Keeping Current Matters

JUNE 21, 2021

That’s why you should connect with a lender to get pre-approved for a loan early in the homebuying process. Freddie Mac explains: “ Resist the temptation to waive the inspection contingency , especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Know Your Numbers.

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Inspection contingency Pre-approval Inspection Rent back 326

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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Pre-approval Agents Debt-to-income ratio Inspection 85

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. Pre-approval lets sellers know youre serious. Put it in writing. Then, number each item and prioritize them.

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Pre-approval Inspection Closing costs Agents 59

HomeLight

SEPTEMBER 30, 2020

Does that mean you might encounter even more reasons to cry while trying to get a short sale mortgage loan ? Securing a short sale mortgage loan isn’t that different from purchasing a standard home. In a short sale, the owner owes more on their mortgage loan than the house is worth. But what if you’re buying a short sale?

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Short sale Loans Sales FHA loan 138

Housing Wire

FEBRUARY 8, 2022

We service their loans. The company serves a $50 billion loan portfolio. Investment firms that purchase mortgage loans in default also face the same challenge. When the pandemic hit, and they put their loan into forbearance, it was quite easy. For example, with Federal Housing Administration ( FHA ) loans, 1.5

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Loans Pre-approval Mortgages Principal 370

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. Not only will this help you, but to sellers and agents as well.

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Pre-approval Mortgages Inspection Finance 69

Realtor.com

AUGUST 13, 2020

Step 1: Getting mortgage pre-approval. If problems crop up—with the home inspection, appraisal, mortgage, or other things—then the real estate buying process could take even longer. Step 1: Get pre-approved for a mortgage. Keep in mind that mortgage pre-approval is different than mortgage pre-qualification).

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Pre-approval Pre-qualification Due diligence Loans 143

HomeLight

MAY 27, 2021

And while you understand that a home inspection and appraisal are integral to selling your house, it’s easy to forget how these processes work. Costa is also the author of “ What Every Realtor Should Know About Home Inspections: A Guide to Avoiding Traps and Common Mistakes ”. What is a home inspection? What is an appraisal?

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Inspection Purchase and sale agreement Pre-approval Loans 105

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. Furthermore, lenders don’t just hand out loans to everyone who walks in their door. Step 3: Learn how a loan officer can help.

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

Windemere Buying

FEBRUARY 24, 2021

To set yourself up for a smooth and successful home purchase , getting pre-approved is perhaps the most productive first step you can take. The Pre-Approval Process There is an important distinction to made between two important steps of your mortgage application process: pre-qualification and pre-approval.

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Pre-approval Pre-qualification Banks Loans 52

Realtor.com

OCTOBER 29, 2020

These are the most common contingencies that are part of your new home closing process: Home inspection contingency: This gives buyers the right to have the home professionally inspected. It’s rarely advisable to waive an inspection contingency. Get final mortgage approval. Clear the title. Review your closing disclosure.

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Closing Earnest money deposit Inspection contingency Purchase and sale agreement 139

HomeLight

DECEMBER 7, 2021

Whether you’re buying, selling, or refinancing a home, you’re probably going to have to endure a home inspection. It can necessitate a lot of preparation and cause a certain amount of anxiety, but a home inspection is an important part of the process when you’re selling a home. But what’s inspected? Prepare for an inspection.

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Inspection Purchase and sale agreement Pre-approval Closing 105

Point2Homes

DECEMBER 7, 2020

Lenders will normally look at your debt-to-income ratio to determine whether you qualify for a loan. Getting Pre-Approved. It’s always advisable to get pre-approved for a mortgage in any home purchase so you can make sure that you can actually get the loan that you believe your income justifies.

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

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. Not Getting Pre-Approved. Get pre-approved for a mortgage. Choosing the First Bank That Approves You. What To Do Instead.

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Pre-approval Mortgages Closing costs Principal 124

RIS Media

OCTOBER 29, 2020

The amount you need will depend on the lender and the type of loan you choose. A lot hinges on your credit score as it determines the mortgage you will be offered and the interest rate you will have to pay for the loan. Conventional Loans. The Federal Housing Administration (FHA) backs the FHA loans program. Down Payment.

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Pre-approval FHA loan Inspection Closing costs 140

Realtor.com

NOVEMBER 23, 2020

Getting pre-approved for a mortgage and securing financing are an essential first step when buying a home. Getting pre-approved for a loan is obviously important, but is there anything else they can do to put themselves in a good position?” for a 30-year fixed-rate loan. 22, Freddie Mac listed rates at 2.8%

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Pre-approval Finance Inspection Loans 145

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. Combine inspections. Do some homework up front.

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HomeLight

JULY 30, 2024

A reverse mortgage is a loan typically available to homeowners aged 62 and older that allows them to convert part of the equity in their home into cash. The loan is repaid when the homeowner sells the house, moves out permanently, or passes away. In most cases, your loan officer can connect you with a qualified counselor.

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Mortgages Pre-approval Equity Loans 115

Housing Wire

APRIL 22, 2024

I’d be happy to email you a copy of their pre-approval letter. Perhaps they don’t receive strong enough offers or struggle to address issues that arise at home inspection. There are loan programs available that allow as little as 3.5% I would love to find them a home that is not yet on the market!

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Brokerage Investor Agents Pre-approval 467

Redfin

JULY 16, 2024

Navigating the mortgage loan process can be daunting, but breaking it down into manageable steps can help. 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. Different loan terms (e.g.,

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Loans Pre-approval Earnest money deposit Mortgages 69

HomeLight

AUGUST 31, 2021

If so, then the 203k loan may offer a way to finance your plans, but first, you’ll need to know both what this loan is and how to get a 203k loan. . In addition to 12 years of experience as a real estate agent, Forney has personal experience using a 203(k) loan to purchase and fix up his first home.

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Loans FHA loan Pre-approval Finance 104

RIS Media

MAY 19, 2021

The loan process is a whole different process that can seem like a foreign language. Loan origination fee, loan discount, appraisal fee, credit report, lender’s inspection fee, mortgage broker fee, tax service fee, flood certification fee, flood monitoring, etc. Non-Recurring Costs Associated With the Lender.

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Closing costs Closing Pre-approval VA loan 116

HomeLight

JANUARY 12, 2022

Next steps include the home inspection, appraisal, and final paperwork. But the time required to process and underwrite the loan will be in large part what dictates the length of your closing. According to the loan software firm ICE Mortgage Technology, it took 50 days on average to close on a purchase loan for a house, as of Q3 2021.

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Closing Purchase and sale agreement Pre-approval Inspection 116

RIS Media

SEPTEMBER 21, 2020

Approved for short sale : A term that indicates that a bank has approved a homeowner for a reduced listing price on a home, and said home is ready for resale. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. Mortgage interest rate : The price of borrowing money.

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Pre-approval Pre-qualification Title search Inspection 90

Redfin

MARCH 4, 2025

That means there’s no home inspection or appraisal. If the auction accepts financing, make sure you have a pre-approval ready. Government-owned properties Some mortgages are government-backed, like VA loans and FHA loans. Short sales A short sale is not the same as a foreclosure or a pre-foreclosure.

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Pre-approval FHA loan Short sale Banks 31

HomeLight

JULY 25, 2022

While they typically report to people on the other side of the transaction, the appraisal and inspection report generated by these professionals can impact your bottom line. In the December 2021 survey, 19% of buyers waived the inspection contract contingency, down from its height of 27% in July 2021. Request Estimate.

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Inspection Pre-approval Loans Finance 111

The Close

NOVEMBER 12, 2024

Inspect the land: Take a stroll on the property—bring your favorite boots. Step 5: Get a Pre-approval & Arrange Financing Many folks are curious about how to buy land without dropping a ton of cash. Conventional loans: Most conventional lenders offer long-term mortgages for land purchases. It helps to be in the know.

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Land Investor Finance Development 98

RIS Media

APRIL 18, 2022

Buyers are waiving a home inspection. Get pre-approved for a mortgage. Before making an offer on a property, it’s important to have pre-approval for a mortgage. Your agent can help you get pre-approved for a mortgage in the current market. The terms of the loan. This one is a biggie.

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Pre-approval Backup offer Due diligence Rent back 119

RIS Media

MAY 4, 2022

By combining their purpose-built platform of Online Self Study (OSS) with personalized feedback, professional education provider, The CE Shop, has announced it now offers a more engaging and modern approach to taking NMLS-approved courses. The CE Shop’s mortgage courses are available in every state plus the U.S.

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Pre-approval Loan Officer Inspection Industrial 98

Realty Biz

FEBRUARY 28, 2023

For instance, a person with a good credit score often gets a lower interest rate and better loan terms than an individual with poor or average credit. Failing to shop around for mortgages Mortgage loans vary from one lender to another. Each lender provides different loan products, terms and rates.

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Pre-approval Mortgages Closing costs Loans 95

Windemere Buying

APRIL 12, 2023

Mortgage lenders offer different home loans to match what buyers can afford and what homes they’re looking to purchase. After identifying which lender you’d like to work with, a helpful first step is to get pre-approved for a mortgage by submitting financial information for their review. Seller It takes two to tango.

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Pre-approval Inspection contingency Title Inspection 105

HomeLight

OCTOBER 5, 2020

When a home is listed as a short sale, the lender forgives the remaining balance of the loan. You’ll need to get preapproved for a mortgage loan. ” She adds, “You need a strong pre-qualification letter from a legitimate lender, and there’s no getting around that. Let’s take a more in-depth look at these requirements.

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Short sale Sales Pre-approval Pre-qualification 97

HomeLight

JANUARY 5, 2022

“They help clients save money by representing both sides and a pre-arranged discount.”. Not all states require you to hire a real estate attorney to buy or sell real estate, but it’s almost always advisable to get legal representation in a sale among parties with a pre-existing relationship. Don’t: Be lenient on the pre-approval step.

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Pre-approval Purchase and sale agreement Title search Title 111

First Team Real Estate

SEPTEMBER 14, 2020

Be sure to avoid these six rookie mistakes when buying real estate or the ghost of inspections passed and more could haunt you – even after your sale is finished! Skipping Pre-Approval. It would be a major mistake to skip the pre-approval for your mortgage loan. Disregarding Market Trends.

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Pre-approval Inspection Finance Staging 98

HomeLight

JULY 31, 2020

Out of the delayed contracts, the most common causes were financing issues (37%), followed by appraisal issues (18%) and inspection issues (16%). Loan approval. For most buyers, financing a home through a bank or lender with a mortgage loan is necessary to purchase the property. is not a simple or finite one. Dodge move.

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Closing Purchase and sale agreement Title search Earnest money deposit 119

RIS Media

APRIL 8, 2022

While financing may be pre-approved, the process is complex. Real Estate appraisals are usually completed when homes are bought via mortgage loans. Home inspection problems. Low appraisal. A qualified appraiser establishes the home value via many factors ranging from location to condition.

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

Marco Santarelli

AUGUST 2, 2024

Lower mortgage rates can make homeownership more accessible for many buyers by reducing monthly payments and enabling them to afford higher loan amounts. Better Time to Inspect Homes Autumn provides a practical opportunity to inspect homes thoroughly, as the weather conditions are generally milder. For instance, a 0.5%

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Pre-approval Fixed-rate mortgage Inspection Mortgages 98