your down payment , monthly income, and potential loan options to set a realistic price range. Maintaining a low debt-to-income ratio and a strong credit score can also enhance your eligibility for favorable mortgage terms. The 28/36 rule is a common mortgage budgeting guideline.

Debt-to-income ratio 31

Debt-to-income ratio Backup offer Finance Pre-approval 31

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. Hiring an agent. Those funds are due on closing day.

Pre-approval 98

Pre-approval Purchase and sale agreement Title Closing 98

Redfin

MAY 16, 2023

Get pre-approved from a lender Getting pre-approved from a lender before you start touring or looking for homes is another important part of buying a home in Maryland. Having a pre-approval letter in hand when you start your search shows sellers that you are a serious buyer and can afford the homes you are interested in.

Pre-approval 63

Pre-approval Debt-to-income ratio Loans Closing 63

HomeLight

MARCH 28, 2022

After reaching out to a local agent to learn about average home prices where you’re shopping, you may decide that a home purchase isn’t affordable or is too risky. Before becoming an agent, Payne’s husband served in the Army for 23 years, so she’s lived the lifestyle and knows what buyers should take into consideration.). Sandee Payne.

VA loan 104

VA loan Loans Debt-to-income ratio Closing costs 104

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.

Pre-approval 52

Pre-approval Pre-qualification Debt-to-income ratio Inspection 52

HomeLight

MAY 31, 2021

With help from professional real estate agents, we’ve put together a comprehensive list that addresses some of the most pertinent questions a buyer should ask their lender. I had some clients a few years ago that had trouble qualifying because they had a lot of debt. It ended up giving them an additional $47,000 in buying power.”.

Mortgages 85

Mortgages Debt-to-income ratio Loans Closing costs 85

The Close

FEBRUARY 20, 2024

Standout sellers: Sellers (and their agents) must focus on marketing, repairs, and competitive pricing to stand out and snag offers. Strategic pricing is key: Sellers (and their agents) should price homes to attract buyers—this could spark a bidding war that drives up the price. Pricing can fluctuate rapidly in a seller’s market.

Marketing 98

Marketing Debt-to-income ratio MLS Pre-approval 98

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.

New Construction 105

New Construction Construction Inspection Pre-approval 105

HomeLight

NOVEMBER 13, 2024

” To find out, we talked to experts like Rick Fuller , a real estate agent in the San Francisco Bay Area, Eric Dunn , director of litigation at the National Housing Law Project, and Robert A. Find Agent What is a rent-to-own home? While you rent, you can focus on paying down your debt.

Purchase and sale agreement 98

Purchase and sale agreement Debt-to-income ratio Agents Mortgages 98

Redfin

JULY 3, 2023

Get pre-approved from a lender Securing a pre-approval when buying a home in Arizona can provide numerous advantages. By obtaining pre-approval from a reputable lender, you clearly understand your financial standing and borrowing capacity.

Pre-approval 59

Pre-approval FHA loan Debt-to-income ratio Loans 59