Both pre-qualification and pre-approval help you see what your mortgage could look like and estimate how much house you can afford, but they have some important differences.
Both pre-qualification and pre-approval help you see what your mortgage could look like and estimate how much house you can afford, but they have some important differences.
The hyde report features up to the minute real estate news & trends along with articles designed to help improve your real estate IQ
Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. According to the latest survey data, Lawrence Yun, the National Association of Realtors’ Chief Economist estimates that the gap has widened, to 45 times greater ($225,000 vs. $5,000)! Put Your Housing Cost to Work for You As we’ve said before,...
Many home loan companies advertise extremely low rates but what you may be missing is that many times in the fine print they are quoting a rate that includes a buy down. So what is a mortgage rate buy down? A mortgage rate buy down is when a borrower pays an additional charge in exchange for a lower interest rate on their mortgage. Just like lenders can help cover the borrower's closing costs by charging...
When rates are low, it can seem like the ideal time to refinance your mortgage. After all, who doesn’t like a lower interest rate? There are lots of good reasons to refinance your mortgage, such as adding on or trying to streamline your expenses, but what’s really involved in the process? Mortgage Refinancing: The Basics Perhaps the best news any homeowner can get when it comes to a refi is...
Don't make a major purchase. This will change your credit score and possibly disqualify you from a mortgage. Don't change jobs unless it's absolutely necessary. A consistent work history is crucial to lenders. Don't give earnest money directly to a For Sale By Owner seller. Don't forget to switch utilities. Call the utility companies as soon as you have a contract. Don't forget to get Hazard...
For many people the idea of buying a home can be a daunting task. You may have many questions like. Where do I start? Do i have enough for a down payment? Can I afford the monthly payment? Many potential home buyers underestimate their ability to buy a home now. If you truly have the desire to buy you may be pleasantly surprised to learn that you do qualify. So, what is your path to home ownership? For...
People that know me know I am an advocate for home ownership. I have chosen this profession not only to help people solve their housing issues but to also help them build wealth and secure their futures for their family. I understand that for some, renting may be the best option for now, however I do believe that home ownership should be your goal. Setting yourself up ahead of time and having a checklist...
There may be a lot of reason a family decides to buy a home. I think the 2 main reasons that people prefer owning their own home instead of renting are: 1.They want the opportunity to build equity. 2.They want a stable and safe environment. Lets take a closer look at these two reasons. Building Equity I think most people agree that buying and owning a home is the essence of ‘The American Dream.’...