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
(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
Outer boroughs far outpace Manhattan in Q2 sales
‘Best and final’ offers often getting breached after seller acceptance
Ties to the city by relative handful of residents usually long and loved
Landlord spends $20,000 on private detective to bust owner renting out apartment via Airbnb
Renting apartment for grown children can be taxing
Rent regulation creates two different worlds
To say nothing of the enormous tax advantages many luxury co-ops enjoy
Home sales, prices rebound in the Hamptons in Q2
City Council erases quirk in special tax exemption for veterans
Finally acting like a grown-up, he lowers price to sell Malibu mansion for $10.2 million
Offering plans afford glimpse into pluses, minuses of lavish lifestyle in luxe buildings
Buyers snapping up Manhattan apartments 38 percent faster than last year, with UWS tightest market
Brokers still wrestling with new state rules on titles
Prices of Williamsburg condos plummeted in spring
First-half volume of investment properties leaps 41.3 percent over same time last year
One Picasso forsaking his walls
Lord of the Rings actor drops $1.075 million for gingerbread Victorian in Texas
Former NBA player lists California home for $2.795 million
Onetime TV detective, also actor who originated role of Continue reading
Sales hot, hot, hot in Manhattan, Queens, Brooklyn, where Williamsburg prices soar 23.6 percent in year
Even with continued inventory shortage, Q2 sales leap up
Average rent in city (excluding Staten Island) breaks $3,000 for first time
And median rent in Manhattan hits $3,195 in June, with Brooklyn’s jumping 13.5 percent since 2012
Many uptown adherents now embracing downtown neighborhoods they once considered unthinkable
Landlords, boards of co-ops and condos tailoring latest amenities to Continue reading
Foreclosure auction scheduled for co-op in posh River House at end of 18-year legal battle
Metro area’s foreclosures down in April but still above national average
6.2 percent growth in construction spending expected during the year
End of DOMA produces real estate tax benefits for New Yorkers, of course others as well
Analysis of Manhattan prices, sales suggests they’re flatter than apparent in Q2
Actress sees black, not red, in sale of Greenwich Village duplex for $7.45 million
All-cash dream can become all-consuming nightmare
Narrowest house, where Edna St. Vincent Millay lived, finds buyer at last
Rent board approves maximum increases roughly double last year’s for stabilized apartments
Finding Hollywood home addresses of celebrities fast and easy
Grammy-winning saxophonist tries again to sell UWS townhouse, this time for $12 million
Comedic former TV talker sells Miami hacienda way below original ask of $20 million
Brooklyn’s fast-climbing home prices make it nearly as expensive as Manhattan
Transaction volume strongest in years, even with diminished supply
Graphic demonstrates depth of Manhattan inventory
Bicycles becoming new amenity in some buildings
Permits for new residential buildings skyrocket in first quarter
In this seller’s market, every minute counts
So does the right strategy in a bidding war
Co-op boards have broad latitude in making, amending, rescinding house rules, however wiggy
Suburbs, particularly in Connecticut and New Jersey, see rising prices
And in the Hamptons, number of $1 million rentals — for the summer alone — approaches record
Homeowners hurt by Sandy to receive property tax reductions totaling $90 million
Uh, those folks using balconies for storage or dead house plants can opt for highest, best use
When it comes to living here, actor Richard Kind knows what he loves
Again to be newly wed, actress turned fashion mogul lists Beverly Hills estate for $8 million
Discount taken in purchase of singer’s Central Park West apartment hardly immaterial
I, on Cambodia 