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Before You Look At Houses Get Pre-Approved For A Loan

Posted by Kevin Forcey | Under Home Equity Loan Wednesday Jul 14, 2010

Buying a house is an exciting, stressful and costly time. It can also be very time intensive. There are things you can do before you even walk through the first house that will help reduce the level of stress and remove a lot of the wasted time that tends to be associated with house buying.

Getting a pre approval letter is the best way to know for sure how much you can borrow, it is also a way to know for certain which houses you should be looking at. Drooling over the pictures of mansions in the newspaper which are so far outside your reach that they may as well be on another planet is no fun for anyone. Let the bank tell you exactly how much you can borrow and don’t look at anything above that price range.

Being preapproved before looking at homes solves several potential problems. The first problem is that most homeowners and real estate agents will not even consider an offer from you without a preapproval letter. It makes sense when you think about it because anyone could come off the street and make an offer on a home. If the buyer is really not qualified, the seller has wasted valuable time on the market by taking their home off the market for an unqualified buyer.

Buying a house has always had an element of negotiation attached to it. The person selling the home wants to get as much money as they can and you want to pay as little as possible for it. Obviously in an ideal world you can find somewhere in the middle of the price they want to get and the one you want to pay, then everyone is happy. Sadly enough we dont live in an ideal world, so you have to get all the tools you possibly can so that you get the best deal possible.

A pre approval letter may not be like having the golden ticket to Wonka land but it won’t hurt to have one ready for when you are about to enter the offer stage and get asked. It shows you are a serious buyer and that is important if you are not the only person interested in the house.

If you are looking for a Winter Haven mortgage your initial action should be talking to a professional mortgage broker.http://www.floridamortgageblogger.com

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Canadian Real Estate, Buying And Selling Homes, And Building Equity

Posted by Karen Delion | Under Home Equity Loan Monday Mar 15, 2010

Investing in Canadian real estate, buying and selling homes, and making large profits go hand in hand in the current market. There are a variety of locations that are good for investing in real estate in this large country.

This examination will list and briefly discuss some of the best areas to consider real estate investments. It is my hope that this examination can serve as a guide for those hoping to cash in.

Montreal: The cultural center of Canada, this city is rich with tradition in music and the arts. Additionally, located in the province of Quebec, Montreal is home the NHL’s Canadians.

Vancouver: Home to the Canucks of the NHL, this city boasts beautiful and historic architecture. Also significant is the move towards urban density and away from sprawl that characterizes the city planning of this location.

Quebec City: This Capital of the Province of Quebec offers not only a beautiful skyline, but a distinctly European feel to its architecture as well. This can be attractive to many lovers of European culture. Also significant is the fact that the majority of the population speaks French.

Ottawa: This city, with a rare downtown building height limit, it the capital of Canada. Sitting on the confluence of three major rivers, Ottawa is home to many of Canada’s national museums.

Toronto: This most populous city in Canada has a very diverse architecture that can offer something for everyone. Additionally, there are many public spaces for residents. Culturally, this city is a major center for the performing arts, and is the only Canadian city to have teams in all of the five major sports.

As you can see there are many locations that are suitable for real estate investment in Canada. Buying in these current times is wise advice as home prices are sure to rise. Start your way on the path to financial security today.

Looking to find the best house or condo in Edmonton, then visit www.darlenestrang.ca to find the best advice on buying a condo in Edmonton for you.

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Keys to being totally ready to get approved an FHA home loan

Posted by Sr. Loan Officer and VA/FHA Home Loan Specialist | Under Home Equity Loan Saturday Mar 21, 2009

by Sr. Loan Officer and VA/FHA Home Loan Specialist

A big key today in getting approved for a home loan is having all the right documentation lined up. You will be required to have the right documentation regarding your employment, salary and funds for your down payment. If you are aware what documentation is needed and you gather it ahead of time, it will significantly improve the process of getting approved for a FHA home loan.

Getting prepared for the credit check. It is important to get yourself a recent credit report so you can see your current score and review all your accounts and credit history. Make sure you get a credit report that combines the date from all 3 credit bureaus. You can have a loan officer check your credit or can go to one of the credit bureaus web sites.

Once you have obtained a copy of your credit report, make sure you read through it thoroughly and check to see all the information is accurate. You will have 3 different scores from each credit bureau. The score you will be interested in is the middle score. FHA lenders will throw out the high score and low score and use your middle score to qualify you. Generally you want your midde score to be above 620, but it is still possible to qualify if you are below 620.

FHA required Job History: Generally, FHA loan underwriters are looking for a 24 month job history to qualify. But there can be many exceptions to this. Gaps in employment are allowed if you have a good explanation (attending school, laid off, sabbatical, etc…). There also has to be an explanation if chaging careers within the 24 month job history.

FHA required Income Documentation for W-2 wage earners. If you are a W-2 wage earner, next you will want to gather your last months paystubs and last 2 years of W-2′. If you recieve a bonus as part of your income, the lender will require a 24 month history of that bonus in order to count that as part of your income. The lender verify’s your bonus history by send a “verification of employment (VOE)” form to your employer who will fill out details on your pay. Additionally, if you are paid hourly and your hours fluctuate or recieve overtime pay, the underwriter will also require a VOE and they may take an average of your monthly income over a longer period.

Providing the correct documents for your down payment and cash reserves. FHA allows you to recieve a gift for all of the down payment. If you are getting a gift, the lender will give you a letter to completed by the party giving you the gift. The FHA lender will also require documentation on the source of the gift and transfer to your account. If you are using your own funds for the down payment, the FHA lender will want to see you last 2 months statements from yoru bank account.

If your last 2 months bank statements that you supply show any large deposits, the FHA lender will want you to explain where the deposits came from.

Getting a home loan today requires detailed credit, income and cash reserve/down payment documentation. It is in your favor to be very organized and prepared to deliver your loan officer the documentation discussed in this article. Make you have this documentation ready and get it quickly to your loan officer. And make sure nothing is missing, there can’t be one page missing and everything has to be clearly readable. This ensure a very successful loan closing and minimize frustration.

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