Most Wanted Real Estate
Are you thinking about buying a new house, condo or apartment? Whether you are upgrading, downsizing or investing, if you intend on borrowing the funds you'll need to be pre-approved for a mortgage. In today's blog post we'll explore mortgage pre-approval and why this should be one of your first steps in buying a new home.
Do you have a baby on the way? If so, you are likely already wondering how you are supposed to make your home safe from harm. The good news is that with a little work, you'll be able to make your house or apartment that much safer. Let's take a look at how you can child-proof your home in under a few hours.
Are you thinking about buying a new house or apartment? If you are going to take out mortgage financing, one consideration you will have is your down payment, which is the amount you pay up front in cash to cover some of the purchase cost. Let's consider a few points that will help you to decide how much is the right amount for your down payment.
Are you thinking about selling your home? If so, you may be weighing the pros and cons of working with a professional real estate agent. Let's take a quick look at three great reasons why you won't want to handle the sale yourself.
Whether you're just out of college, recently married or simply haven't jumped into the market yet, buying your first home is an exciting prospect. It can also be an expensive one, which is why most people will take out a mortgage to help finance the cost.
Are you in the market for a new home? If you are going to rely on mortgage financing to cover some of the purchase cost, you will need to start the application process as soon as possible. However, what if you just need to know how much you will be able to borrow so you can start finding homes in your price range?
Let's take a quick look at the difference between being 'prequalified' and 'preapproved' for mortgage financing.
The Process Starts With Prequalification
The first step in obtaining mortgage financing is to speak with a mortgage professional to get prequalified. After sharing some quick information about your financial assets, income and any debts, your advisor will share a range of financing options and amounts that you may qualify for. Prequalification is typically done free of charge and either in person or over the phone.
Note that your mortgage lender will not be doing any digging in the prequalification stage. There's no credit check and no hard look at your assets. Don't get too excited if you are prequalified for a large mortgage as you will still need to be approved.
Once You Are Preapproved, You Are All Set
Preapproval, on the other hand, is a firm commitment to access to a certain level of mortgage financing. Your mortgage lender will require a variety of information to get an idea of your financial situation, your current and future employment, your level of risk and more. Once they have a good idea of how much mortgage you can afford, you will be provided with a conditional commitment letter. This letter outlines how much the lender is willing to offer to you as well as other vital information like your mortgage loan interest rate.
Speed Up The Process By Preparing Beforehand
Finally, it is worth a mention that you can speed up the mortgage process by having all your application paperwork ready before the initial meeting. Gather up your most recent income tax returns, pay stubs and bank statements. If you have investments or other financial assets, document those. You will also want to be up front about any outstanding debts that you are paying off. The more prepared you are, the faster the application and preapproval process will go.
Have you found the home of your dreams? Our team of mortgage professionals is ready to help you finance it. Contact us today and we will be happy to assist you with getting both prequalified and approved for a mortgage.
Are you tired of scouring the internet, trying to find the secret recipe for whatever will take stains out of your carpet? And the irritating annual steam cleaning ritual where your whole home is soaking wet for a couple of days? Ugh. If your old carpet has you down, it might be time for a change. In today's blog post we'll share five great reasons why you'll want to make the switch from carpet to hardwood floors.
As with any loan or line of credit, there are benefits to getting your mortgage paid down. You'll pay less in interest, potentially saving thousands over the repayment period. Moreover, you'll own your home outright that much quicker.
Whether you're tired of renting, need more space or want to make an upgrade, buying your first home is the solution. However, if you have never participated in the market before it can be a bit daunting at first. Let's explore a few useful tips that are helpful for first-time homebuyers who are new to the process of buying real estate.
Are you in the market for a new house or apartment? If you are financing the purchase by taking out a mortgage, you'll want to know how to make this transaction run as smooth as possible. In today's article, we'll share a quick four-step guide to speeding up the mortgage closing process.