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5 Reasons Your Mortgage Could be denied

buying
You saw the house, made and offer, got your inspection done and were on your way to getting the home you truly wanted. Then... Buying a house can be exciting, but being denied for your mortgage can be extremely stressful and to say the last disappointing. You can't control everything although there some things that you can do to avoid being denied. Takes these to be prepared and avoid the missteps that will make the deal fall apart. 1  Be sure that you have enough for the down payment Unless you are buying with VA or USDA loan you will need a down payment. There is just no way around it. There are programs like FHA that require as little as 3.5% down and some conventional financing with as little…
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5 Negotiating Tactics That Kill Sale

buying, investing
Negotiation is a subtle art in real estate, but skilled negotiators can usually find some common ground that satisfies all parties. On the other hand, using the wrong negotiation tactics can sink a deal pretty quickly. Here are some negotiation tactics buyers (and real estate professionals) should avoid:   1. Lowball offers: Going far below market value when you make an offer damages your credibility as a buyer and can be insulting to the seller. The seller has a range in mind that they’ll accept, and if you’re not even approaching the low end of that range, they won’t even consider the offer.   2. Incremental negotiations: Don’t continue to go back to the seller with small increases in your offer ($1,000 or less). The constant back-and-forth can grow tiresome…
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Short sale and foreclosure: How are they different?

buying, investing, selling
As unfortunate as it can be when homeowners fall behind on mortgage payments and must face the possibility of losing their homes, short sales and foreclosures provide them options for moving on financially. The terms are often used interchangeably, but they’re actually quite different, with varying timelines and financial impact on the homeowner. Here’s a brief overview. A short sale comes into play when a homeowner needs to sell their home but the home is worth less than the remaining balance that they owe. The lender can allow the homeowner to sell the home for less than the amount owed, freeing the homeowner from the financial predicament. On the buyer side, short sales typically take three to four months to complete and many of the closing and repair costs are…
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Which down payment strategy is right for you?

buying
You’ve most likely heard the rule: Save for a 20-percent down payment before you buy a home. The logic behind saving 20 percent is solid, as it shows that you have the financial discipline and stability to save for a long-term goal. It also helps you get favorable rates from lenders. But there can actually be financial benefits to putting down a small down payment—as low as three percent—rather than parting with so much cash up front, even if you have the money available. THE DOWNSIDE The downsides of a small down payment are pretty well known. You’ll have to pay Private Mortgage Insurance for years, and the lower your down payment, the more you’ll pay. You’ll also be offered a lesser loan amount than borrowers who have a 20-percent…
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Priority Tasks for Your Move In

buying
Moving into a new home is an exciting time, and you’re probably daydreaming about decor and paint schemes and new furniture. But before you get into the fun stuff, there are some basics you should cover first. Change the locks Even if you’re promised that new locks have been installed in your home, you can never be too careful. It’s worth the money to have the peace of mind that comes with knowing that no one else has the keys to your home. Changing the locks can be a DIY project, or you can call in a locksmith for a little extra money. Steam clean the carpets It’s good to get a fresh start with your floors before you start decorating. The previous owners may have had pets, young children,…
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