Five signs you may be ready for home ownership

Plunging into the purchase of residential property can cause needless anxiety.

Deciding to purchase a new home can be a process that engenders anxiety, sleeplessness and domestic discord.

But it needn’t be so stressful if you follow the advice given by Robin Wright on the RealtyTimes.com blog.

She lists considerations that can help you determine whether you’re ready to take the plunge.  They are the following: Continue reading

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‘Pre-qualified’ has become an empty phrase

Pre-approval of a borrower seeking a mortgage is much different from pre-qualification.

You can thank the Dodd-Frank Consumer Protection Act for depriving the term “pre-qualified” of relevance to borrowers in search of financing their home purchase.

That’s not really a bad thing, but it does place a greater burden on borrowers to prove themselves worthy of a mortgage before they present an offer to sellers.

All pre-qualification means is Continue reading

Sellers don’t have to let open houses daunt them

Some houses — you know, b-i-g houses — rarely are open. (Tim Pearce took this flickr photo at Alcatraz.)

Thanks to TV reality shows, some sellers may well be daunted by new takes on open houses.

That needn’t be the case.

The first thing that sellers must keep in mind is that they must not be present at an open house.

Not only does their presence tend to intimidate buyers into keeping closet doors shut, it also tends to cause mouths to shut as well.  Buyers at open houses don’t get to think out loud with a seller in their orbit, notes San Francisco broker Tara-Nicholle Nelson in one of her characteristically good posts on Trulia’s site.

Other of her tips include the following: Continue reading

Late mortgage payments hit credit score hard

(Flickr photo by photosteve101)

When a homeowner is purchasing the next home and needs a mortgage, any payment slips during the previous 12 months is bound to cause pain.

As North Shore Advisory, a credit restoration company, notes in a recent  newsletter:

Most lenders Continue reading