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15 Homebuying Terms You Should Know When Searching for Your New Home

RIS Media

Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. During this time, the home is inspected and appraised, and the title searched for liens, etc. Pre-approval : A thorough assessment of a borrower’s income, assets and other data to determine a loan amount they would qualify for. .

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How to Get Preapproved For A Mortgage: Loan Approval Explained

Realty Biz

As such, this qualification process will only give you a rough idea of the size of mortgage you can get. The lender will also need to check that the title is correct. This means that they will work with the title company to ensure the seller owns it and there aren’t any liens against it. The Mortgage Pre-approval Process.

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What Is a Deed of Trust? This Document Holds the Key to Your New House

HomeLight

If the borrower stops making mortgage payments, the lender has legal recourse available to reclaim the title to the property and recoup its losses through the court system. With a deed of trust, meanwhile, a third party (or trustee) holds the legal title to the property until the borrower has satisfied their loan payments.

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What Is a Verified Approval Letter—and How It Helps in a Competitive Market

Realtor.com

From our very first meeting with our Realtor®, she made it clear that just being pre-approved may not be enough. One level above a pre-approval letter, a VAL signaled we meant business and put us on a more level playing field with prospective buyers who could make cash offers.

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Buy Your First Home in Massachusetts: 15 Questions Answered

Realty Biz

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? How Do I Start the Home Buying Process?

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Getting the Listing: How to Stand Out From the Crowd and Beat the Competition

HomeLight

This week on The Walkthrough , Barrett Spray introduces you to his team’s “pre-listing box” and their tag-team approach to meeting new sellers. Lots of agents have a pre-listing package, and it’s a file or a folder of some sort that says, you know, this is who we are and this is what we do. Very little.

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7 Things Sellers Need to Know About FHA Loans When Fielding Offers

HomeLight

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. FHA loans help make homeownership more accessible.

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