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5 Steps To Safeguard Yourself From A Real Estate Bubble
As any internet stock investor can tell you, it is no fun to be in a bubble when it bursts. While there is still considerable debate about whether or not the recent run up in home prices represents a true bubble, it is certainly prudent for those in...
How Long Will It Take To Sell Your Home?
How Long Will It Take To Sell Your Home?
I am often asked how long it will take to sell a home in today's market. Many parts of the country are generally enjoying a seller's market and have been for several years.
Apart from the obvious...
Much Ado About Mansionization?
Is there a perpetual shadow hovering over your house? Do you feel as though you live in a Batman movie? You may be the victim of a neighboring McMansion or a new development trend called mansionization, the housing industry's equivalent to bigger...
Part VI: Home Buyer Terms and Definitions
Recording Fee - A charge for recording the transfer of a property, paid to a city, county, or other appropriate branch of government.
Real Estate Settlement Procedures Act (RESPA) - A federal law requiring lenders to provide home buyers...
Real Estate Terms – From Easements To Good Title
When buying or selling a property, it always helps to have a basic understanding of real estate terms. In this on going series of articles, we take a look at definitions starting with “easements.”
1) Easement – permission given to (or acquired...
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Plan Your Budget Before Investing On A Property
Owing a property gives a person financial security but before buying any type of property be it home,land or some commercial property it’s very important to estimate your budget.Pre-qualification is a very essential step in going for a property deal. There are various ways of pre-qualifying but good idea is to get help of a lender before you even start to look for a home. Pre-qualification lets a buyer know exactly how much a lender is willing to loan him and helps the buyer to save a lot of time, money and even your efforts will be in right direction. Often the first time buyers get puzzled about the estimation of their mortgage payment that they will be able to handle each month. They even have to decide how much money they need for a down payment and closing costs. That’s why it is advisable to meet the lender before going any further. Pre-qualification does not obligate buyers to take a loan from the lender, nor should it involve any fees. Until the buyer actually go for the loan.
Another way of pre-qualification is to meet some good real estate professional and get his advice. This is not compulsory but can be considered as one of the good methods to be followed in pre-qualification. Real estate agents help the buyer more easily as they are the people who constantly monitor the market scenario. The market trends are clearer to them and even they have large contacts in financial institutions which can help the buyer. Usually pre-qualified buyers
have an edge while making a deal with the seller as he knows that there is some lender ready for making the deal to happen. It helps you to negotiate the deal on you terms and make it more flexible.
When the lenders pre-qualify they are more concerned about the paying capacity of the buyer. With that the lenders also check for the other debts the buyer has or what is the monthly expenditure of the prospective buyer. There are different methods of deciding for the loan by the lenders. Loan plan is done according to debt-to-income ratio. In case of higher debt-to-income ratio one factor that influences the lender to allow loan to the buyer is more downpayment.Usually the debt-to-income ratio is between .28 to 1 and .38 to 1. The general theory in lenders circle is that a person who has invested more in the purchase is less likely to be a defaulter .What buyers usually realize that the pre-qualification process will produce a home purchase price that is roughly 2 to 3 times their gross annual income. Since the lender's calculations will also consider a buyer's actual debts and ongoing expenses, the loan pre-qualification amount may be higher or lower.
About the Author: For any further information: http://www.propertyvertical.com
Source: www.isnare.com
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