Advance Approval May Help Win Real Estate Bidding Wars

In a competitive housing market, bidding wars are a sign that competition is fierce among potential buyers. While competition can be good news for sellers, for those looking to buy, it may cause dilemmas once it’s time to submit an offer. In fact, a recent survey by Redfin found that competition is a top concern for buyers, second only to affordability. Buyers know they must put their very best offer on the table, with aggressive timelines and as few contingencies as possible. So, how does a buyer who is financing their purchase improve their chances of getting an offer accepted?

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How Long Is A Pre-Approval Good For?

In the mortgage industry, we routinely encounter instances in our day-to-day interactions with clients that make us realize what is obvious to us may not be so obvious to those we serve. As loan advisors, a question we are frequently asked by those shopping for a home and going through the mortgage pre-approval process is, “How long is my pre-approval good for?”

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Pre-Qualified vs. Pre-Approved – What’s the Difference?

So you’re on the hunt for a new home. What should you do first? You’ve heard you should get pre-approved or pre-qualified, but which is it? Is there a difference? If you’ve ever been confused by the two, you’re not alone. Many people are under the assumption that the two options are the same, but, in fact, there are major differences between the two. Here’s the breakdown…

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Know Before You Owe – Tips For a Smooth Mortgage Process

Know Before You Owe – Tips For a Smooth Mortgage Process

Beginning on October 3, the CFPB’s new “Know Before You Owe” rule, also known as TRID, went into effect. The new regulations will result in some changes to the way real young coupleestate transactions are processed. The updates include new forms and timelines that are intended to make the process more transparent and easier to understand. Recently, the Mortgage Bankers Association released a set of guidelines to help educate everyone involved.

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5 Ways to Find Your Dream Neighborhood

Most house hunters have a clear vision of their dream home. A gourmet kitchen. A yard for the kids. Lots of natural light. But how often is equal consideration given to the finer details of the location? How do you evaluate a neighborhood to determine if your dream home is truly in your dream location? Here are 5 ways to figure out if a neighborhood matches your lifestyle and investment goals.

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How to Protect Your Mortgage Pre-Approval

It’s smart to begin your search for a new home with a pre-approval letter. The pre-approval is more in-depth then a pre-qualification letter, which does not include a credit analysis. In order to provide a pre-approval, your lender will pull your credit, analyze your income and asset documentation, and calculate your debt-to-income ratio, resulting in a reasonably accurate estimate of your spending limitations. This will give you a good idea of what you can afford and may give you an advantage over the competition.

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