12 Reasons Buyers Need Pre-Approvals

If you were ready to buy a house, would you rather be pre-qualified or pre-approved for a mortgage loan?  In everyday usage, the two phrases seem so similar, it's easy to guess wrong.  You want to be pre-approved.  Here's why. Pre-qualified means that a lender did a cursory review of your finances and stated a general range of what you can borrow.  In contrast, pre-approval requires a mortgage application and the lender verifies your assets, debts, income and credit history. This method yields a more accurate estimate of your borrowing power.   Second question: When should you get … [Read more...]

That’s a Bedroom?!?

Buyers often narrow their on-line search for homes by specifying the desired number of bedrooms.  So when is a bedroom not really a bedroom?  It's not unusual to see an MLS listing proclaiming that the featured house has "X" number of bedrooms but the less prominent text reveals that the existing number of bedrooms is actually "X-1".  People (and building codes) differ on whether it's proper to count a room as a bedroom if it : lacks a closet and/or an egress window; or was structurally converted to a dining room but could become a bedroom again; or lacks a heat source (yep, … [Read more...]

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