Pre-Qualification vs Pre-Approval
It’s important to understand the difference between a mortgage pre-qualification and a mortgage pre-approval. Many homebuyers think of these as interchangeable terms that mean the same thing. But they’re actually quite different, and could ultimately play a role in whether the seller accepts your offer. You’ll want to obtain both pre-qualification and pre-approval before you begin […]
Introduction to Mortgage Types
If you’re a first-time homebuyer, the lending process can seem quite complicated. You may find yourself overwhelmed with new terminology, paperwork, state and federal regulations, and required documentation. A good place to begin your journey is with an understanding of the three basic kinds of mortgage loans.
Advice for Solo Homebuyers
According to an analysis of first-time homebuyers released by Zillow in 2015, “First-time homebuyers are older and less likely to be married than they were in the past.”
This shouldn’t come as a big surprise, since we’ve seen that Millennials—even those who are making this purchase with a partner—are opting to save for a home in lieu of…
A Second Chance at Low Mortgage Rates in 2016
When the Federal Reserve raised interest rates a month ago, many people expected mortgage rates to be affected as well, and homebuyers may have felt they’d missed out on the historical lows mortgage rates had fallen to by that point.
4 Things You Should Be Doing Now to Buy a New Home Next Spring
The holiday season will be over before you know it, and it will be time yet again for New Year’s resolutions and house hunting season. If you’ve thought that next year is the year you want to buy a new home, here are a few things you should be doing right now: 1. Save If […]
Your Mortgage Pre-Approval and Pre-Qualification Timeline
If you’ve decided the time is right to buy a house or condo, you might be tempted to start searching for your dream home right away. It’s fun to click through sites filled with MLS listings looking through countless photo galleries and virtual tours of beautifully staged dwellings. However, before you fall in love, you […]
New Bill Could Expand Availability to Those With FHA Mortgage Loans
President of the National Association of Realtors, Chris Polychron, testified on Capitol Hill last week to voice his support for the House of Representatives bill called the “Housing Opportunities Through Modernization Act of 2015.” This bill, if passed, will relax some of the Federal Housing Administration’s policies concerning condominiums. Specifically, the requirements for condominium developments […]
Don’t Worry So Much About the Down Payment
With rental vacancies at historic lows, and rental rates stronger than ever, many renters are considering becoming first-time homebuyers. However, some potential new homeowners may be held back by what they think they know, even if their preconceived ideas are incorrect. GoBankingRates.com posted 7 Common Myths About Home Buying this week, and the number one […]
Unique Challenges Faced By Millennials Buying Homes
Millennials are the “it” demographic these days. Everyone is talking about them, now that they’re entering their 30’s and they’ve overtaken the Baby Boomers in numbers. Though the term “millennial” was coined nearly a quarter century ago to define the generation born after Gen X, it wasn’t used much until pretty recently. Now, the word […]
