Why During This Time Of COVID19 It Is Critical To Have A Mortgage Pre-Approval. Why Now More Than Ever It Is Important To Have A Mortgage Pre-Approval Letter When Buying A Home With the impact of the COVID19 shutdowns still echoing throughout the economy many home buyers are wondering whether now is the right time to buy a home.
Many still desire a home of their own for building equity, laying down roots or simply being able to say they own a home. With most home purchases happening with a mortgage it is very important that home buyers understand the process of getting a mortgage and get their pre-approval before they start looking for a home.
Getting a pre-approval lined up ahead of time is critical due to the changes brought about as a result of the virus. This article explores some of the impact of those changes. What Does A Pre-Approval Letter Do? First and foremost, the process of sitting down with a lender for getting pre-approved should involve asking the lender what types of mortgage loans do they have and what will work best for you. Safety purposes. Should You Sell Your Home First Before You Buy?? When the time comes for a homeowner to consider buying a new home the thought comes to whether they should sell their current home first or buy the next home and then sell.
Whether they are buying to change locations, to upsize or downsize due to change in family size the decision to sell first or not is an important decision. Homeowners have various factors to consider including whether they can afford two mortgages at the same time, whether they can find another home in time once their current home is under contract with a buyer, or do they have some place to move to temporarily if their house sells and closes before they can buy a new one. This article looks at the various options homeowners have when looking at the decision to sell their home first before buying a new one.
Can A Buyer Walk Away From The Contract To Purchase A Home? After an offer has been accepted on a home a buyer has some options for walking away from the contract and even getting their earnest money back.
Usually those times to walk away and get the earnest money back apply during the contingency periods written into the contract. A buyer can walk away though at any time from the contract up until the actual signing of all documents at closing. Walking away from a purchase contract though could result in the buyers losing their earnest money and worse being sued if there were no contract contingency clauses upon which they based their decision to cancel the contract.
This article explores some of the different ways buyers can walk away from a contract to purchase a home and the consequences for doing so. Top Reasons For Closing Delays When Buying Or Selling A Home. Mortgage lenders require more documentation than a decade ago. Contracts tend to move faster to impress Sellers – but maybe too fast. Contractors are busy and repairs take longer. This blog by Realtor Bob Gordon takes a look at some of the more common reasons for closing delays. It’s Not An All Cash Offer Truth be told, nearly 70% of offers in our marketplace are not cash. Quite simply, everyone in the process can find themselves a little behind. Again, best advice to buyers: Get paperwork turned in quickly Sellers: we all want to get deadlines checked off quickly, but be sure to also give your buyer a reasonable amount of time to get their mortgage completed. What Happens When The Homeowner Refuse To Move Out Of The Home They Just Sold. When buying a home the homebuyer goes in with the expectation that the homeowner is ready to sell and move to a new home, sometimes thought that may not always be the case.
For whatever reason a homeowner may have second thoughts on leaving a home after the buyer has had all the inspections and appraisal done. What is a buyer to do in those situations? The answer depends on whether the seller is refusing to move before or after closing as to what actions a buyer can take and is explored further in this article. Seller Refuses To Move Before Closing. Tips For Choosing A Great Neighborhood. Finding the right neighborhood is just as important as finding the right house, as the right house in a neighborhood that does not work for you can lead to eventual dissatisfaction with the house.
Neighborhoods encompass many different aspects so it pays to do your research fully and understand what a particular neighborhood may or may not offer. Tips For Buying A Foreclosed Upon Home. Tips For Buying A Foreclosure Home Oftentimes buyers may hear that a particular home is a bank or government owned home which is also known as a foreclosed home.
A foreclosed home is a home that the prior homeowner has stopped paying the mortgage on and the lender takes the homeowner to court in order to take possession of the home in to try and recover money that is owed to them. Foreclosed homes must go through a full foreclosure hearing in a court in order to make sure the debt is valid and the homeowner has legitimately stopped paying back on the mortgage. What Every Buyer's Agent Want Their Home Buyers To Know. Mortgage Options For First Time Home Buyers. Fixed rate, ARM, DPA, bonds, FHA, Conventional, oh my!
For a first-time home buyer trying to navigate the buying process, the amount of jargon they are likely to encounter is staggering. What can be just as intimidating as the jargon is trying to decide which loan product works best for a home buyer’s unique buying situation. Fact is, every loan product exists because it is the perfect product…for someone. Stay with me as we learn about the home mortgage options for first time buyers. What First Time Home Buyers Should Know According To Real Estate Agents. Common New Homeowner Expenses To Be Aware Of. Many first time homebuyers in the excitement of getting their first home may not be aware of some common expenses they can expect with the purchase of a home and could neglect to budget for that.
Some of those expenses like closing costs are an absolute requirement that must be paid otherwise the homebuyer will not be able to close on their home and move into it. Other expenses may vary but do need to be considered by the homebuyer so that they have the money ready to do certain things when the time comes. Closing Costs. Tips For Saving Up For A Down Payment To Buy A Home. Many may dream of owning a home but feel like they could never come up with enough money to make the down payment and pay for closing costs.
Saving up for a down payment on a home can seem like a huge task especially with the day to day bills and living expenses getting in the way. As the saying goes where there is a will there is a way and if you want to buy a home there are plenty of low down payment options available. With the right plan you can save enough money for a down payment and start to enjoy the benefits of homeownership. 13 Do's and Dont's For Buying A Home. Home Buyer Final Walk Through Prior To Closing. 4 Reasons Home Buyers May Not Be Able To See That Home For Sale.
Should You Get A Home Inspection? What You Need to Know About Buying A Home At Auction. Smart Reasons To Buy A Home During The Fall. The fall season is usually full of major changes.
Many young people return to school, football season begins in full swing and the overall climate makes a change with cooler temperatures and vibrant colors. Over the last few years, the fall season has also become a popular time to sell a home. While spring still remains the most popular season for selling a home, there are plenty of reasons to try and buy a property in the Autumn of the year. Listed below, learn the 9 reasons to buy a home in the fall! Fewer Buyers In The Fall.
Buying A Foreclosure, Short Sale or Bank Owned Home. 9 Surprising Things That May Surprise Some Home Buyers. Buying A Home In Need Of Repair With A 203(K) Rehab Loan. Sometimes homebuyers may come across the fixer upper home and after repairs would appear have a good investment on their hands. Whether the homebuyer is handy or not at self-repairs they could get enough money to buy the home and make the repairs all with one mortgage loan.
The Federal Housing Administration (FHA) 203(k) mortgage loan allows homebuyers or homeowners to finance the cost of repairs into their total mortgage amount. There are two programs for homebuyers and homeowners, the limited 203(k) mortgage program which allows up to $35,000 worth of repairs and/or upgrades to be added to the total loan amount. Under the full 203(k) mortgage the cost of repairs/upgrades must at least total $5,000 and the upper limit is the total limit allowed for any FHA mortgage based on the area the home is located in. Should You Rent to Own a House? Today we are going to discuss whether rent to own is a good way to purchase a house or not. Other terms for rent to own could be lease to own or lease option. While not terribly popular in New England because of the strong housing market, rent to owns can still be found.
How To Spot Problems In A Home. It is true what they say: The home is where the heart is. We all want a warm, cozy home that meets all our needs and makes us feel safe and secure. Buying a home truly is one of the most important purchases you will ever make. Why a Poor Credit Score Should Not Keep You From Buying a House. 3 Tips For Buying A Home With Very Little Money In Hand. There are tons of people out there who'd love to purchase a home but don't have much money saved.
Important Questions Buyer's Need To Be Asking Their Agent. Improve your Credit Score Prior to Buying a Home. If you are planning on buying a new home, you’d be aware of the importance of having an appealing credit score for the mortgage lender to have your home loan approved. While some people have no problem passing through this phase due to their good credit scores, others with unimpressive scores may face a lot of problems.
7 Smarts Things To Do Before You Buy Your Home. Owning a home is a long term commitment that takes proper planning and preparation in order to make sure homeownership is successful over the long term. Great Benefits Of Owning A Home! What Homes Buyers Should Know About Buying A Home With A Septic System. Where To Find Homes For Sale In Your Neighborhood. With all the homes available for sale in different markets homebuyers may not be sure where to find the most up to date information on homes available in their market. Unfortunately there is no one website where homebuyers can find a list of all homes currently available for sale. Homes listed for sale that have Realtors helping sell the home can be found on local real estate websites (through the local Multiple Listing Service or MLS) as well as on some of the national websites like Realtor.com, Zillow, Trulia and more.
Additionally homes will also be found on national real estate brokerage websites like United Real Estate, Coldwell Banker, RE/MAX, and more. Tips For Buying A Home Without Seeing It In Person. Whether you are an investor looking to buy investment property in another state or a homebuyer who needs to buy a home in an area where you are moving to but won’t be able to see the home until you move in there are ways for it to be done. How Do I Appeal A Real Estate Appraisal? What You Need to Know About Buying a Home With a Well. Tips To Make Sure A Home Is Right For You. Purchasing a home is most likely the largest financial investment the majority of us will make in our lifetime, so it is essential to use a critical eye when house hunting, but not just to ensure your financial well-being.
Locking down a home you ultimately hate is bad for your wallet, and it can be even worse for your stress levels and emotional well-being. While house hunting how do you know the property you see will be the right home for you? In competitive markets where sellers have the upper hand, it might seem like buyers cannot be choosers. How To Buy A Home Without A Mortgage. Protect Your Personal Information on the Internet When Buying A Home. How to Conduct a Smart Home Search. Advice for Buyers When the Real Estate Market is Smoking! Costs of Homeownership: The Real Costs Of Owning A Home. Clean up Your Credit Score to Buying Your New Home. What Does A Buyers Agent Do For Home Buyers?
Great Tips For Buying A Luxury Home. Tips For Cleaning up Your Credit Score Prior To Buying A New House. Millennials: Should You Rent or Buy. 3 Smart Tips For Improving Your Credit Score Prior To Buying A Home. Tips For Buying A Home With Pets. Smart Tips On What to Inspect When Buying a Home. Buying a Home Without a Real Estate Agent And The Risks Involved. 10 Essential Tips to Get You Started With Buying A Condo. The Importance Of A Mortgage Pre-Approval. No Down Payment Mistakes When Buying A Home. Should I Get Title Insurance When I Buy My Home? Smart Tips for Choosing a Neighborhood To Buy Your Home In. Saving Up A Down Payment. Should I Rent Or Buy A Home?
5 Smart Home Buying Tips! True Cost Of Buying A Condo. Buying A Condominium. Home Buying Pitfalls To Avoid. First Time Home Buying Tips For Millennials. Home Inspection Repair Requests You May Want To Avoid. Why Was Your Mortgage Denied Even After Being Preapproved. Rights and Obligations For Condominium Owners. Home Buyer's Mindsets Explored. Avoiding Home Buyer's Remorse. 6 Ways Home Buyers Fail When Trying To Buy A Home.