Real Estate Tips

Quick tidbits of advice and ideas about real estate.

Found 185 blog entries about Real Estate Tips.

When it comes to home financing, a diverse array of loan types awaits homeowners. Among them is the bridge loan, a distinctive option with its own set of advantages and drawbacks.

Let's discuss the nuances of bridge loans, find out how they work, their benefits and disadvantages, and some alternatives to bridge loans.

What is a Bridge Loan?

A bridge loan is a short-term solution, often used to bridge the financial gap between purchasing a new home and selling your current one. This type of loan comes into play when the need to buy arises before the sale of your old property is finalized. 

Navigating the Mechanics of Bridge Loans

Due to the higher risk involved, bridge loans come with more stringent requirements than other mortgage

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The happy path to securing a mortgage is, unfortunately, often accompanied by well-meaning advice that might not fit your situation. While the intentions behind such advice are good, it's essential to separate fact from fiction before making crucial decisions.

We're here to debunk some of the worst mortgage advice that often circulates.

Mortgage pre-approval is a waste of time

Why you might hear this: Early stages of home shopping might seem premature for a mortgage commitment.

Why it's poor advice: Although not an official guarantee, a pre-approval can save you from future headaches. Pre-approval not only prevents heartbreak over unaffordable homes but also provides an edge in competitive markets.

It's best to get a mortgage from

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The process of purchasing a home can be lengthy, allowing buyers like you to experience any number of motivations to terminate a real estate contract. Perhaps you have found a home you would prefer over this one, have encountered a failed financing effort, have discovered faults with the structure, or have received an unexpected job offer that, if accepted, would take you out of the area.

The challenge you will face now is that the moment you signed the purchase agreement for this home, you entered into a binding legal contract with the homeowner.

Conversely, if you’re the homeowner, you may wish to withdraw from an offer you have accepted on your property.

Either way, there’s no easy solution. No matter the root cause of your desire to

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Estate sales are a popular choice for homeowners and beneficiaries to liquidate assets and prepare a home for sale. Estate sales involve selling all or most of the items belonging to an estate at a price point that reflects their current market value. These items are sold directly from the home, which is opened to the public for a set period of time.

When should you consider holding an estate sale and what will that process involve? Read on to find out.

Why Hold an Estate Sale?

In some cases, estate sales are a legal requirement decided upon in probate court. This may occur when:

  •        The property owner passes away without having named an heir to their estate.
  •        The property owner’s heirs can’t come to an agreement on how to
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Did you know securing a home loan isn't a done deal until the final closing? It's true! Any financial changes between your application submission and the final signing can impact loan approval. To help you navigate this critical stage successfully, here's a friendly reminder of what to avoid after applying for your home loan.

Steer Clear of Depositing Large Sums of Cash 

The lenders assessing your loan application need to track the source of your money. Depositing large amounts of cash can be challenging to trace. To ensure transparency, talk with your mortgage professional to understand how to document such transactions.

Be Cautious with Big Purchases

It's not just home-related purchases that impact your loan eligibility. Any

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Let's explore five features that could potentially be a waste of money, helping you make smarter choices for your future home.

1.) Large Yard:

While a spacious yard can be appealing, it's essential to consider the associated costs and maintenance needs. A large yard often requires additional resources and time to maintain, such as mowing, landscaping, and irrigation. These expenses can add up over time, potentially straining your budget. Instead, think about how much outdoor space you genuinely need and consider finding a balance that suits your lifestyle without breaking the bank.

2.) Short Commute:

Having a short commute to work is undoubtedly desirable, but it's essential to evaluate the long-term benefits against the added costs.

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As a remote worker, you have the advantage of choosing where you live, opening up a world of possibilities both personally and financially. Whether you prefer the tranquility of rural areas or seek more affordable housing options outside expensive cities, getting a mortgage while working remotely may require some additional documentation, such as a remote work letter.

In this article, we'll explore the importance of a remote work letter in the mortgage application process and what it entails.

Do You Need a Remote Work Letter for Your Mortgage?

In most cases, yes, you will need a remote work letter when applying for a mortgage loan. The purpose of this letter is to provide verification of your employment and income during the underwriting

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Figuring out how much to spend on a house can be hard when you have a sea of houses to choose from. But no need to fret! As your local mortgage professional, Steadfast Mortgage can guide you through the quest for homeownership.

How to Use DTI to Calculate Home Affordability

First things first, let's talk about Debt-to-Income Ratio (DTI). DTI helps us mortgage professionals determine how much house you can afford. Think of it as a comparison between the money you earn and the money you spend. We're talking about your recurring expenses like housing costs, car payments, student loans, and credit card debt. After crunching the numbers, we'll get a DTI percentage.

Here's what that might look like. Let's say you earn $2,000 a month, and your

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When it comes to tipping the scales in your favor in homebuying, negotiating the asking price is often the first item on the list. But did you know that there are other things you can negotiate with the seller for your benefit?

What's even better is that these items can often be negotiated even in a seller's market!

And when you combine it with a competitive mortgage rate with us **wink wink**, you'll be well on your way to saving thousands and making your home-buying experience work an awesome and affordable one.

1.) Closing costs: Closing costs can include a variety of fees, such as appraisal fees, title insurance, and attorney fees. Buyers can negotiate with the seller to pay some or all of these costs or ask for a credit to offset the

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For most people, entering a mortgage agreement is the single largest financial responsibility of their lives. Finding the best loan is more complicated than simply accepting the first mortgage offered at your bank, though. Various lenders offer different arrays of loan types and terms, so we do recommend that everyone takes the time to shop around before signing a loan agreement.

The best way to determine which of the potential home loans is the most advantageous is by asking the best questions!

The answers to the following questions will yield a great deal of information for you to examine, which will ensure that you’re fully prepared to choose the single best mortgage for your situation.

Will you be performing a hard credit check on me

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