Articles Tagged "Home Loan"

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January
31

Financing in 2022 - Homebuyers - Haring Realty

Our REALTORS® have been getting many questions about what to expect from the housing market in the coming year. No matter whether you're interested in Mansfield or Ashland homes for sale, there are plenty of opportunities.

The big question on everyone's mind is how financing will change in 2022.

Over the last year, many places in the country have seen home prices skyrocket. Homeowners have had the chance to attract abundant attention, with many homes receiving competitive bids from multiple buyers at once. As a result, quite a few homes have sold for well over asking price.

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September
20

Buy a Home - Improve Credit Score - Haring Realty

Before looking at Mansfield or Ashland homes for sale, many would-be buyers take time to improve their credit scores. As a general rule, the better your credit is, the easier it is to access home loans on favorable terms. That usually means better interest rates and saving thousands over a mortgage's life.

Our REALTORS® have helped many clients understand how to tackle this process. We have spoken to many people who have put off their plans to buy a home due to their low credit score, even when they have substantial current income.

Luckily, you can improve your credit score in 2021 no matter where you start from!

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June
7

Competitive Housing Market - Buy a Home - Haring Realty

Real estate markets across the country are red hot. It is not uncommon for sellers to receive numerous offers within days of listing their property. Time and time again, our REALTORS® have seen homes sell for well above their listing price. If you have your eye on the perfect property for your next home, we recommend taking the time to get prepared before you jump into the pool of buyers eager to get their hands on your dream home.

  • Preapproval
    Start by getting preapproved for a loan. This is more rigorous than a prequalification process and shows you precisely where you stand and how much the lender will loan for your purchase. There are multiple advantages to this when searching for Mansfield or Ashland homes for sale. It helps narrow down your search to only those properties within your price range. This speeds up the process considerably. It also shows you how high you can go if a bidding war breaks out. Equally important, when multiple offers are submitted, sellers are more likely to accept offers from preapproved buyers than those who are merely pre-qualified.

    In fact, be prepared to pay more than the listing price. This is especially true for well-maintained homes in desirable locations. It's not unheard of for homes to sell for 100-110% or more of the asking price. As you search, factor this into your calculations and search for homes that are 95% or less of your preapproval.

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February
10

Overcoming Homebuying Obstacles - Haring Realty

It's a competitive real estate market. For first-time homebuyers, the goal of homeownership can appear difficult to achieve. While it's true that there are obstacles in the path, it's not impossible to overcome them and beat the odds. Our REALTORS® know how to help first-time homebuyers position themselves in the market to purchase the home they desire. 

Overcoming the Obstacles to Homeownership

  • Strict Lending Requirements
    This is often the most daunting obstacle first-time homebuyers need to tackle. Overcoming it requires a multi-prong approach that starts with trimming the budget. Eliminating unnecessary spending, paying off credit card debt, and consolidating existing loan obligations at a lower interest rate are essential steps. It pays big dividends. It will help first-time homebuyers save money for the down payment, and it reduces the debt-to-income ratio. It also helps boost the credit score a few points, which allows buyers to qualify for a lower interest rate.

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December
9

Mortgage Loan Pre-Approval - Haring Realty

When it comes to applying for a mortgage, getting pre-approved for financing and starting the credit application process should begin as early as possible. The sooner you get a jump on the process, the fewer problems you'll have when it's time to close and sign on the dotted line.  

But is it possible to apply too early? Our REALTORS® know the answers, and we've put together some of our expertise to help you apply for your mortgage financing at an optimal time for your home purchase.  

How Long Does Pre-Approval Take?

Before you decide how early to apply for a mortgage, we should help you understand how long the pre-approval process takes. 

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November
25

Securing a VA Loan - Haring Realty

If you've spent even a tiny amount of time shopping around for a mortgage, then you know it's not exactly a picnic. Our REALTORS® understand that securing a home loan is easily the least fun part of the home buying process, but it's an unavoidable one. 

That said, many homebuyers have a loan option they may not have considered: VA Loans. For those who qualify, a VA loan is an amazing resource, arguably much better than a conventional mortgage. So if you're looking at Mansfield homes for sale, be sure to carefully consider all your loan options. 

What is a VA Loan?

VA Loans are backed by the U.S. Department of Veterans Affairs and are designed to provide a simple and affordable route to homeownership for military, veterans and their families. Since VA Loans were first offered under the Servicemen's Readjustment Act in 1944, they have helped countless current and former service members finance their homes. 

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January
7

Mansfield Home Buying Budget
Do you dream of buying one of our local Mansfield homes for sale, but think there's no viable way to afford it? Think again! 2019 can be your year to purchase a house! Gathering the right information, taking advantage of multiple resources and making friends with your budget are the critical ingredients for taking that life-changing step. With a bit of planning and effort before you begin searching, buying a home may not be easier than you ever imagined.

  1. Understand What You Can Afford
    Now is the time to create a home buying budget, and in doing so, you'll know what you can afford in relation to where you want to purchase. In addition to the actual mortgage payment, you'll need to plan for the down payment, closing costs, taxes and insurance, and the likelihood of higher energy and maintenance expenses. That being said, in many cities, monthly rental rates are at or above what you will pay for a mortgage payment. One of the best ways to determine your home buying budget is to talk to a lender and get pre-approved for a mortgage. Knowing what you can afford will allow you to build your budget around what you're expecting to spend on your home.

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May
14

What is PMI

What is Private Mortgage Insurance?

We all know that buying a house has its challenges, and the terminology alone is enough to make your head swim. One of the terms our REALTORS® often get asked about is PMI—Private Mortgage Insurance. What is it? How does it work? What does it cost? Do I really need it? Is it tax deductible? We're here to answer all your questions for you.

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March
6

Buy a Home with New Job

Even if you're new to a job, you can still fulfill your dream of owning a home. When you search for Mansfield homes for sale, you're destined to find the perfect residence in a neighborhood that fits your lifestyle. While your new job may present financing challenges, some mortgage companies will find ways to work around the obstacles.

Our REALTORS® believe that the path to homeownership is easier when you know what to expect. That's why we created a "First-Time Buyers Guide: Buying a Home With a New Job" with information to help you through your home-buying process.

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