Home Buying: 5 Things to Consider First

Home Buying: 5 Things to Consider First

Whether you’re a first time home buyer or a move-up buyer, before buying a house, it’s important to check out all aspects of the new home to prevent costly mistakes in the future. The following list represents issues that have the potential of turning your home ownership dream into a night-mare:

1. Siding – Houses built in the 1980’s & ’90’s are more susceptible to cheap siding which can trap moisture if not properly maintained. ...

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The Benefits of Getting a Pre-Approval

The Benefits of Getting a Pre-Approval

Faster closing times, stronger purchasing power, and  greater loan flexibility are just a few of the ways getting pre-approved puts you at an advantage prior to ever even looking at a home. Often times when home buyers decide they’re ready to buy, the first person they contact is a Realtor. However, not only does speaking with a Lender prior to looking at houses give you and your Realtor a better idea of what you can actually afford, you also put yourself ahead of ...

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6 Steps to Obtaining a Pre-Approval

6 Steps to Obtaining a Pre-Approval

Being proactive in the home buying process can be the difference between your offer on a home being accepted or declined. By contacting a loan officer prior to looking for a home, you’ve not only educated yourself on what you can afford, but you’ve positioned yourself to make a stronger offer on a house. We’ve mentioned before the various types of approvals. And we’ve discussed how becoming a

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Still renting? Struggling with the decision to purchase your first home?

Still renting? Struggling with the decision to purchase your first home?

There are so many questions that come up when considering the purchase of a home. See if this sounds familiar; “I’m not sure we could qualify”… “We don’t have any money for a down payment” … “My credit isn’t very good”…or maybe it’s as simple as just not knowing if purchasing is the best decision.

These are all very legitimate questions that need to be addressed. Most young people want to buy a house at some point, they just ...

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“Getting Pre-Approved Just Isn’t Enough” – Here are 3 Different Types of PreApprovals

“Getting Pre-Approved Just Isn’t Enough” – Here are 3 Different Types of PreApprovals

These days Atlanta homes are selling quickly and buyer competition can be tough. That’s why at The Family Mortgage Team in Atlanta, we stress to our clients the importance of getting pre-qualified before ever going to even look at a home! And with homes today having multiple offers, most of the time a simple pre-qualification isn’t enough to seal the deal. Below we explain the 3 types of pre-approvals; Pre-Qualification, Certified Homebuyer, and Pre-Approval. One of which ...

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Common Loan Qualification Mistakes

Common Loan Qualification Mistakes

Once your loan package has been sent to the lender, there are a number of things you should avoid doing that will change your financial picture. Remember, the lender is looking for stability and consistency. If you want the best interest rate, keep that in mind. Here are a few things to consider:

Large Deposits

The lender is looking to see what your source of down payment is.
Your lender will most likely ask you to ...

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Income and Assets | What You Need to Know

Can I Use All of My Income?

There are very specific guidelines that must be followed in determining what income is allowable in qualifying for a home loan. For example there are a few situations that prevent you from utilizing your income.

The first is if you have been self-employed for less than two years. Generally speaking you must be able to document that your business has been established for at least two years and have ...

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Qualifying for a Home Refinance Loan

For normal conventional loans (loan sizes from $50,000 – $1,000,000) for borrowers with average to above average credit that can document their income, qualification is generally an automated process. We take a standard loan application over the phone or via the internet, pull your credit and the file is then uploaded to one of two agencies; Fannie Mae or Freddie Mac (Fannie and Freddie as they are known in the industry).

Fannie and Freddie set the guidelines for what constitutes a ...

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