Posted by Pamela Crawford on 4/15/2018

Going through the process of applying for a mortgage only for your application to get denied can be a frustrating and confusing time. If youíre hoping to buy your own home in the near future, itís vital to secure financing or you risk missing out on a home that you may have been depending on getting.

In todayís post, weíre going to talk about what happens when your mortgage application is denied and what you can do to fix the problem as quickly as possible.

Determine the Cause of Denial

If your application is denied, priority number one needs to be to understand what happened. Since lenders are required to provide denied applicants with a letter explaining why they were denied, this just means reading the letter and making sure you understand all of the reasons listed.

There are a few common reasons that an application may be denied. Some of them are simple fixes, while others might require time and effort on your part that may delay your house hunt for a while.

One issue that many mortgage applicants have to handle is when their employer wonít provide proof of income to a mortgage lender. Since income verification is vital to the mortgage application process, itís important to make sure you can provide all of your income details from the last 2 years to the lender.

Sometimes there are issues with contacting employers, such as when your former place of employment goes out of business. Or, you may be a freelance or contract worker with atypical forms of income verification. Regardless, make sure you are clear with your loan officer regarding your employment history.

Other common causes for denial of an application include problems with your down payment (such as not meeting the required down payment amount) and credit history issues, such as having a lower score than you thought.

Credit score lower than expected

Itís not uncommon for a lender to run a credit check and come up with a score that is lower than you anticipated. Since scores change on a monthly basis, and since there are differences between the scores provided by the three major credit bureaus, you might find that your lender found a score slightly lower than what thought.

If the score is drastically different, however, this could be a sign of two things. First, make sure that you havenít recently made multiple credit inquiries (such as applying to several lenders who perform credit checks) or by opening new credit cards or loans. These inquiries temporarily lower your credit score.

If you havenít recently made any inquiries (other than applying for a mortgage with your lender of choice), then itís a good idea to get a detailed credit report and scrutinize it for errors. Inaccuracies on your credit report can be disputed and resolved and can give your score the boost you need to be competitive on your mortgage application.  

Choosing a different lender

While most lenders use similar criteria in determining your borrowing eligibility, there are some differences between lenders.

For example, some lenders might take on more risk by lending to someone with a lower credit score. However, they will also likely require a higher interest rate in exchange for the added risk theyíve acquired.


Now that you know your options for what to do when an application is denied, youíre well-equipped to start tackling the issue and getting back on track to becoming a homeowner.





Posted by Pamela Crawford on 4/13/2018

This home needs major renovations but could be your diamond in the rough. This home first floor features spacious living room, dining room open to kitchen, kitchen with custom cherry cabinets, full bath and 1st floor bedroom. 2nd floor has 2 more bedrooms. Hardwood through out. Over sized detached garage and large 2.42 acre lot completes this package.

More Info on this Property | New Listing Alerts





Posted by Pamela Crawford on 4/8/2018

Want to list your house? Ultimately, you'll want to work with an expert listing agent, i.e. a housing market professional who knows what it takes to get the best price for a residence.

Let's face it Ė hiring a listing agent can be tough, particularly for a first-time home seller. Lucky for you, we're here to help you streamline your search for the perfect listing agent.

Now, let's take a look at three tips that you can use to find the right listing agent for your house.

1. Learn About a Listing Agent's Background

Evaluating a listing agent's background often serves as a great first step in the home selling process. It allows you to better understand how long a listing agent has worked in the real estate sector and learn about his or her industry expertise.

In most cases, you should have no trouble finding information about a listing agent online. Or, you can always call a listing agent's office for more information.

Allocate the necessary time and resources to learn about listing agent's background. That way, you can understand this housing market professional's experience, education, networking skills and much more and plan accordingly.

2. Conduct a Face-to-Face Meeting with a Listing Agent

If a listing agent looks good on paper, invite him or her to meet with you. By doing so, you can gain first-hand insights from this housing market professional and find out what separates him or her from other listing agents.

Prepare a list of interview questions before a face-to-face meeting with a listing agent. This will enable you to get the insights you need to make an informed decision.

Also, evaluate a listing agent's communication skills and personality. If you feel comfortable with a listing agent after a face-to-face meeting, don't hesitate to hire this individual to help you sell your residence.

3. Get Client Referrals

How has a listing agent helped past home sellers optimize the value of their properties? Request client referrals from a listing agent, and you can receive additional insights into how this real estate professional has supported home sellers over the years.

A top-notch listing agent should be able to provide you with multiple client referrals. Meanwhile, it only takes a few minutes to reach out to a listing agent's past clients and learn about their home selling experiences.

Client referrals can help you accelerate the process of finding the right listing agent. Moreover, they can provide insights into what it is like to work with a listing agent throughout the home selling cycle.

Lastly, be sure to ask past clients how a listing agent approached challenges throughout the home selling process. If a listing agent went above and beyond the call of duty to help past clients overcome myriad home selling challenges, he or she probably will be able to help you do the same.

Selecting the right listing agent may seem impossible at first. But with the aforementioned tips, you can choose a listing agent that will promote your residence to the right groups of homebuyers consistently.




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Posted by Pamela Crawford on 4/1/2018

These days keeping track of your money can be a hassle. Between all the different ways you can spend your money itís easy to lose track of your spending. Luckily there are some great apps for money management. Below are a few favoritesó all rated with 3.5 stars and up. LearnVest: LearnVest is a money management platform, but itís also much more. You can link up your various accounts to keep track of your spending, savings and goals (that you set). But the best part about this app are the articles you receive via email from them. The articles that they send are full of helpful information related to early retirement, saving for your wedding, how to pay down debt, rebuilding bad credit, smart saving, and so much more. Every article is worth the read. This app is available on iOS. Mint: Mint is a well-known money management platform. You can hook up your bank accounts, credit cards, 401k and loans and set up budgets. The app utilizes graphs to show you how you spend your money and provides you with bill reminders. It will even give you your net worth. The only downfall to the app is that it has a difficult time connecting to small banksí online banking systems. This app is available on iOS and Google Play. Daily Budget: This is a do-it-yourself app. If you are one that is weary about putting your personal banking information onto your phone then this is the money management app for you. You plug in your income, reoccurring expenses and it gives you a daily budget. You can add in additional income and expenses as they occur. But, you will have to pay for the full version if you want to utilize all income and expense categories. This app is available on iOS. Comparable apps are available on Google Play. Prosper Daily: This appís main emphasis is on protecting your accounts. You can link up your bank accounts and credit cards and approve or deny charges as they occur. But, it is also good for a high level review of your accounts. You are able to view your balances on your credit cards and checking account all in one place. Another pro of this app is that you are able to categorize your charges making it easy to keep track of what you are spending your money on. One of the great new features now available is the ability to view your credit score. And beyond that it provides insight into why your score is the way it is and how to improve it. This app is available on iOS and Google Play. These apps will aid you in getting in front of your spending and back in control of where your money is going. Be sure to take full advantage of the offerings that each app has, as it will only benefit you in the long run.





Posted by Pamela Crawford on 3/25/2018

Looking to list your house and maximize its value? Ultimately, a home selling timeline can make a world of difference, regardless of where your house is located.

A home selling timeline enables you to map out the home selling journey. Then, you can decide the best steps to ensure you can achieve your home selling goals as quickly as possible.

Now, let's take a look at three tips to help you craft an effective home selling timeline.

1. Set a Deadline

When do you want to be out of your current house and living elsewhere? Establish a home selling deadline, and you can determine how much time you have to navigate the home selling journey.

If you need to sell your home in a matter of weeks, you'll likely need to move quickly if you want to achieve the best-possible results. Thus, you'll need to make a plan to ensure you can promote your house to the right buyers and speed up the home selling process.

Conversely, if you have several months to sell your house, you may be able to take a gradual approach to listing and promoting your residence. In this scenario, it may be worthwhile to conduct a home inspection, identify any underlying home problems and address these issues. That way, you can perform assorted house improvements to boost the value of your residence.

2. Determine Your Budget

A home selling timeline and budget often go hand-in-hand, and for good reason. If you craft a home selling budget in conjunction with your timeline, you can ensure you have the necessary finances for expenses that may arise during the home selling journey.

For example, consider what may happen if a homebuyer identifies myriad home problems during an inspection. In this situation, a buyer may ask you to complete home improvements in order to move forward in the home selling process. And if you have already set aside funds for home improvements, you can complete these tasks and ensure you can stick to your home selling timeline.

3. Consult with a Real Estate Agent

For home sellers, it generally helps to hire a real estate agent. This housing market professional can help you create a successful home selling timeline and address a wide range of home selling hurdles.

A real estate agent understands the complexities of selling a house and will make it easy for you to make informed decisions throughout the home selling journey. He or she will teach you about the housing market and ensure you can establish a competitive initial asking price for your residence. Next, a real estate agent will promote your house to prospective buyers and help you review offers on your residence. And once you receive a fair homebuying proposal, a real estate agent will ensure you can quickly and effortlessly finalize a home sale.

Set up a timeline for selling your house Ė you'll be glad you did. If you use the aforementioned tips, you can establish an effective home selling timeline that guarantees you can optimize the profits from your home sale.




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