Wednesday, October 10, 2018 / by Leon Zhivelev
Obtaining a mortgage requires several steps, including preapproval, appraisal and underwriting, before you’re ready for closing.
1. Prequalification: Prequalification will give you a quick estimate of how much you can borrow for your mortgage. You’ll share basic financial information, including your income, savings and outstanding debts. There’s usually no fee to get prequalified, and you can apply quickly by phone or online. However, getting prequalified doesn’t guarantee you’ll qualify for the mortgage.
2. Preapproval: Preapproval is much more thorough than prequalification. The lender will review your financial situation, similar to when you officially apply for a mortgage. You may be required to pay an application fee.
Expect to submit complete financial documents, including:
W-2s for the previous two years
Proof of bonuses
Your most recent federal tax return
Two to three months of bank and investment ...
Wednesday, October 3, 2018 / by Leon Zhivelev
Before you apply for a mortgage, you should make sure you’re in a good position to qualify for the best loan possible. It’s a good idea to check and improve your credit, compare lenders, getpreapproved and make a plan for your down payment.
1. Check and improve your credit report. Lenders will check your credit report, so you want to identify and fix problems with your credit report before you apply.
Order a free copy of your credit report at AnnualCreditReport.com. Your report will list your borrowing history, including any negative marks. You can pay extra to access your credit score with your report. Alternatively, some websites, banks and credit card issuers give customers free credit score access.
Check your report for errors and contact the credit bureau if you find any. You can take steps to improve your credit score, such as always making your monthly payments on time, paying down your balances and not applying for other loans and credit ...
Tuesday, September 25, 2018 / by Leon Zhivelev
Understanding Mortgage Interest
Interest Rate Factors
When lenders set your mortgage interest rate, they consider a wide range of factors, including your credit, loan term, home price and down payment, and whether it’s a fixed- or adjustable-rate mortgage. Knowing these factors can help you figure out how to qualify for a better rate.
The Consumer Financial Protection Bureau offers a calculator for average interest rates based on your credit score, state, house price, down payment and other factors.
Credit score. When you apply for a mortgage, the lender considers your credit score. Your credit score is based on your credit history and represents how safe you are as a borrower. FICO, the most commonly used credit score, ranges from 300 to 850. The higher your score, the better the chances you’ll qualify for a low interest rate.
You need a minimum credit score of 620 to qualify for a mortgage under Fannie Mae o ...
Tuesday, September 18, 2018 / by Leon Zhivelev
Are you making plans to move into a new home? Before you start moving those boxes in, you should give some thought to whether your new home is actually as clean as it can be. Air in homes can be dirtier than the air outside, but you can take the following steps to make sure the air in your new home is fresh and clean.
Start Fresh and Clean
Moving into a new home can be a great opportunity for a fresh start. However, before you move in, you should take a good look around your new home and decide what to clean. Whether you are moving in or moving out, you should be cleaning many of the same things. Start at the top and remove dust, webs, and dirt from ceiling fans and lighting fixtures. Wipe down all surfaces with a clean, damp cloth to remove dust before you thoroughly clean your floors. You also want to avoid bringing any dirt or allergens from your old home into the new one. If you’ve had your mattress for five or more years, there’s a good chance that it&rsqu ...
Wednesday, September 12, 2018 / by Leon Zhivelev
Tuesday, September 10th ,2018. Yesterday, the Julie's Realty team got together to go to the sales center at the ultra-luxurious new project, Estates at Acqualina.
An amazing project with top of the line finishes and unmatched luxury.
After the presentation, Julie's Realty agents were treated to a 5-star lunch (which was amazing).
Don't miss this project!
[ CHECK OUT THE FULL ALBUM FROM OUR VISIT TO ESTATES AT ACQUALINA ]