Common Home Buying Obstacles
0 views
Skip to first unread message
Bruce Swedal
May 4, 2013, 7:20:14 PM5/4/13
to publish-the...@googlegroups.com
*****************************************************************
Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Bruce Swedal
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=634985
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=634985
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Common Home Buying Obstacles
Author: Bruce Swedal
Word Count: 531
Article URL: http://www.isnare.com/?aid=634985&ca=Real+Estate
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=634985
Easy Publish Tool: http://www.isnare.com/html.php?aid=634985
*********************** ARTICLE START ***********************
It is commonly realized that buying a home is not the easiest thing to do in the world. It takes a lot of careful planning, a lot of patience, a lot of work, and a lot of money. But in addition to this, home buyers at times may come across certain obstacles that seem to obstruct their once perfect view of their home and suddenly what felt as though it was in their reach, feels incredibly far away. Although obstacles sometimes cannot be avoided, it could at least be prepared for. As with most things in life, buying a home isn't a perfect flawless process, so it's better safe than sorry. Below is a brief explanation of some of home buying's most commonly occurring obstacles.
Down Payments
A down payment is a necessary tool for many looking to own a home, especially because very few people are extremely wealthy and can afford to obtain a mortgage without one. Common mortgages include conventional loans and FHA loans. These loans contain down payments that range from 3.5 percent and 10 percent.
FICO Scores
FHA loans require a FICO score of 620 while other conventional loans require a score of 720. Mortgages cannot be obtained unless scores are above the listed number. If your score is below their requirement, it may be harder for you to qualify for the specified mortgages. FICO scores can be found out through looking at your credit score. The ideal place to get your credit score is through your lender. Anywhere else may require a fee and may not be as accurate as the score you receive from your lender.
Loan Conditions
The presence of underwriting has the possibility of marking the end of your loan approval completely. Underwriters review files and make demands. They could make demands in the form of asking you for more documentation, your appraisal value, etc. The bad part about their demands is that sometimes, even if you apply, you can still be rejected for various reasons. Underwriter approval becomes important. In order to increase the likelihood of gaining approval, make sure that you tell the underwriter every single detail about yourself as well as your finances toward your lender.
Appraisals
Many times, homes can be met with low appraisal values, even if they do not necessarily deserve it. At one point in time, appraisals were superbly accurate, but nowadays, appraisals are often made at random by an appraiser that may not be familiar with the neighborhood. This fact can lead to low appraisals. If appraisals are not at value, buyers can opt for appraisal contingency. With this, they can choose to leave the deal completely or decide to pay what the difference is in cash.
As is the case in anything worthwhile buying a home can have its difficulties. Good preparation and teaming with a real estate professional can help you to navigate the rough waters to achieve your goals of home ownership. Real estate investments whether on the family home scale or the mass real estate investor scale have created more millionaires in history than any other means.
About The Author: http://www.bruceswedal.com/
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=634985
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Bruce Swedal
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=634985
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=634985
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Common Home Buying Obstacles
Author: Bruce Swedal
Word Count: 531
Article URL: http://www.isnare.com/?aid=634985&ca=Real+Estate
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=634985
Easy Publish Tool: http://www.isnare.com/html.php?aid=634985
*********************** ARTICLE START ***********************
It is commonly realized that buying a home is not the easiest thing to do in the world. It takes a lot of careful planning, a lot of patience, a lot of work, and a lot of money. But in addition to this, home buyers at times may come across certain obstacles that seem to obstruct their once perfect view of their home and suddenly what felt as though it was in their reach, feels incredibly far away. Although obstacles sometimes cannot be avoided, it could at least be prepared for. As with most things in life, buying a home isn't a perfect flawless process, so it's better safe than sorry. Below is a brief explanation of some of home buying's most commonly occurring obstacles.
Down Payments
A down payment is a necessary tool for many looking to own a home, especially because very few people are extremely wealthy and can afford to obtain a mortgage without one. Common mortgages include conventional loans and FHA loans. These loans contain down payments that range from 3.5 percent and 10 percent.
FICO Scores
FHA loans require a FICO score of 620 while other conventional loans require a score of 720. Mortgages cannot be obtained unless scores are above the listed number. If your score is below their requirement, it may be harder for you to qualify for the specified mortgages. FICO scores can be found out through looking at your credit score. The ideal place to get your credit score is through your lender. Anywhere else may require a fee and may not be as accurate as the score you receive from your lender.
Loan Conditions
The presence of underwriting has the possibility of marking the end of your loan approval completely. Underwriters review files and make demands. They could make demands in the form of asking you for more documentation, your appraisal value, etc. The bad part about their demands is that sometimes, even if you apply, you can still be rejected for various reasons. Underwriter approval becomes important. In order to increase the likelihood of gaining approval, make sure that you tell the underwriter every single detail about yourself as well as your finances toward your lender.
Appraisals
Many times, homes can be met with low appraisal values, even if they do not necessarily deserve it. At one point in time, appraisals were superbly accurate, but nowadays, appraisals are often made at random by an appraiser that may not be familiar with the neighborhood. This fact can lead to low appraisals. If appraisals are not at value, buyers can opt for appraisal contingency. With this, they can choose to leave the deal completely or decide to pay what the difference is in cash.
As is the case in anything worthwhile buying a home can have its difficulties. Good preparation and teaming with a real estate professional can help you to navigate the rough waters to achieve your goals of home ownership. Real estate investments whether on the family home scale or the mass real estate investor scale have created more millionaires in history than any other means.
About The Author: http://www.bruceswedal.com/
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=634985
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
Reply all
Reply to author
Forward
0 new messages