 What does a Realtor really do? |
| My husband and I recently put an offer in on a house. The realtor that we used is really rubbing me the wrong way! The market here is VERY slow and he is overly desperate for the commission which I ... |
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 Is it a good time to buy a house? |
| I am in NJ. It looks like house prices have come down a little (nothing drastic). Meanwhile interest rates are not going down. Should I postpone buying a house? How can someone keep track of how ... |
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 Can my rent be raised if I am in a lease.? |
If the owner of the shopping center sells his property can the new owner raise my rent or make me leave to tear the building down?
Additional Details
The building hasnt been sold yet but ... |
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 I am moving out for the first time in 3 weeks time, im nervious as im frightened ill go into debt |
| i feel i can afford to move out but im worried i wont afford bills n stuff. my friend is moving in with me. any hints or tips to stop me worrying on how to manage my money and bills better??answers ... |
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 I am on a 3 year rental deal just and wish to buy, can any percentage of the rent be used as my deposit? |
| i wish to purchase the property which i have just started renting, can any percentage of the rent be put towards my deposit from my ... |
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 Why do lower income neighborhoods have crappy lookin lawns? |
the grass is dead in the summer. weeds grow up the sides of the house and over the sidewalk.
Not all houses, but most of them.
Don't they have pride in their property?... |
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 Mortgage help for a first time home buyer? |
| I am looking to get out of renting, and my lease is up in almost 3 months. (end of Dec). Question 1. When should I start looking for a mortgage, to be preapproved or prequalified? Question 2: what ... |
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 Where to adverise my services in Real Estate and Mortgage? |
Want to advertise and marketing my services as a Realtor and a Mortgage Broker in Florida. Anyone knows what is the best way and for free? I just started in the business.
Thank ... |
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 How can i rent an apartment without having a source of income? |
I am a college student, and I was thinking that renting an apartment would be cheaper, than staying in a dorm.
I've reviewed my finances and I have enough for 3 months rent up front.<... |
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 Undisclosed mold? |
| I live in Ohio. I bought an appartment building about a year ago, aparently the previous owner had a tennant evition. The tennant retailiated by plugging all of the drains and turning on the water ... |
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 Should I sell my house asap???? |
| The value of my house went from 360k to 280k in less than a year. I'm 70k short of losing all the equity. I'm afraid, by next year I will probably lose the down payment I put when I first ... |
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 How can I legally terminate a lease? |
I really don't have any problems at my current apartment, but I would like to move from off-campus housing onto on-campus housing at my university.
Serious answers only, and please ... |
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 Is the process of eviction still the same if there is only a verbal agreement? |
| I need to know if the eviction process is still the same if there is no written agreement instead only a verbal agreement and the tenant refuses to move out. If not what should be done about getting ... |
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 Can someone help me understand a interest only mortgage loan? I think im getting screwed over!? |
| so, we build our house last year, my husband is in construction and his dad is a contractor. I just recently found out his dad took out a second mortgage on his house to be able to build our house. T... |
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 Is buying a foreclosed property a bad idea? |
Assume that:
1. You can inspect the property
-or-
2. You cannot inspect the ... |
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kissy73179 | How nessesary is it to get a mortgage pre-approval if it is not your first home buying? |
Our house is for sale and we want to start looking for a new one. I know 1st time buyers should get a mortgage pre-approval before looking at houses, But if this isn't our 1st house, how necessary is it for us to get one? |
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Landlord
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You need it to make an offer, almost no one will even look at offers w/o it these days.
It takes maybe 30 minutes, not a big deal. |
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Suzy
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It's just as important. Getting pre-approved is a real time saver. It lets you know which homes you can afford and sellers know that you are serious when making an offer. |
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massomia
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It's essential. It's most likely the largest and most important purchase of your life. It's been several years since you have applied for a mortgage and lending has changed. Especially for those who are in business for themself or have stated incomes. It's a great opportunity to pre-screen your credit bureau report to make sure there are no surprises that have popped up over the last several years.
In terms of negotiation. You will have no negotiation power with out pre approval. I would say pre-qual means nothing. It doesn't assure you a loan on closing day. There is an entire underwriting process for full loan approval. I've went into several lenders and had a pre-qual typed up without them even asking me for income, assets, or pulling a credit report. Do yourself a favor. Take all your documents in to the lender and have them pull a credit bureau. In the end, you'll be happier and you will be able to negotiate a better deal with this kind of leverage. Good luck. |
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Jon S
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Yes. The approval letter is really not for you...it's actually to show your seller and assure them that you can buy the home or condo.
Since you are selling your home you should require your potential buyers to show you a letter of approval. In fact, in today's times I would encourage you to actually call the mortgage person. Did they really pull credit and verify income or did they just give a letter without verification.
Finally, since you're also buying a home you want to meet with a licensed professional and make sure you truly qualify for a home loan. There have been lots of changes recently and sometimes having a good credit score doesn't guarantee you a home loan (especially if you are self employed!)
For more info, please visit http://www.mylendingplace.com
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Han_dang
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always always always go for the pre approval, when you are pre approved they cant deny you no matter if you come back 6 mths later. and say im ready for the loan. prequalify only means youre ready "at this moment" or "while you are talking to the lender". pre qualify mean as with your current job, spending habits, and debt to income ratio you are able to afford the loan, but let say next week you get demoted and your your debt to rario gap narrows. you may not qualify this time. when youre pre approved the deals is bascally closed so no matter if youre demoted or not you'll still get it. |
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Veritas et Aequitas ()
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Unless you are paying with cash it's very necessary. Like mentioned above it saves a lot of time and could be the difference in you losing a home you really like to another buyer because they already took care of the money part. |
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Potato Head
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Seller's generally require you provide evidence that you can afford the home prior to or soon after entering into a contract. Evidence is a pre-approval letter for those using a mortgage and financial statements for those using cash.
If you tried to buy my home and you could not provide upfront evidence that you could afford it, I would ignore your bid and go with someone else. |
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9 daughters
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Pre-approval is always a good idea because anyone at any time could try to buy a home they can't afford and that just makes things embarrassing and disapointing. Knowing what you can afford just isn't a matter of your personal financial situation either. Lender's requriements change too.
For example, a few years ago lenders were approving loans to almost anybody. Now, people with more income, more down payment, and better credit scores than those getting loans two years ago are finding themselves unable to get loans for homes that cost less. |
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RM
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These days there's more people trying to buy houses who can't than truly qualified borrowers.
In order for the sellers of your future home to feel more secure negotiating with you, I'd get pre-approved. That may make them more lenient to go down more to get it sold since they know you won't have problems getting financing. |
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