Mortgage Mistake #5 – PreQualification vs PreApproval

pequalification vs preapproval

PreQualification vs Preapproval, what’s the difference? Over the past 30 years, almost every client who has come to me for a purchase loan has asked me what the difference is between a PreQualification and a PreApproval. The distinction is an important one. It can mean the difference between receiving a final loan approval and losing that [...]

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Why are mortgage calculators useless?

Lending websites almost always offer mortgage calculators, designed to tell you what size mortgage you qualify for. Heck – even my site has one. They are fun to play with but they are useless! Here’s why. Your Income First, what interest rate will you plug in? This will vary depending on several important factors: credit score [...]

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What’s the difference between a Home Inspection and a Home Appraisal?

My clients often ask me about the difference between a home inspection and an appraisal. It is often confusing to everyone. The Home Inspection Home inspections are examinations of a property to determine the condition of the structural and mechanical systems. This is done by a professional Home Inspector. There are many different types of [...]

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Do You Know the Real Cost of Renting vs. Buying?

Should you rent or buy? Some Highlights: Historically, the choice between renting or buying a home has been a close decision. Looking at the percentage of income needed to rent a median-priced home today (30%), vs. the percentage needed to buy a median-priced home (15%), the choice becomes obvious. Every market is different. Before you [...]

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First-time homebuyers. First Comes Love . . . Then Comes Mortgage?

Most first-time homebuyers are married. It is no surprise that having two incomes to contribute to monthly housing costs makes buying a home more attainable.  It also makes saving for a down payment a more attainable goal. According to the National Association of REALTORS most recent Profile of Home Buyers & Sellers, married couples once [...]

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Sales at Highest Pace in 10 Years!

Highlights: 5.45 million existing homes were sold in 2016! This is the highest mark set since 2006. Inventory of existing homes for sale dropped to a 3.6-month supply, the lowest level since NAR began tracking in 1999. The median price of homes sold in December was $232,200. This is the 58th consecutive month of year-over-year [...]

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Is This the Year to Move Up to Your Dream Home? If So, Do it Early

It appears that Americans are regaining faith in the U.S. economy. The following indexes have each shown a dramatic jump in consumer confidence in their latest surveys: The University of Michigan Consumer Sentiment Index National Federation of Independent Businesses’ Small Business Optimism Index CNBC All-America Economic Survey The Conference Board Consumer Confidence Survey It usually [...]

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How Long Do Families Stay in a Home?

The National Association of Realtors (NAR) keeps historic data on many aspects of homeownership. One of the data points that has changed dramatically is the median tenure of a family in a home. As the graph below shows, for over twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2008, that average [...]

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5 Reasons to Sell Before Spring!

No Matter What the Groundhog Says, Here are 5 Reasons to Sell Before Spring! Thursday February 2nd, 2017 For Sellers, Housing Market Updates Is spring closer than we think? Depending on which groundhog you listen to today, you may have less time than you think to get your home on the market before the busy [...]

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Buyers are Searching For Your House

The most recent Pending Homes Sales Index from the National Association of Realtors revealed a slight bump in contracts with an increase of 1.6% in December. This news comes as existing home sales are also forcasted to be on pace for 5.54 million in 2017, a 1.7% increase over 2016, which was the best year [...]

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