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Before you start your new home search, knowing how much you can afford is an important first step to the process. The way to find out is to get prequalified for a mortgage. If you are in the market for a new home and need to get prequalified, you first need to know what is mortgage prequalification, how it works and is it worth it?
When a Realtor or lender talks about being prequalified, they are referring to mortgage prequalification. This is basically a lender’s estimate of how much you can borrow on a loan. Any professional in the industry will tell you that this must be the first step to purchasing a home. It will let the seller know you are a serious buyer and it will let you know how much you can afford.
This process might sound complex but it is quite simple. First shop around for a lender as this will allow you to explore different mortgage options and different lender incentives. Then you will need to fill out the prequalification forms. Most banks and creditors have these forms online for your convenience.
Before starting a form have the following information at hand, your name and address, contact details, a figure for your stable monthly income, basic data on your bank accounts, savings and other assets, your desired loan amount, how much you can afford to put down as a downpayment, and your information for a credit check.
As far as a credit check, this is considered a soft inquiry so it will not affect your credit score. Your credit history is one of the big parts the lender will look at for prequalification. In fact, many lenders may not even take a good look at your proof of income and assets. Once the lender has your credit history, they can determine if you can qualify for a loan and how much they are willing to let you borrow.
Many people can get prequalification confused with preapproval. They are two different processes and have different requirements and implications. Prequalification is just getting the lender to look at how much you can afford and if you would be qualified. This is a no-strings-attached deal and does not guarantee that you will be approved by the lender for the amount estimated in the prequalification process.
Preapproval is more in-depth and the lender will look more into your creditworthiness. The paperwork is more detailed and you will have to provide pay stubs, bank statements and tax records. It will take the lender around 10 days to get you preapproved. Once you are pre-approved the lender’s offer lasts for around 90-days.
Many potential homeowners question whether it is worth getting prequalified since you will have to be preapproved anyway. They ask the question is it worth it? Lenders and professionals in the industry say yes. It is a quick and easy way to see how much you can afford and if you have a chance at being qualified for a mortgage. Purchasing a home is one of the most stressful activities and having the peace of mind that comes with mortgage prequalification is worth it.
https://cypressparklifestyle.com/wp-content/uploads/Cypress-Park-Home-4.jpg6301500jgravescyprhttp://cypressparklifestyle.com/wp-content/uploads/Cypress-Park-Logo-Web.pngjgravescypr2022-02-05 13:44:132022-02-14 13:49:42What You Need To Know About Getting Prequalified for a Mortgage
The housing market is still going strong in 2022 and is predicted to keep going throughout this year. Last year saw a crazy housing market with unexpected shortages of homes for sale. The shortage along with historically low mortgage rates made it a seller’s market. Many who were thinking or actively looking to purchase a home in 2021 put the search on hold. According to professionals in the industry, now is the time to stop pouring money into a rental and put it into owning a home.
Rental rates are on the rise and it is predicted that 2022 will see them go up even more. The median price for a one-bedroom rental increased 12.1% in 2021. Normal increases that have been seen in the past are 0.3% in 2019 and 0.6% in 2020. Here are a few reasons why renting this year is not a good idea.
The last two years we have had eviction moratoriums due to the COVID-19 pandemic. This year those will be ending and landlords will want to make up the money they lost the last couple of years. Landlords will be able to once again evict tenants who are late on their rent. Landlords will raise the rent accordingly to make up for those losses from the pandemic.
Since the housing market is hot and buyers are competing for more than ever in bidding wars, landlords are using this to their advantage. They are playing off the soaring house prices and low inventory. This will also drive the rental prices up because of the high demand. Property management companies are over more and more rentals and are strict and not as easy to negotiate pricing.
If you are renting, there are many disadvantages that outweigh the cost of buying a home. The historically low mortgage rates will not be here forever. The industry is already seeing a little increase in the rates and they are expected to keep going up. When renting you are just throwing away your money instead of putting your money towards home through a mortgage. That means you will get your money back when you sell.
If you are interested in purchasing a home, now is the time. Remember to choose a Realtor who can help you navigate the unpredictable market. There are too many advantages to owning a home instead of throwing your money away in rent.
http://cypressparklifestyle.com/wp-content/uploads/Cypress-Park-Logo-Web.png00jgravescyprhttp://cypressparklifestyle.com/wp-content/uploads/Cypress-Park-Logo-Web.pngjgravescypr2022-02-02 14:05:422022-02-15 17:09:38Buying or Renting a Home Which is Best?
http://cypressparklifestyle.com/wp-content/uploads/Cypress-Park-Logo-Web.png00jgravescyprhttp://cypressparklifestyle.com/wp-content/uploads/Cypress-Park-Logo-Web.pngjgravescypr2022-01-29 19:12:332022-01-29 19:12:33Annual Krewe of Morpheus Parade, February 25, 2022
Annual Jazz & Heritage Fest, May 7, 2022
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/in Local EventsAnnual Jazz & Heritage Festival, April 30, 2022
/in Local EventsAnnual NOLA Jazz & Heritage Fest, April 29, 2022
/in Local EventsNew Orleans Crawfish Boil, March 10, 2022
/in Local EventsWhat You Need To Know About Getting Prequalified for a Mortgage
/in Cypress Park BlogBefore you start your new home search, knowing how much you can afford is an important first step to the process. The way to find out is to get prequalified for a mortgage. If you are in the market for a new home and need to get prequalified, you first need to know what is mortgage prequalification, how it works and is it worth it?
When a Realtor or lender talks about being prequalified, they are referring to mortgage prequalification. This is basically a lender’s estimate of how much you can borrow on a loan. Any professional in the industry will tell you that this must be the first step to purchasing a home. It will let the seller know you are a serious buyer and it will let you know how much you can afford.
This process might sound complex but it is quite simple. First shop around for a lender as this will allow you to explore different mortgage options and different lender incentives. Then you will need to fill out the prequalification forms. Most banks and creditors have these forms online for your convenience.
Before starting a form have the following information at hand, your name and address, contact details, a figure for your stable monthly income, basic data on your bank accounts, savings and other assets, your desired loan amount, how much you can afford to put down as a downpayment, and your information for a credit check.
As far as a credit check, this is considered a soft inquiry so it will not affect your credit score. Your credit history is one of the big parts the lender will look at for prequalification. In fact, many lenders may not even take a good look at your proof of income and assets. Once the lender has your credit history, they can determine if you can qualify for a loan and how much they are willing to let you borrow.
Many people can get prequalification confused with preapproval. They are two different processes and have different requirements and implications. Prequalification is just getting the lender to look at how much you can afford and if you would be qualified. This is a no-strings-attached deal and does not guarantee that you will be approved by the lender for the amount estimated in the prequalification process.
Preapproval is more in-depth and the lender will look more into your creditworthiness. The paperwork is more detailed and you will have to provide pay stubs, bank statements and tax records. It will take the lender around 10 days to get you preapproved. Once you are pre-approved the lender’s offer lasts for around 90-days.
Many potential homeowners question whether it is worth getting prequalified since you will have to be preapproved anyway. They ask the question is it worth it? Lenders and professionals in the industry say yes. It is a quick and easy way to see how much you can afford and if you have a chance at being qualified for a mortgage. Purchasing a home is one of the most stressful activities and having the peace of mind that comes with mortgage prequalification is worth it.
Click Here For the Source of the Information.
Buying or Renting a Home Which is Best?
/in UncategorizedRental rates are on the rise and it is predicted that 2022 will see them go up even more. The median price for a one-bedroom rental increased 12.1% in 2021. Normal increases that have been seen in the past are 0.3% in 2019 and 0.6% in 2020. Here are a few reasons why renting this year is not a good idea.
The last two years we have had eviction moratoriums due to the COVID-19 pandemic. This year those will be ending and landlords will want to make up the money they lost the last couple of years. Landlords will be able to once again evict tenants who are late on their rent. Landlords will raise the rent accordingly to make up for those losses from the pandemic.
Since the housing market is hot and buyers are competing for more than ever in bidding wars, landlords are using this to their advantage. They are playing off the soaring house prices and low inventory. This will also drive the rental prices up because of the high demand. Property management companies are over more and more rentals and are strict and not as easy to negotiate pricing.
If you are renting, there are many disadvantages that outweigh the cost of buying a home. The historically low mortgage rates will not be here forever. The industry is already seeing a little increase in the rates and they are expected to keep going up. When renting you are just throwing away your money instead of putting your money towards home through a mortgage. That means you will get your money back when you sell.
If you are interested in purchasing a home, now is the time. Remember to choose a Realtor who can help you navigate the unpredictable market. There are too many advantages to owning a home instead of throwing your money away in rent.
Click Here For the Source of the Information.
Annual Krewe of Morpheus Parade, February 25, 2022
/in Local Events