Some home buyers sail through the mortgage underwriting and closing process with no issues whatsoever. Other borrowers encounter a few snags along the way, which can delay the closing. The truth is, there are many issues or problems that can arise during the mortgage underwriting process. But there are also ways to avoid many of […]
Tips for Negotiating With the Seller After a Low Appraisal
In a previous article, we talked about the different scenarios that can occur when a home appraisal comes in lower than the purchase price. In this spinoff article, we will discuss how a home buyer might negotiate with the seller after a low appraisal. Purpose of a Home Appraisal: Determining Value Before we talk about […]
Risks of Waiving an Appraisal, Inspection or Mortgage Contingency
Five important takeaway from this article: Real estate contingencies allow home buyers to back out of a deal. Common contingencies include inspection, appraisal, and financing. As a home buyer, you can choose whether or not you want to use them. Some buyers waive the inspection, appraisal or financing contingency. Losing your deposit is the main […]
Can I Buy a House With a 5% Down Payment?
We’re all about answering reader questions here at HBI. And today, we’ll answer one that has to do with down payments for mortgage loans. A reader recently asked: Can I buy a house with a 5% down payment? The short answer is yes, there are many lenders that offer 95% LTV mortgage products. Conventional loans […]
Minimum Credit Score Required for a Conventional Home Loan in 2021
What is the minimum credit score needed to qualify for a conventional mortgage loan in 2021? That’s the question we’ll be addressing here today. We’ve examined current trends and standards within the mortgage industry to determine what kind of credit score might be required for a conventional home loan. The short answer: For most mortgage […]
How to Make Housing Hunting Less Stressful
Let’s face it. The house hunting process can be a stressful experience. This is especially true when it’s your first time buying a home. There’s a lot of money on the line, and a level of unfamiliarity that can create stress for the first-time home buyer. But there are also some things you can do […]
Seven Things That Happen After a Mortgage Pre-Approval
We’ve written about the mortgage loan approval process in the past. Today, we’ll be focusing on one specific part of that process to answer a reader’s question. A reader asked: What happens after mortgage pre-approval? Let’s start with a quick definition, just to put this into context. During the mortgage pre-approval process, your lender will […]
How Mortgage Application & Pre-Approval Affects Your Credit Score
How does the mortgage application and pre-approval process affect my credit score? Will my score go down when I apply for a home loan? These are common questions we receive from home buyers, and understandably so. Many people have heard that having too many credit “hits” or requests can lower your score, making it harder […]
Does the Home Inspection Happen Before or After the Offer?
Reader question: “We will be purchasing our first home in early 2020. My question has to do with the home inspection and offer process, and the timing of those two things. Does the home inspection usually happen before or after the offer is made to the seller?” The short answer: While the home buying process […]
Checklist of Closing Documents for Buyers: Here’s What You’ll Sign to Close
On this page, you’ll find a checklist of mortgage closing documents that home buyers typically have to sign on the day they close. Just note the the closing process itself can vary from one state to another, and for different mortgage programs. So you might have more (or fewer) documents to sign on closing day […]