06
Nov
By Jim Hasek
Mortagage Tips, ,

How Are Pre-Qualifying And Pre-Approval Different?

How Are Pre-Qualifying And Pre-Approval Different? Watch this video and it'll make sense. Pre-qualification is an informal way to see how much you maybe able to borrow. You can be 'pre-qualified' over the phone with no paperwork by telling a lender your income, your long-term debts and how large a down payment you can afford. Without any obligation, this helps you arrive at a ballpark figure of the amount you may have available to spend on a house. Pre-approval is a lender's actual commitment to lend to you. It involves assembling financial records and going through a preliminary approval process.…
Read More
22
Jul
By Jim Hasek
Mortagage Tips, ,

Assessing Your ‘Debt-to-Income Ratio’ and Why This Number Matters When Getting a Mortgage

If you are looking to buy a home, you may want to consider shopping for a loan first. Having your financing squared away ahead of time can make it easier to be taken seriously by buyers and help move along the closing process. For those who are looking to get a mortgage soon, keep in mind that the Debt-to-Income ratio of the borrower plays a huge role in the approval of your mortgage application. What is a Debt-to-Income Ratio? A debt-to-income ratio is the percentage of monthly debt payments compared to the amount of gross income that a person earns…
Read More
05
Aug
By Jim Hasek
Mortagage Tips, ,

The Summer Buying Season Is Here: 3 Tips to Help You Secure a Favorable Mortgage Rate

The best way to ensure you get a good rate on your mortgage is to become an informed buyer. The more you know about mortgages, the more you'll be able to save, and that doesn't just mean knowing where to find the best interest rate. While interest rates play an important role in determining the price of your mortgage, there's always more to a mortgage than just the interest rate. Here are three things you need to know about mortgages to make sure you secure a favorable rate. Understand The Fees Involved - And How To Avoid Them Aside from…
Read More
30
Jul
By Jim Hasek
Mortagage Tips, ,

S P Case-Shiller Home Price Index: May Home Prices Rise

May home prices rose in all 20 cities tracked by the S&P Case-Shiller 20 City Home Price Index. This was the second consecutive month in which all cities posted gains. On average, national home prices rose by 1.10 percent in May as compared to April's reading. Year-over-year, home prices rose, but at a slower rate of 9.39 percent in May as compared to 10.80 percent year-over-year for April. Nevada, Florida and California Cities Post Highest Gains  Cities posting the highest year-over-year price gains in May included Las Vegas, Nevada at 16.90 percent, San Francisco, California at 15.40 percent, Miami, Florida…
Read More
17
Jun
By Jim Hasek
Mortagage Tips, ,

What To Do When Your Real Estate Loan Is Declined

There are many reasons why a mortgage loan could be declined. It doesn't have to be the end of your real estate dreams. Here are a few things to consider if you've been turned down for a mortgage. Loan-To-Value Ratio The loan-to-value ratio (LTV) is the percentage of the appraised value of the property that you are trying to finance. For example, if you are trying to finance a home that costs $100,000, and want to borrow $75,000, your LTV is seventy-five percent. Lenders don't like a high LTV. The higher the ratio, the harder it is to qualify for…
Read More
03
Jun
By Jim Hasek
Mortagage Tips, ,

Small Business Owner? Here’s What You Need To Know About Mortgages

If you are an entrepreneur or a small business owner, you probably know that there are a lot of advantages to this lifestyle - the freedom, the exciting challenges, the opportunities and the ability to make a living doing what you love. However, you also know that being a small business owner can make some things more challenging - such as apply for a mortgage for your home. Many small business owners find it tough to get approved for a mortgage, because their income can be erratic and the banks want to see proof of consistent earnings over a significant…
Read More