HomeLight

OCTOBER 28, 2024

Yes, there’s a lot to consider, but there are some simple financial, market, and life meters that can act as a litmus test to help set your course. You can check real estate websites or consult with a local agent to get an idea of average days on market and recent sale prices. In this brief post, we’ll provide nine initial “Am I ready?”

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Pre-approval Debt-to-income ratio Equity Loans 110

RIS Media

MAY 19, 2021

It has become common practice in some markets to ask the seller to pay some or all of the closing costs when you purchase a home. Some simple rules to remember on the different kinds of loans: – On VA loans, you can ask the seller to pay everything, meaning the buyer is making no down payment and paying no closing costs.

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Closing costs Closing Pre-approval VA loan 116

Windemere Selling

MARCH 3, 2025

Alert the credit bureaus if you see any mistakes, fix any problems you discover, and dont apply for any new credit until after your home loan closes. Pre-approval lets sellers know youre serious. Most importantly, pre-approval will help you determine exactly how much you can comfortably afford to spend. #3

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RIS Media

MARCH 25, 2021

If you’re just starting out with the home-buying process, you may want to get a mortgage pre-approval. This is a statement from a lender that informs you of a certain amount you are qualified to borrow, as well as a specific pre-approved interest rate. Speed Up the Closing Process. Become a More Attractive Buyer.

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Marco Santarelli

MARCH 13, 2025

Given the current market conditions and economic factors, now could be an opportune time to secure a rate before they potentially rise again. I've been watching the housing market closely for years, and I can tell you that timing is everything. Uncertainty in the market can cause rates to fluctuate more wildly.

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HomeLight

JUNE 15, 2023

After finding their dream home and signing the purchase contract , most buyers feel on top of the world … until they see the Loan Estimate or preliminary closing statement (if buying in cash). Did the closing costs for the buyer in particular catch you by surprise? Get Started What does a buyer pay in closing costs?

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Realty Biz

JANUARY 29, 2022

But draining every bit of cash from your savings is a big mistake, especially when there are additional home-buying costs, including: A home inspection Closing costs Home insurance. Add all of the expected costs of buying a home, then calculate the down payment percentage you can afford. Not Getting Pre-Approved.

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HomeLight

SEPTEMBER 30, 2020

The best way to get a deal on a short sale is to find one that’s priced under fair-market value. “You have to wait for the current owner’s bank to approve the short sale,” says Jessica Sanchez, Director of Underwriting and Loan Management at HomeLight. All short sales require bank approval.

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Marco Santarelli

JUNE 23, 2024

The housing market , once a seller's dream, is undergoing a shift. This presents a welcome opportunity for buyers who may have been priced out of the market earlier. This means that in a significant portion of the market, sellers are adjusting their strategies to attract buyers. The data speaks volumes. in May 2023 to 16.6%

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Redfin

MARCH 26, 2025

This protective clause in your purchase agreement can save you thousands if your mortgage falls through, but in todays competitive market, some buyers are tempted to waive it. Even if youve been pre-approved , things like a low appraisal, a job loss, or changes in your credit can derail the loan process.

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Finance Pre-approval Purchase and sale agreement Earnest money deposit 40

HomeLight

FEBRUARY 16, 2024

From getting pre-approved for your mortgage to offering flexible closing dates, these strategies are designed to put you in a stronger position. Get pre-approved for your mortgage loan Securing a mortgage pre-approval is perhaps the most important first step in making a compelling offer.

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

Marco Santarelli

MARCH 23, 2025

The average rates currently observed in the market are as follows: the 30-year fixed mortgage rate is at 6.51% , the 20-year fixed rate sits at 6.25% , and the 15-year fixed rate is recorded at 5.89%. Market Speculation: There's optimism for further potential drops in rates due to economic factors.

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Mortgages Fixed-rate mortgage Pre-approval Pre-qualification 52

Easy Agent Pro

SEPTEMBER 5, 2023

In today’s competitive real estate market , bidding wars have become common. Here, we’ll explore several novel yet effective ways of outwitting competition and increasing your chances of successful bidding in competitive markets. Start by researching the current market conditions where you intend to buy a property.

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RIS Media

OCTOBER 29, 2020

Let’s take a look at some of the key things to consider before you jump into the real estate market and buy your first house. Closing Costs. Many of these will need to be paid at closing. Sometimes sellers are willing to help with closing costs to make things easier for the buyer. Getting Prepared.

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Realty Biz

MARCH 13, 2024

This article explores the key factors home buyers need to know about the Maryland housing market this year. Getting Pre-Approved For A Mortgage In a seller’s market like Maryland, getting pre-approved for a mortgage loan should be one of the first steps for hopeful buyers. Zillow forecasts a 2.8%

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Marco Santarelli

MAY 11, 2024

housing market has been on a rollercoaster ride in recent years. Let's dissect the data from ATTOM, a leading real estate data provider, to gain a clearer picture of the current market's health. Let's dissect the data from ATTOM, a leading real estate data provider, to gain a clearer picture of the current market's health.

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Mortgages Marketing Equity Pre-approval 109

HomeLight

FEBRUARY 12, 2021

Today, FHA loans represent a fair share of the mortgage market; in 2018, the FHA insured 12.1% 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. of all mortgage originations.

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Redfin

MARCH 4, 2025

Step 1: Get pre-approved If you’re buying with a loan, include a pre-approval letter with your offer. A mortgage pre-approval can also reassure the letter that your financing is likely to be approved during closing.

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Realty Biz

FEBRUARY 28, 2023

Not getting a mortgage pre-approval Another common mistake among home buyers is shopping for a home before getting mortgage approval. While being pre-approved for a mortgage isn’t a requirement when buying a home, it’s highly essential.

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RIS Media

OCTOBER 22, 2020

Here are some tips from Zillow for how your buyers can score their dream home despite the bustling market: Financing. Evaluate your current credit situation and make a game plan to clean up your credit score, if needed, prior to starting the pre-approval process.”

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Realtor.com

OCTOBER 29, 2020

Although the average home inspection costs $300 to $500, it’s a drop in the bucket considering the costly home issues you might uncover, says Claude McGavic , executive director of the National Association of Home Inspectors. Get final mortgage approval. Any paperwork the bank required to approve your loan. Clear the title.

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HomeLight

OCTOBER 5, 2020

Short sales are rarer in the housing market nowadays. ” 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. Closing costs can add up to thousands of dollars in fees.

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Realty Biz

JANUARY 19, 2024

By following these steps, you can easily navigate the real estate market. 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. Understanding the basics of home buying and getting prepared financially is critical.

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

Realty Biz

MARCH 30, 2023

Documentation and the Pre-Approval Process Pre-approval is a must for anyone looking to purchase a home. Be sure to have all of your documentation in order and ready to go before starting the pre-approval process. that may help you get approved with favorable terms.

Mortgages 101

Mortgages Pre-approval Pre-qualification Due diligence 101

Realty Biz

MARCH 7, 2023

You'll also need to factor in additional costs, such as property taxes, insurance, and closing costs. Check Your Credit Score Your credit score plays a crucial role in the mortgage approval process. The post A New Home Buyers Checklist appeared first on RealtyBizNews: Real Estate Marketing & Beyond.

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Realty Biz

JUNE 8, 2021

As a real estate agent, there are few things more frustrating than working with a client who is knee-deep in a closing standstill. Luckily, realtors can facilitate a quick close and streamline finalization by proactively dissolving potential complications. Advocate for pre-approval.

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Redfin

JULY 16, 2024

This guide will walk you through each phase of the mortgage loan process, from pre-approval to post-closing, with examples to illustrate key points. Step 4: Get pre-approved Submit pre-approval applications: Apply to multiple lenders to get pre-approved.

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Loans Pre-approval Earnest money deposit Mortgages 69

Marco Santarelli

MARCH 3, 2025

Falling rates mean your purchase power goes up (you can afford a more expensive home, or have smaller payments for the same house) Cons: Requires a significant down payment and closing costs. Home prices could fall if markets turn bearish Refinancing a Mortgage: Pros: You may be able to lower your monthly payments.

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Mortgages Fixed-rate mortgage Debt-to-income ratio Pre-approval 102

Redfin

JULY 31, 2024

Prepare thoroughly : Improve your credit score, set a budget, and get pre-approved to streamline the home-buying process and secure a favorable mortgage. While lenders will pre-qualify you for a certain amount, it’s essential to ensure this fits within your overall financial picture. Did you know?

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Pre-approval Pre-qualification Mortgages Loans 71

BAM Media

MAY 14, 2024

Closing costs (to put the horror stories they’ve heard into perspective) #3— “Glossary of Real Estate Terms: Speak Like a Pro!” Not knowing key real estate terms can make first-time buyers feel lost and overwhelmed—and less likely to want to move forward, even if now is the best time for them to do so.

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Pre-approval VA loan Closing costs Loans 111

Realty Biz

JUNE 20, 2023

Navigating the real estate market as a first-time home buyer can seem like a daunting task. It's advisable to ensure that the total housing costs - which include mortgage payments, insurance, taxes, and maintenance - do not exceed 30-35% of your gross income.

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Realty Biz

APRIL 8, 2024

This includes checking your credit score, saving for a down payment, and getting pre-approved for a mortgage. Online mortgage calculators can provide a rough estimate, but getting pre-approved by a lender will give you a more accurate figure. What Is a Mortgage Pre-Approval? What Are Closing Costs?

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HomeLight

JUNE 28, 2021

With properties often available below market value and down payment options potentially as low as 3.5% , purchasing a HUD home could be your golden ticket. The buyer must work with a HUD-approved real estate agent/broker for all bidding (HUD homes are sold at auction). Get pre-qualified with a mortgage lender.

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Pre-approval Pre-qualification FHA loan Inspection 105

HomeLight

JULY 31, 2020

These are the top home closing delays that could affect if and when you close on your new home, and how to overcome them. Loan approval. Because the entire sale hinges on securing this loan, it is a top criteria for closing, and it’s also the most common reason for a delay in the closing process. Closing costs.

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First Team Real Estate

AUGUST 24, 2021

If there was a way to get her pre-approved , I knew this lender could do it,” Wilder says. ” And within just a few months, Trish was able to get pre-approved with a budget large enough for her to afford a small two-bedroom, two-bathroom home in her chosen city of Lake Elsinore. ” Wilder says.

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Redfin

MARCH 4, 2025

These properties are often priced below market value, making them attractive to buyers looking for a good deal or hoping to build equity quickly. However, chances are you can buy the home below market value and you wont need to negotiate with a seller or bank. If the auction accepts financing, make sure you have a pre-approval ready.

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