Housing Wire

AUGUST 23, 2023

The business combination closing, announced Wednesday, unlocks approximately $565 million of fresh capital, including a $528 million convertible note previously committed from affiliates of SoftBank and additional common equity from funds affiliated with NaMa Capital (formerly Novator Capital). It took Better two years to go public.

Debt-to-income ratio 370

Debt-to-income ratio Technology Mortgages Pre-approval 370

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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Pre-approval Debt-to-income ratio Mortgages Marketing 124

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.

Pre-approval 80

Pre-approval Debt-to-income ratio Loans Banks 80

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. Shopping for homes before getting pre-approved for a mortgage. wait until after you’ve successfully purchased your home.

Debt-to-income ratio 125

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.

Loans 133

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

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

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.

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

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?” Don’t ask: “Are you preapproved?” Would you like one?”

Pre-approval 52

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

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.

Pre-approval 145

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

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. Getting Pre-Approved. The Home Inspection.

Debt-to-income ratio 118

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

McKissock

JANUARY 31, 2021

You are one week away from the closing table, and your first-time homebuyer’s lender calls with stressful and unfortunate news. 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. By Brooke Tanner.

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. The title needs to be clean.

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

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. Lenders will look at your credit history much more closely. How much other debt you have to pay each month.

Pre-approval 122

Pre-approval Debt-to-income ratio Pre-qualification Mortgages 122

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. Sellers must complete major repairs before closing. of all mortgage originations. down payment.

FHA loan 111

FHA loan Loans Pre-approval Pre-qualification 111

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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Pre-qualification Pre-approval VA loan FHA loan 111

HomeLight

OCTOBER 2, 2020

You’re thinking of switching mortgage lenders before closing. Will you regret making the switch before closing? Why you might think about switching mortgage lenders before closing. Yes, it is possible to switch lenders before closing. This option can typically only be used once during the closing process.

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Closing Mortgages Loans Closing costs 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. Lowering your debt burden improves this ratio and increases your borrowing capacity.

Debt-to-income ratio 91

Debt-to-income ratio Pre-approval Finance Bankruptcy 91

Realty Biz

NOVEMBER 5, 2021

One of those rules is keeping credit card balances close to 30% of your limit while continuing to periodically use the credit card. Installment loans are things like cars and appliances that when you paid them off the loan is closed. Revolving accounts don’t close just because you paid off one purchase. and other long-term debt.”

Debt-to-income ratio 83

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

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. Obtaining preapproval does not guarantee approval of a mortgage. Stay Comfortably Within Your Debt-to-Income Ratio.

Debt-to-income ratio 87

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

HomeLight

AUGUST 31, 2020

For example, “In my area, the Kentucky Housing Corporation offers several programs, like down payment and closing cost assistance,” says agent Gary Wantland of Bowling Green, Kentucky. 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 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

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. It's advisable to reach out to multiple lenders and obtain pre-approval. Get estimates of closing costs from multiple lenders to plan your budget better.

Debt-to-income ratio 100

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

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. Cons: Refinancing involves closing costs. However, if you're only planning to stay for a short period, the closing costs may not be worth it.

Mortgages 102

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

Realtor.com

AUGUST 26, 2020

The unusual requirement comes in the form of a new document included in many borrowers’ closing paperwork. Credit-card issuers are closing accounts and lowering credit limits. You can’t control what customers do after you close.” Many have raised minimum credit scores and lowered maximum debt-to-income ratios.

Loans 102

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

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

Finance Debt-to-income ratio FHA loan Mortgages 96

Redfin

MARCH 4, 2025

A 401(k) is a type of retirement savings account, where you elect a certain portion of your income to go into the account. The difference between these two accounts is that traditional 401(k) contributions are pre-tax, so youll be taxed once taking them out. How does withdrawing from a 401(k) affect mortgage approval?

Debt-to-income ratio 31

Debt-to-income ratio Loans Pre-approval Closing costs 31

HomeLight

DECEMBER 8, 2023

This equity is then used to provide you with the necessary funds to make a down payment and handle closing costs on your new home in Ohio. How a bridge loan unfolds: You can use the equity from your existing house to cover the down payment and closing costs of your new home.

Equity 111

Equity Loans Debt-to-income ratio Home sale contingency 111

Marco Santarelli

DECEMBER 22, 2024

Debt-to-Income Ratio: Lenders prefer lower debt-to-income (DTI) ratios. This ratio compares your monthly debt payments to your gross monthly income. Choosing the Right Lender When looking for a mortgage lender, its advisable to apply for pre-approval with multiple companies.

Mortgages 52

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

Redfin

MARCH 3, 2022

Once your offer has been accepted, the excitement kicks in, and the countdown to closing begins. But before you can get your keys, you’ll want to be cautious of any roadblocks or setbacks that could cause a delayed closing and postpone your move-in date. So how can you avoid a delayed closing? What does delayed closing mean?

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Closing Title search Purchase and sale agreement Title 63

Redfin

FEBRUARY 10, 2021

If you’re thinking ‘ what do I need to buy a house in 2021,’ check out our guidelines below on how to best prepare yourself to buy a home and what to expect when making an offer and closing on a home. . This ratio is determined by taking your average expenditures on all your credit cards each month and dividing it by your total credit limit.

Debt-to-income ratio 76

Debt-to-income ratio Pre-approval Inspection Purchase and sale agreement 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 35

Debt-to-income ratio Backup offer Finance Pre-approval 35

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

HomeLight

SEPTEMBER 30, 2020

The first step toward determining how much house you can afford is to take a close look at how much income you earn. Do you have other income, such as a side hustle or rental property , that contributes to your annual income? You don’t want to change your financial picture before closing day. Step 2: Think ahead.

FHA loan 88

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

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

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. Those funds are due on closing day.

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Pre-approval Purchase and sale agreement Title Closing 98

Redfin

AUGUST 29, 2024

However, there are a lot of things to learn about how to buy a house, like current mortgage rates, your credit score, home inspections, and closing costs. 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).

Earnest money deposit 63

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