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 […]
Should I Get a Real Estate Agent First, or Pre-Approval?
This article answers the question: Should I get a real estate agent first or get pre-approved for a mortgage loan? You’ll find the key points from this article in bullet form below, followed by a more in-depth explanation. As a home buyer, you are not required to get pre-approved for a mortgage loan before getting […]
Can I Offer More Than My Pre-Approval Amount for a House?
This article answers the common home-buying question: Can I offer more than my pre-approval amount when buying a house? You’ll find the main ideas outlined in the bullet points below, followed by a more comprehensive explanation. This article in a nutshell: Home buyers often consider houses that cost more than their mortgage pre-approval amounts. You […]
When Do I Have to Pay the Down Payment on a House?
Home buyers tend to have a lot of questions about down payments. We know, because we receive quite a few emails on that subject. One of the most common questions has to do with the timing of the down payment. Buyers often ask: When do I actually have to pay the down payment when using […]
When Does Underwriting Take Place During the Loan Process?
When does mortgage underwriting take place, within the broader context of the mortgage lending process? This is a common question among first-time home buyers and mortgage applicants. The short answer is that it takes place somewhere in the middle of the process. It happens after the loan application has been completed, and before the final […]
Home Inspection Contingency Clauses for Buyers
This article is part of a series that explains the different kinds of contingencies that can be included within a real estate purchase agreement. Today, we will take an in-depth look at the home inspection contingency in particular. Home inspection clauses are a common element in purchase contracts. So it’s important to understand how they […]
How Mortgage Financing Contingencies Work (With Example Clauses)
The mortgage financing contingency is one of the most common contingencies included within real estate purchase agreements or contracts. Essentially, these clauses give home buyers a way to back out of the deal if they are unable to secure a mortgage loan to complete the purchase. Here’s an overview of how mortgage financing contingencies work, […]
Qualifying for a Home Loan as First-Time Buyer: 5 Common Requirements
First-time home buyers tend to have a lot of questions about the mortgage approval process. One of the most common questions we get from our readers is: What are the steps in qualifying for a home loan as a first-time buyer? And what are the minimum qualification requirements for getting a first mortgage loan? Here’s […]