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Getting Pre-Approved for a Home Loan Is One of the Best Ways to Get a Leg Up on the Competition When Shopping for a HomeSyd Johnson The real estate market is soaring because of low interest rates that have brought home buying to average Americans. All over the country, more renters are buying and homeowners are upgrading their properties. In this hot seller’s market, a pre-approval letter from your mortgage lender can help you secure a winning bid on the home of your dreams. A pre-approval involves much more than filling out a questionnaire. It is essentially going through the entire mortgage application process and having the lender give you an exact figure of how much money they are willing to lend you and at what interest rate. Having the letter is like having the cash in the bank. This shifts your focus from financing to getting the best real estate agent and finding the best home that you can afford. Pay attention to the terms of the letter before you start shopping for your home: What terms did your mortgage lender extend A simple prequalification where they took down your information and made an informal guess of what type of loan you will receive is usually not very effective. This basic prequalification of course is subject to running a full credit check, full disclosure of your assets, and no drastic changes in your financial situation. Any lapsed payments on credit cards, student loans or a job change, can give your mortgage lender sufficient reasons to back out of the deal. Here’s how to get the maximum benefits out of the pre-approval process: 1. Start by using the resources on any major search engine. Look for “mortgage lenders,” “home loans,” or “pre-qualify for a mortgage”. 2. Fill out an application and make sure it goes through the underwriting process. If you’re not sure, call the lender using their customer service number and ask them what happens after all the information is submitted. 3. Find out if there are any fees involved for pulling your three bureau credit reports, and for the underwriting. Some lenders will charge the fees up front and others will wait until you are approved for the loan. 4. Fill out any extra paperwork such as proof of employments and statement of your resources. You have to prove that you enough cash on hand for a down payment, unless you are getting a no money down home loan. Also, you have to prove that the cash is yours and not a loan. If you want to a loan from your parents for example, try to get it six to eight months in advance and keep it in your savings account. Otherwise, it will count as a debt and could increase your debt to income ratio and have the opposite effect; showing that you don’t have any cash and disqualify you from a much bigger loan. 5. Get a pre-approval letter from the lender stating the exact amount of the loan that you will receive and the interest rate. 6. Pay attention to the expiration date on the letter. If you are in a market such as Southern California where competition is particularly fierce, make sure you have the most flexible expiration date that your lender will allow. Whether it’s 30 days or 60 days, get it stated in writing. If you lose out on your first or second choice for a home typical, you won’t be stressed to settle for anything just to get a house.
| ![]() | ![]() | ![]() | RELATED ARTICLES Building Your Online Portfolio So you want to start earning online and have invested some of your hard earned cash in a couple of online programs but have you really thought about what you are investing in. Networking Tips - Getting An 800 Number Another way to network is by using an 800 number and establishing a network of experts to refer your clients/customers to. An 800 number provides a way for your customers to reach you. You can answer information needs, resolve problems and obtain information from your customers. You will of course need to publicize your 800 number in your promotional materials, and advertisements. The best way to get the most out of your 800 number is to have a definitive plan on how you will employ it. Will you have prospects call to find out more about your products/services Will you provide information when they call and then follow-up with printed materials, or will you direct them to a source What is Vastu Shastra Vastu is the oldest and most complete system of architecture in the world. The reason for its recent interest in the U.S. is that Americans are demanding a better quality of life. There’s a greater awareness now that our physical environment does affect the quality of our life. The effect of our environment can make us feel peaceful or stressful. There is a great deal of stress and pressure on people these days. The pace of life is so fast. Modern architecture only addresses function, comfort and aesthetics. The aim of Vastu is to create a peaceful, healing environment that supports growth and protects from non-life supporting influences, pollution and geopathic stress. The Road to Better Results A lot has changed in the way sites are optimized for search engines since last year.For one thing, Google is not the only search engine worth looking into anymore; Yahoo has definitely managed to take away some of Google’s oomph over the past twelve months.Another important change is that the intelligence of the search engine spiders and algorithms has increased dramatically. So without further ado, I will present you with a standard search engine optimizing process. Anchors Away! If we want to fill our heads with the doom and gloom society seems to thrive on, all we need to do is turn on the local news at night. To make that quantum leap toward personal happiness and success in life, sometimes we just need to do what so many people seem to be talking about lately: “clean house” and take personal inventory of the people we associate with most. Are You Profiting From O.P.P. Are you profiting from O.P.P. If not, why not The Top 20 Web Mistakes Small Businesses Make My parents made a monster. Little did they know 30 years ago that they would get exactly what they wished for. Like W.W. Jacobs tale of "The Monkeys Paw", they got what they wanted, for better and maybe even for worse. It Takes Two - How to Cultivate Profitable Alliances “Cross promoting with other businesses can give you a significant advantage over the competition, with many benefits and cost savings.” -Heidi Richards- Online Classifieds with Angles What many may consider the most important part of advertising is writing an effective ad. The information that provided in a classified ad may be the deciding factor if it is successful or a, "bomb". Create a variety of advertisements that utilize various approaches. Be prepared to revise your content on occasion. This ensures that you are demonstrating different aspects of your offering. In addition, you can promote your offering from different angles, to see what will achieve the best results. How to Sell Your House by Lease Options Many people buy a house then have to move within a few years, due to divorce, relocation or financial difficulties. Without any equity though, it can be nearly impossible to find buyers and you still have realtor fees to contend with. There is a simple, easy way to have your payments taken care of for you and find a buyer, so that you can move onto your new life quickly and easily. Home loan applications made easy You have finally found the home of your dreams. You have searched all over and are ready to purchase it. Before you even make your offer you should seek out the financing first. In some cases, it is easier to have a pre-approval in hand before making any financial commitment through a contract. Why get your hopes up after you purchase the home when you can buy with assurance and wait by the settlement table. Before you can buy anything, you will need to get accepted by a reputable lender. There is much you will need to know, as this will be the largest purchase you will ever make. You will need to fill out a mortgage application first. Real Estate Bankruptcy Although real estate bankruptcy cases no longer dominate the bankruptcy courts dockets as they did in the early nineties, but they continue to be filed with great frequency in UK. At its essence, the real estate bankruptcy is a two party dispute between mortgagee and mortgagor. Real estate bankruptcy cases are typically filed after a foreclosure sale has been set. Upon learning of the bankruptcy filing, a secured creditor has a number of available options, all or some of which should be exercised, depending on the facts of the case, to maximize loan recovery. Juggling It All As we have mentioned in other articles, having a trigger to start your day is very important. 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Business owners, for the most part, seem to be "risk takers", who really dont easily "go with the flow". They are inventive and somewhat confident, as just having their own business does mandate that they possess these qualities. How Long Your Mortgage Runs Determines How Much You Pay The first thing most of us think about when the time comes to take out a mortgage on a new home is the interest rate. How To Make Easy Money on the Internet -- But This Time Its Actually TRUE! Introduction: Increase Your Page Rank Through SEO Search Engine Optimization SEO must be considered a process and over time you can build your ranking and traffic. Top Ten Suggestions for Selecting a Real Estate Agent In order to find a real estate broker or agent who meets your needs and makes your buying or selling experience a positive one, Century 21 Real Estate Corporation recommends you: ![]() |
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