You scheduled the movers, arranged time off work, started packing, and expected to receive the keys on Friday. Then you learn that closing needs to be delayed. Even a short change in the closing date can affect more than moving day, which is why buyers should understand what may need attention when the timeline changes. The Mortgage Timeline May Need AttentionA mortgage transaction contains several items tied to specific time periods.Depending on the circumstances, a closing delay could affect … [Read more...]
Why the Money in Your Bank Account May Need a Paper Trail Before Closing
Having enough money in the bank is an important part of buying a home, but during the mortgage process, the amount in your account may not be the only consideration. In certain situations, lenders may also need to understand where funds came from. That can surprise buyers who assume that once money reaches their account, its history no longer matters. Mortgage Funds May Need to Be DocumentedDuring the mortgage process, buyers may provide bank or asset statements showing money available for the … [Read more...]
Why Changing Jobs for More Money Can Still Complicate a Home Purchase
Getting a new job with a higher salary sounds like good financial news, especially when you are preparing to buy a home. But if the change happens while you are applying for a mortgage, the timing can create additional questions. Mortgage qualification is not based solely on how much you earn. Lenders also evaluate the stability, history, and documentation of the income being used to qualify.Higher Income Does Not Automatically Mean Easier ApprovalA substantial raise can strengthen a buyer's … [Read more...]
How a Seller Credit Can Change the Cash You Need Without Changing the Home’s Price
When buyers negotiate the purchase of a home, price often gets most of the attention. But the final sales price is not the only number that can affect how much money a buyer needs at closing. In some transactions, a seller credit can help with certain eligible closing expenses without requiring the seller to reduce the home's purchase price. What Is a Seller Credit?A seller credit, sometimes called a seller concession, is an amount the seller agrees to contribute toward certain buyer costs … [Read more...]
- 1
- 2
- 3
- …
- 673
- Next Page »
