Posts Tagged mortgage approval
Top Home Mortgage Loan – Main Navigation
Posted by Top Home Loans in Off-Topic on November 28, 2008
Top Ten Most Popular Articles
- Top 10 Most Expensive Houses For Sale in Canada Right Now
- How to Buy a House without a Buyer’s Real Estate Agent, Part 1: Myths
- 10 Steps to Buying a House without a Buyer’s Real Estate Agent
- The Dow Jones Industrial Average Retrospective Part 1
- Monthly, Semi-Monthly, Bi-Weekly, or Weekly Payments; What is the Best Option for you?
- The Importance of the Mortgage Pre-Approval
- The Landlord’s Market, and What you Can do to Capitalize on this Emerging Market
- How to get a Mortgage if you are Self-Employed
- What Factors does a Bank look at when Approving a Mortgage?
- How to Hire a Discount Real Estate Agent to get the Most Value
The Home Buyer’s Toolkit
- The Benefits of Buying a Resale Home
- Are you Financially Ready to Own a Home?
- Renovate or Relocate?
- Mortgage Life Insurance
- Your House, Your Investment
- The Lowest Mortgage Rate is Not the Best
- The Professionals you Need with your Home Purchase
- The Truth of Power of Sale
- The Lawyer in the Mortgage Process
Save your Mortgage from the Bank. Simply Mortgages can Help!
Welcome back!
Being Approved is not always a Good Thing
Posted by Top Home Loans in Economy, Mortgage Advice on August 26, 2010
It is said that it is everyone’s dream to own their own home; a place to call their own. However, could home ownership become a nightmare instead of a dream?
Michelle was in love with the dream of owning her own house, so she started, at a young age, taking the steps to home ownership. The first step she took was to get a career and save some money for the down payment. When she was finally prepared to buy a house, she phoned the bank to get a mortgage pre-approval.
The mortgage specialist she spoke with was very nice and personable. The processed seemed to be very easy, and she was able to get all the answers to all the questions that she had. She was advised to make her offer conditional upon financing when she found a house. Michelle had got a pre-approval easily and was ready to go house shopping.
She found a Realtor and went house shopping for a number of weekends. She made an offer in on a home and her offer was accepted by the seller. She was so happy, that she rushed home and called her bank right away.
The mortgage specialist requested a risk of documents that she would need to proceed in order to proceed with the mortgage application. Michelle was able to collect all the documents with ease, and before she knew it, her mortgage was approved.
Everything was ready to go for Michelle.
Once Michelle moved into the property, she ran into many problems. The first problem was that the house needed thousands of dollars of repairs. Michelle didn’t have this kind of money, so she had to borrow it to repair her house. Michelle was finding the mortgage payments difficult to manage as well.
Michelle didn’t have furniture, so she had to buy things for her new house. The fees for this new property were starting to add up. She also found out that she had a tax bill worth several thousand that was outstanding. This needed to be paid right away.
Michelle was forced to charge all these expenses to her credit cards. Before Michelle knew it, she didn’t have enough food to eat. Michelle was living from pay to pay without a surplus.
Michelle, eventually ended up selling the house and going back to renting. Michelle lost over $50,000 on the transaction.
Think about your decision quite a bit before you make the decision. Don’t let others make the decision for you.
Did you lose money on your mortgage? How did you keep your head up? Leave your response in the comments below.
Save your Mortgage from the Bank. Simply Mortgages can Help!
Low Ball your Home Offer; Why People will Accept much less
Posted by Top Home Loans in Mortgage Advice, Mortgage News on June 18, 2010
Recently, the spigot of new home buyer’s coming into the market has deteriorated quite substantially. Months ago a house would sell in days; however, with the recent changes in mortgages, home buyer’s are few and far between. The market is quickly changing from a seller’s market to a buyer’s market. If you are in the market to purchase a new property, there are plenty of properties available for you to purchase within many different areas; however, is paying the asking price for a property wise?
There are plenty of houses that are competing for your purchasing dollar. If you have the available money, and a mortgage approval, then you may be able to get a house for much less than the current asking price. Bidding low is a great way to get a deal from an anxious seller. Many sellers need to sell because they are purchasing a new property, and many sellers must sell to avoid losing equity in their property, so low balling is an effective way to get a reduced price.
How do you low ball?
Your real estate agent should be a professional at this to get you the best deal. What your real estate should be doing is calling around to multiple real estate agents to find out what properties they can make a low ball offer on. Once they find several, they should give you an acceptable price and all the details about the property. Once reviewing the different available properties, it is then time to create an offer. The best time to submit an offer is early in the week when you are sure they do not have any other offers. Once received, they will review and issue a counter offer.
The counter offer is not final, and you still may be able to negotiate a lower price. It is best to confirm the price and the value of the property in comparison to your objectives. If it meets or exceeds your objectives, then you may have a deal. If it does not, then you may have to look at another property.
This process may take months to complete, so if you do have the time, then this can act as an effective method to build equity, and contribute towards your net worth.
The bigger the bargain that you are able to get on the property, the more equity that you will have available in your property. A 20% discount is usually reasonable for a low ball offer. Make sure that you are making reasonable offers, and not absurd offers.
Have you made a low ball offer? How much were you able to knock off the asking price?