The Pre-Qualification Process

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Pre-approval can be a very valuable step towards purchasing a home. Many home buyers get pre-qualified for a home loan early on, and then become pre-approved before beginning a serious home search. By completing your mortgage application prior to choosing a home, you can get a pre-approval letter stating how much home you can afford. Your pre-approval letter lets you know exactly how much you can spend, and it shows home sellers and real estate agents that you're serious about buying a home. This may give you leverage in the negotiation … [Read more...]

4 Tips for Buying a House in a Buyer’s Market

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Now is a great time to buy a house. Prices are falling, and so are mortgage rates.  Millions of houses are for sale, and sellers are getting anxious. That's one way of looking at it.  Alternatively, you could say: This is a bad time to buy a house. Prices might be lower in a few months. Same with mortgage rates. With more than 4 million houses on the market nationally, and more being added daily, sellers are bound to become desperate. Why not wait them out? In many places, it's a buyer's market in real estate, with sellers outnumbering … [Read more...]

First Time Home Buyers Tips – How Much Home You Can Afford

Pending Home Sales

First-time buyers are often unsure about the financial aspects of buying a home, and you may have many questions swirling in your head. How much can I afford? Do I need a large down payment? Your home price range will be determined by your income, credit history, the cash you have for a down payment and closing costs, and your debt. How much you earn compared to how much you owe will likely determine how much the bank allows you to borrow. The financial rule of thumb is: your total monthly debt service, which will include your monthly … [Read more...]

20 Reasons Why All Real Estate Titles Should Be Insured

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20 reasons to get title insurance: A fire destroys only the house and improvements. The ground is left. A defective title may take away not only the house but the land on which it stands. Title insurance protects you against such loss. A deed or a mortgage on the chain of title may be a forgery. A deed or a mortgage may have been signed by a person under age. A deed or a mortgage may have been made by an insane person or one otherwise not competent. A deed or a mortgage may have been made under a power of attorney after the death of … [Read more...]