Cash to Close

How much money will I need to buy the house or bring to closing? That’s a great question and one that I hear often prior to even getting pre-approved for a home loan. Each situation is different and the amount will be determined by a variety of factors. The amount can be as little as $0, and then it goes up from there. Here are some guidelines~ Down PaymentA down payment can be used in any loan program. However, there…

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Pre-Qualified vs Pre-Approved

What is the difference between being pre-qualified versus being pre-approved for a home loan? Pre-qualified is no more than a loan officer asking some questions regarding your income, debt, what you think your credit score might be, and what information might be on your credit report. And if it looks good enough based on what you tell the loan officer, then they certainly can give you a pre-qualification letter stating that you are qualified for a home loan. This will…

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Car or House?

Make sure you maintain a low debt-to-income ratio by avoiding large purchases. Because a large payment and balance can cause a significant decrease the amount of home that you can buy. Depending on your income, a $400 car payment can decrease your home purchasing power by many thousands of dollars.  If you are needing a car, then try to wait until AFTER you get the keys to your new home.  But if you need a car before the home, then…

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Don Warren | NMLS 1759263