During the mortgage application process, pre-qualifying comes before pre-approval. Pre-qualification uses data the borrower supplies to obtain a ballpark estimate on how much they can borrow. It's quick, but it isn’t a sure thing. Pre-approval is more definitive. The lender does a thorough credit and financial background check and can pre-approve a mortgage up to a specific dollar amount. In some … [Read more...]

Mortgage pre-qualification is a good first step on the road to homeownership, but pre-approval goes further. Pre-qualification is based on an informal evaluation of the borrower's finances. Pre-approval comes after a more thorough examination and results in an offer to lend a certain amount of money. A pre-approval letter is given to the borrower. To get home loan pre-approval, review your credit … [Read more...]

When you are buying a home there is something that needs to be taken care of as soon as possible. And that one thing is the closing cost. The closing costs usually consist of lender's fees, and third party fees. Some of the things that affect the direct cost would be something like your down payment, and your mortgage lender rates. Even the type of home loan will affect it. You current credit … [Read more...]

Buying a house can be pretty expensive, so it is necessary to consider both upfront and other costs associated with purchasing a new home. You first should consider the down payment and the closing costs. Ongoing homeowner expenses also apply. These include mortgage pay,ents, property taxes, homeowners insurance, mortgage insurance, and extra money set aside for repairs and utility costs. It is … [Read more...]

When you are looking for a home, it's much more than just finding the home and getting the loan. When you are looking, you need to make sure that you have all of your bases covered. There are many home affordability calculators that you can check. When you are looking at the expenses of the home, you need to make sure that you are planning for the long term speed bumps that you may come across. … [Read more...]

When you are looking to purchase a home, there are some things that you should really consider before you make the purchase. First, you must make sure you are ready to put down a sizable down payment for the home. Look at various interest rates for your loan. There are very many to choose from. There is a cost to closing a home, so make sure you pay that off immediately. And ask if there is any … [Read more...]

The thought of coming up with a down payment on a new home can be overwhelming! While a down payment on a traditional loan is usually 20 percent, there are VA, FHA, and conventional loans that do have lower down payment options. The downside of these loans is they often come with additional expenses such as mortgage insurance or a funding fee. Loans and gifts from family members are another source … [Read more...]

If you are looking to make a slight increase and sell your home faster, you should be looking out side. A lot of people will forget what's in the back and front yard will greatly help sell your home. The front yard is one of the most important things to make sure looks good because it's the first thing they see. The use of kitchen amenities in the back yard outdoor living space has also been a … [Read more...]

With the increase of people working at home, there has been more of a demand of home offices. Due to this demand, it is now almost a requirement for new home buyers. Because of the demand that will increase the value of the home office. If you are looking to sell your home and you have an extra room, you should make it into a home office. It's very easy to do with an extra room, and it will help … [Read more...]

With smart home technology becoming more prevalent in homes, a side effect is that it is starting to become a requirement for a lot of home buyers. A lot of the real estate agents will have to make sure that they up to date on the technology that is used in smart homes. Another requirement that is up and coming is having a home office to work in. Now that a lot of people are working from home, … [Read more...]