Lighter Side of Real Estate

MARCH 11, 2025

Heres what you should do before you even start looking at homes: Get Pre-Approved for a Mortgage: Knowing how much you can afford is critical. A mortgage pre-approval gives you a clear budget and shows sellers youre a serious buyer. Check Your Credit: Your credit impacts your loan approval and interest rates.

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Maximum Exposure Real Estate

AUGUST 16, 2023

A mortgage pre-approval is a crucial step in the home-buying process. It states on the letter how long the pre-approval is valid, typically around 90 days. Understanding the duration of […] The post How Long is a Pre-approval For a Mortgage Good For? appeared first on Maximum Real Estate Exposure.

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Realty Biz

AUGUST 20, 2023

Mortgage pre-approval is an essential step when buying a house. During pre-approval, lenders carefully evaluate your financial information, including income, assets, credit history, and other relevant details. How long it takes for lenders to give mortgage pre-approval can vary from a day to a week.

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Housing Wire

AUGUST 23, 2023

Flávia Nunes: Better took nearly two years to go public, with Aurora’s shareholders’ merger approval extended three times. Following a merger with special purpose acquisition company (SPAC) Aurora Acquisition Corp , Better Home & Financing Co. ” And what is Better.com best at? What happened, from your standpoint?

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Lighter Side of Real Estate

SEPTEMBER 12, 2023

If you’ve been searching for a house for any amount of time, you’re probably well aware of how important it is to get a mortgage pre-approval before you even start looking at houses, or at least as early on in the process as possible. When Should You Update Your Pre-approval? Pre-approvals aren’t good forever.

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Realty Biz

FEBRUARY 22, 2024

Glossy online listings behind your computer screen might fuel your dream home fantasy, but the home-buying process truly begins in earnest when a lender is contacted to be pre-approved for a mortgage. Once this process is complete, the lender will provide you with a pre-approval letter. Calculate the Debt-to-Income Ratio.

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Marco Santarelli

FEBRUARY 7, 2025

Let's delve into the critical factors that set the 2025 housing market apart from the pre-crash era. Let's delve into the critical factors that set the 2025 housing market apart from the pre-crash era. The question on everyone's mind: Is the 2025 housing market poised to repeat the disastrous events of the 2008 crash ?

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Realtor.com

NOVEMBER 2, 2020

Since COVID-19 started tearing through the country in March, we’ve heard reports of freelancers having an even harder time getting approved for mortgages. Getting a mortgage as a freelancer (pre-coronavirus). But the main difference is that as a freelancer, you just had to document the income.”. What’s changed.

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Debt-to-income ratio Pre-approval Mortgages Banks 144

Lighter Side of Real Estate

SEPTEMBER 23, 2021

Increasing the balances on your credit cards can impact your debt-to-income ratio, which plays a major role in determining whether you’re approved for a mortgage—and, if so, how much. In order to qualify as a solid candidate for a mortgage, lenders want to see a stable job history and reliable income.

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Debt-to-income ratio Pre-approval Mortgages Finance 125

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.

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Realtor.com

FEBRUARY 3, 2022

“Banks commonly allow up to 28% of your gross income before taxes as your monthly house payment,” says Zigmont. “Banks commonly allow up to 28% of your gross income before taxes as your monthly house payment,” says Zigmont. What is debt-to-income ratio? How large a mortgage can you afford?

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Debt-to-income ratio Pre-approval Marketing Finance 105

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.

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Point2Homes

DECEMBER 7, 2020

Start by writing down all of your income and expenditures for the month, and remember to include discretionary spending, like entertainment or purchases. Lenders will normally look at your debt-to-income ratio to determine whether you qualify for a loan. Getting Pre-Approved. Getting the Right Help.

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BAM Media

JULY 2, 2024

I’m not a big fan of asking, “ Hey, are you pre-approved ? Instead, ask, “What money do you have allotted to put towards the home purchase?” Then the next question is— “Have you spoken to anybody about the financing?” Not “Are you pre-approved?” Sign up here. Most of us know what LPMAMA stands for.

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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.

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Lighter Side of Real Estate

AUGUST 5, 2020

Ask an agent to go see houses before getting pre-approved. There’s no greater let down than finding a house you love, and finding out you can’t be approved for a mortgage in the price range of that house. Besides, many sellers and their agents won’t even consider your offer if you don’t include a pre-approval letter.

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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. Ensure Your Lender Does a Credit Approval for Your Clients. When this happens, the lender will give an approved amount, and then you begin shopping.

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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. . Here’s all you should know about contingent sales as a potential home buyer.

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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. The tenant has a monthly income that is at least 2.5 than you thought you could afford. times the monthly rent. (In

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Realty Biz

MARCH 9, 2021

Getting Pre-Approved for the Family Opportunity Loan. 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. Better Ratios for Debt to Income Calculations.

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Realty Biz

JULY 2, 2022

Meanwhile, the number of new listings also surpassed pre-pandemic levels, rising 4.5% For now though, inventory remains critically low at around 50% of pre-COVID levels. Economists say the historic shortage of homes for sale is coming to an end, as more inventory is added to the market. from a year ago. of the average U.S.

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Debt-to-income ratio Pre-approval Marketing Loans 97

Realty Biz

SEPTEMBER 5, 2023

These platforms offer valuable insights into your credit health, including your credit utilization, payment history, and outstanding debts. Check Your Credit Scores Part of getting pre-approved for a mortgage is increasing your credit scores. The time you invest in improving your credit scores will pay you back handsomely.

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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?

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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. You’ve just received the first offer on your home — and it’s backed by an FHA loan. of all mortgage originations. down payment.

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HomeLight

AUGUST 31, 2020

Two big advantages to the USDA loan program are the ability to secure a low fixed interest rate with a very low down payment, even for borrowers with limited income and less-than-stellar credit. You may have a preapproval, but a preapproval does not guarantee formal loan approval. Source: Surface / Unsplash). down (FHA).

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

Realty Biz

DECEMBER 12, 2022

Mortgage Pre-Approval and Pre-Qualification Are Not The Same. Securing conditional approval for a mortgage is the optimal method for determining the amount of borrowing capacity. Securing conditional approval for a mortgage is the optimal method for determining the amount of borrowing capacity. Let's dig in.

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Debt-to-income ratio Mortgages Pre-approval Pre-qualification 87

Realty Biz

NOVEMBER 5, 2021

You’re using a secured credit card as a stepping-stone to be approved for a major credit card. Once you are approved for a major credit card with a reasonable interest rate, you want to close the secure card. There is no secret formula to achieving a perfect credit score in 30-days or less. First Steps to a Higher Credit Score.

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Debt-to-income ratio Mortgages Pre-approval Loans 83

HomeLight

OCTOBER 27, 2020

If you are employed full-time, and your salaried job is your only source of income, you can usually get away with providing your W-2s and a paycheck stub when applying for a loan — you won’t need to provide tax returns. You’re ready to buy a house and are working hard to line all of your financial ducks up in a row.

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

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.

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Realty Biz

JUNE 7, 2023

To boost your chances of getting better interest rates, strengthen your profile by maintaining stable employment, minimizing outstanding debts, and saving for a down payment. Take care of your debt-to-income ratio Lenders evaluate your debt-to-income ratio to assess your ability to repay the loan.

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Marco Santarelli

DECEMBER 22, 2024

Mortgage rates are a critical consideration for anyone looking to borrow money for a home. As of December 22, 2024, the average 30-year fixed mortgage rate has increased to 6.67% , marking its highest point since June 2024. The Feds stance on inflation, which remains a concern, dictates its approach to adjusting interest rates.

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Mortgages VA loan Fixed-rate mortgage Debt-to-income ratio 52

Marco Santarelli

MARCH 3, 2025

The rate you actually receive will depend on several factors, including your credit score, down payment, debt-to-income ratio, and the specific lender you choose. Today's mortgage rates, as of March 3, 2025, have dropped! This dip could be your chance to save some serious money. Lets dive into what this means for you.

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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. Demographics.

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

Realty Biz

JANUARY 19, 2024

Take a close look at your income, expenses, and existing debts. This documentation will be necessary when applying for a mortgage pre-approval. This documentation will be necessary when applying for a mortgage pre-approval. It's advisable to reach out to multiple lenders and obtain pre-approval.

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

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. Tougher loan approval: Lenders may be hesitant to approve a mortgage application from someone with a low credit score.

Finance 96

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HomeLight

DECEMBER 8, 2023

The temporary debt juggling act: A key factor in the bridge loan process is your debt-to-income ratio (DTI). Your lender will determine this ratio through an equation that involves the payments on your existing mortgage, the payments for the new house, and any interest-only payments on your bridge loan.

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Realtor.com

AUGUST 26, 2020

The forms, known among lenders as “Covid-19 borrower certifications,” often ask home buyers to confirm that they don’t expect changes to their income. The share of mortgages in forbearance, 7.2%, has declined for 10 straight weeks, according to the Mortgage Bankers Association, but is still far above pre-pandemic levels.

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Loans Debt-to-income ratio Mortgages Purchase and sale agreement 102