How To Get Approved for a Real Estate Loan

What does it Mean?
There is a difference between getting pre-qualified and pre-approved to buy one of the condos for sale downtown. The difference is a pre-qualification means you may be able to get the loan based on skimming of your income and other information. This is why you may get pre-qualified credit card loan offers from time to time. The information usually comes from a list.

When you are pre-approved for a real estate loan, it means you are able to get that money. You can use it to buy one of the condos for sale downtown that you are in love with. This process involves you actually applying for a loan, providing all of your documents, and completing everything the lenders needs to get you approved.

They will tell you the amount of money you can borrow and the interest rate. The offer is going to be good for a set period of time. Typically, it is going to be up to 90 days after you have been approved. Armed with this information, you can start looking around. Once you find the place

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How to Buy Overseas Property

Buying a property is a process that requires patience and perseverance. It takes time to do the research on the status of the real estate market and its norms in your choice of destination. The crucial part is to find a proper, reliable and experienced service provider who can help you through the whole process, right from the start through to the final stage of owning your property. We have enlisted a few key points with a goal to help you initiate the process of buying your dream property abroad.

Hire an independent lawyer

Many people seek the help of real estate agents, which is not a very good start. No matter how smart, experienced, informative and well-mannered an agent tends to be, never fall for it. Always get an independent lawyer, who will represent you throughout the whole buying process. If you are represented by the lawyer, it means you are well-protected from making any expensive mistakes down the road.

Get help from a financial specialist

Sort out your financial preferences that would help you allot a suitable budget to purchase the property. Get

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Why You Must Consider Owning Rental Properties

I was a 24-year old MBA grad know-it-all. I had life perfectly figured out and I certainly knew everything about investments. Working in the finance industry for a large multi-national firm, I often worked with high networth business owners. Much to my surprise, these multi-millionaires almost always invested in real estate and were generally seeking out new ways to capitalize on real estate opportunities. I was perplexed, didn’t these highly successful business men and women know that the paltry returns of real estate were minuscule compared to the stock market? I mean, I could show them many “Wall-Street” reports that concluded real estate was a really poor investment compared to stocks and mutual funds.

It was almost a full decade later that I would begin to seek to understand real estate investing in earnest. Thankfully, by this point life had taught me the importance of humility and, that much to my surprise, maybe I didn’t know everything. I began to quickly see that with real estate, the “cards are stacked in your favor.” You enjoy the tremendous benefits and advantages that the wealthy have

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Things You Should Consider When You Want a Home Built

Land and Home

Ask about land and home packages they offer. Many custom home builders already have land they own so you can pick a place that you want your home to be. Of course one of the perks of building your own is to get it where you want it. If you have a special place in mind, they can help you to get it included with your home in one loan.

They can share with you what they feel it will cost of items you need such as electricity and plumbing. You may not be aware of all the things that have to be done behind the scenes to get land ready for a home to be built on it. You can be confident custom home builders know as they deal with these types of issues all the time. They can guide you through it.

Floor Plans

Most custom home builders have some basic floor plans they can share with you. If you like what you see, they can help you to go through the various options that allow you to customize it. You can get the colors you want and other details to fit your desires. If you have your

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Home of Your Dreams

With this option, you get to select where the home will be. You can get a land and home package. The provider may have some land options already available for you to look at. Perhaps you have your own place in mind and you can discuss with them what it would take to get it ready to put a home on. custom home builders – the right choice have the right experience.

Stay within Budget

Custom home builders – the right choice when you want to stay within budget. It is a good idea to get your loan for a home of your dreams approved before you do anything else. Some providers have lenders they can help you to work with or you can get that completed on your own. Knowing you are approved and how much you are approved for will aid you with making selections.

There are plenty of options when it comes to creating a home the way you want it. Start out with the items that absolutely have to be a certain way or a certain type of material. Then you can consider compromising where you need to in the areas that aren’t so important so that you

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Why You Should Build a New Home

A house is more than just a dwelling. It is an investment, a way to save for the future and to watch your capital grow. It makes sense to buy and own a house rather than pay rent. If you consider the amount of rent you pay over a lifetime you will find that if you own a house and pay a mortgage, you save a lot of money and also become the owner of property you can pass on to future generations or sell at a tidy profit. Should you buy a used house or should you build a new home is the question. There are pros and cons to each. However, a new home is definitely worth considering over buying an existing one.

You can choose the location

It may not be possible to find an old house in the location of your choice. You can buy a plot of land in a location you like and think of building a new home entirely to your specifications.

Design of the new home

When you buy an existing house, you have to take it as it is and renovate or remodel. You could, of course, demolish the house and use the site to

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Things Before Building a Home

Working with a team of custom home builders can be a fun process as first time home owners design their dream house. Most people that choose to build their own house have no idea how many options they have until they realize that they truly have a blank slate, and that they have the option to add whatever they would like to on it. Browsing through all the options available can take hours on end, so here are a few things that persons should consider before meeting with a team of house builders. Starting with the basics is usually the easiest for those that are designing their first personalized house.

Size

Before picking the details of a house, it is vital to know how much space the family needs, or would like. For example, professional house building companies will need to know the number of bedrooms, bathrooms, if there will be a laundry room, finished basement and so on. Obvious rooms, such as one bathroom and the kitchen are usually a given.

After determining the number of rooms, people are encouraged to consider the general size of the house. Some clients dream of having a large mansion while others are fond of

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Trends in Real Estate Nowadays

For most people, the word “house” conjures certain images found in childhood drawings. If you have a building with mostly right angles, a single front door, a few chest-high windows, and a chimney, you’ve probably got a prototypical home. However, real estate is a changing field, and people are seeking unique housing options that don’t quite fit inside the box.

Tiny Houses

By all definitions, tiny houses possess most of the features of their more spacious counterparts, just in a much more condensed way. A favorite in both rural and urban areas, tiny houses are as much a choice in dwelling as a statement of one’s principles. While there is no presently agreed-upon size restriction before a domicile is no longer “tiny,” 500 square meters is an accepted point in some circles. Got a few too many boxes of t-shirts weighing you down? Tired of walking such great lengths to get to the light-switch before bed? Trying to keep your real estate tax down to a minimum? A tiny house might be for you.

Passive Houses

Not entirely in another world from tiny houses, passive houses are for those trying to reduce their environmental impact. Less a set of aesthetic rules and more

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How to Buy Rentals With No Down Payment

This tends to be a pretty controversial subject, and for good reason. When I was getting started in the business, I was young and broke and had no credit to speak of. I was not qualified to borrow money, yet I figured out how to buy properties, and I bought a lot of them. It was not long before I became a full time real estate investor, and on paper, I was a millionaire long before my 30th birthday. I accomplished this with a lot of hard work, education and tolerance to take the risk.

With all this said, just because you don’t need money to buy houses, does not mean you should have no money. I am a big, big believer in this. You see, although I was a millionaire at a young age, I basically lost it all when the market shifted. I was too aggressive with my growth, and did not establish an appropriate amount of reserves. After starting over, I structured things differently and am in a good position to not only survive a down turn, but to thrive in it. In this article, I will briefly walk through 4 ways to buy rentals with nothing

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Guide to Value a Freehold Property

There are no yardsticks to measure the value of a freehold property. This is because evaluating a freehold is not an accurate science. However, you can follow certain guidelines on what you need to take into consideration when valuing a freehold, which is produced by the advisory services that give free advice to leaseholders. You must also take these three factors into consideration:

1. The current value of the property

2. The annual ground rent

3. The number of years currently left on the lease

Also, evaluate the expected percentage increase in property value that results from extending the leases of different lengths, along with forecasted long term interest rates and inflation rates.

Take help from an expert valuer rather than trying to work out a figure all by yourself, to present before the freeholder. An expert valuer will be able to give you the best advice, which will enable you to make a practical offer.

You will find expert valuers online. They will help you with the entire process of negotiation and buying the freehold.

For the benefit of the freehold, most surveyors add a little extra to a property’s value. This is done after comparing it with similar property with the same number of

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How to Make Office Space Design

Office space design has been one of the top priorities for most of the business owners when they look for an office space for their business. Of course, it has to be a top priority as design plays a very important role in providing a great environment for employees while allowing them to work to their full potential. It’s something that alters the moods of employees greatly; so having an effective office space design will certainly boost the productivity of employees while helping them to be focused.

But how would you make the design effective? Here’s how you can do it.

1. Prioritize flexibility

Every business owner must be aware that comfort zone is where the magic happens. One of the elements that promote the creative and physical wellbeing of employees at a workplace is the movement of the body. Human body is not made to sit in a 90° posture all the day. An effective workplace will always be a flexible one allowing employees to work out of their desks.

Yes, it’s all about breaking the bond between the employees and the desk. Design your space in such way that you have some areas that allow your employees to work standing (like

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All About Rental Agreements and Business Rates Liability

When renting premises for a new business, the renter should sign the lease in the name of the venture only, preferably without guarantors, who could personally face big rates and rent bills, if the business should fail, for the rest of the term of the lease.

The lease should only be signed in the limited company name with all correspondence regarding the rent and lease addressed to the company.

If an individual’s name is signed on the lease or as a guarantor, all the responsibility is then passed on to that individual, or that guarantor, for rates and rent if the business should fail, removing the liability from the limited company.

There is no point going through the limited company process with directors, audited accounts, shareholders and dividends if the liability for rental agreements ends up with individuals to remove liability from landlords, in respect of future rates and rent bills.

It could be seen as a weakness in the process that some landlords are trying to remove or circumnavigate this limited company liability, through trying to get individuals to personally sign lease documents.

Once signed in a personal capacity or as a guarantor the landlord can then present the lease documents to the

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Things On Rent Control on Apartment Buildings

There is no longer any question that rent control is often counterproductive and ineffective. Study after study has shown profound social and economic consequences of government intervention in the housing markets of the nation over the last quarter of a century. Based on hard-earned experience, local and state jurisdictions from coast to coast have greatly restricted or banned the practice.

There are still some communities that continue to impose rent control. The rationale is to preserve affordable housing for low- or middle-income families. However, that goal is not being met. Many communities are finding that the regulation reduces the quantity and quality of available housing.

The Role of Rent in the Economy of a Market

Advocating rent control ignores the basic economic laws that govern housing markets. Rental property that is privately developed, owned, and operated is treated as a public utility. That philosophy harms not only the providers of housing but the consumers it was intended to serve.

Rent serves two functions in the efficient housing market operation. It compensates existing housing unit providers and new unit developers for the cost incurred to provide shelter to the consumers. Rent also provides economic incentives that attract new rental housing investment. Housing is like

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Things You Need to Check Before You Seal the Deal

Searching for a dream home is like looking for a needle in a haystack! We comprehend that the process of buying a new property is both overwhelming and demanding.

Driving your way from one part of the city to another and running down through each street is a hell lot of work. And, when you are narrowing down to a few of the umpteen choices out there, you ought to pay attention to certain key points. Here is a list of the additional digging which you must do to ensure that the property you are going to buy has everything you wanted.

Now, let’s not beat around the bush and get straight to the point.

Check out all the ‘pre-owners’!

If you want to know the ‘condition behind the paints’ (i.e. the actual state) of the house, you can get a hint about it by going through the list of the previous homeowners. More people would mean more attrition! Thus, the number of times the house has been flipped or foreclosed would help you interpret that how the place has been treated previously and how much value does it hold currently.

In addition, the time for which the current owner has stayed in the

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Consider Investment Properties for Sale

When you are looking at investment properties for sale you want to make sure that you are getting the best investment property for your money. When looking at investment properties for sale you are looking for property that you can rent or resell. If you want to be successful in your venture there are some things that you need to consider before buying the property.

When you look at investment property you want to not only look the property over but also where it is located and what they are asking for the property. Just because the sign or realtor says it is investment properties for sale do not always mean it is a good investment. You need analyze closely the potential property.

After looking at what they are selling the property for you then need to consider the potential value. If you do not see a gap between their selling price and the actual value and it is not in your favor you should consider looking at other properties. If you really want the property they you need to develop a strategy for getting a good return on the property. This strategy could involve renting out the property, whether it

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All You Need To Know About Real Estate Contracts

This legal document is used for the exchange or purchase of property and land between the buyer and seller. It can cover a lease, purchase, rental, or sale and is typically in writing. It follows the normal legal requirements and contract laws. It is also known as a contract for deed or land contract. A real estate contract can be composed by one side, signed, and offered to the other side for their agreement and signature or can be drawn up by both sides and signed. If any counter offers are going to be made, they must be done before either side signs the contract. If the real estate contract is signed and there is a counter offer, it is usually accompanied by a markup of the contract and then initialed.

In order for the contract to remain effective, it often has many conditions that must be maintained or met. It also lists a date of possession. This is normally time when the contract becomes effective and the possession of the property is transferred to a signer. Depending on the buyer’s financial reliability, there may be a deposit required and conditions may be added to the real estate contract.

There are

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Important Issues About Flexible Mortgage

Flexibility is the key to stability. That’s why it’s necessary for this type of mortgage to jump in the list. So basically, we are going to talk about the Lifetime mortgage. Yes, it’s suitable to have the name- “Flexible Mortgage”

WHY?
Well, that’s what we’re going to talk about in this article. The pensioners pile up major stress regarding drastic fall in their regular income. They fear the absence of financial stability in their future years. But, what if this financial instability is cut down by the financial flexibility? Sweet!

So, the knife of financial stability is particularly termed as Lifetime Mortgage.

• What is it?

Lifetime mortgage. It’s a long-term loan that’s secured against the borrower’s property and is repaid when he/she dies or moves to the long-term care. During the loan term, the borrower continues to stay in that property and maintains it-

• How does it Work?

When you are at least 55 years old, you need some kind of financial stability to take care of your monthly expenses and other essentials. What you can do is… you can take out a loan against your home where you live. You’ll be using the money for whatever you need. You’ll still continue to

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All About Mortgage Alternatives

The vast majority of those purchasing a residence, at least to a certain degree, use some sort of financing vehicle, or mortgage. These can fall into two basic categories, either a conforming, or non – conforming type. For the most part, this refers to the amount being financed, and may differ somewhat from time to time, and from geographic area, to other location. Once you decide to take out a mortgage, and become qualified by the lender, you must determine, which of the 3 basic types of mortgages to opt for: 1) fixed; 2) adjustable; or 3) balloon.

1. Fixed mortgage: Also known as fixed – term, the most popular length of these is 360 monthly payment, or 30 years. However, they are also available in a variety of other lengths, including: 15 years; 20 years; 25 years; and 40 years, as well as other terms. Obviously the advantage of this type of financing, is you are certain of the principal and interest components, every month, for the length of the loan, That is often comforting, because it provides a degree of peace of mind. However, remember your real estate taxes, and your other escrow items (such as insurance), as

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How To Make Your House A Home

We’ve all heard, at one time or another, the adage, A house is not a home. As a Licensed Real Estate Salesperson, in the State of New York, for over a decade, I have noted that while most potential buyers, say they are going house – hunting, sellers generally refer to the process as selling their home! Why would anyone want to simply live in some inanimate house, when they can create an experience, which represents them, their preferences, lifestyle, etc, and transform it to a home? In many instances, it merely requires a little soul – searching, so you might discover what is most important and relevant to you, and personalizing the scenario, while still living within a budget, as most of us must! Let’s review 5 basic ways, to make a house, your home.

1. Take care of it: Take pride in home ownership. Don’t wait until something goes wrong, or becomes a major issue! Rather, proactively maintain the house, in an organized, thoughtful manner. You’d be amazed how much better most people feel, when their house receives a fresh coat of paint, or a Spring cleaning, etc! Create and utilize a maintenance schedule, that includes both the

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Things You Need To Know About Mortgage

A mortgage is a kind of agreement. This allows the lender to take away the property if the person fails to pay the cash. Generally, a house or such a costly property is given out in exchange for a loan. The home is the security which is signed for a contract. The borrower is bound to give away the mortgaged item if he fails to make the repayments of the loan. By taking your property the lender will sell it to someone and collect the cash or whatever was due to be paid.

There are several types of mortgages. Some of them are discussed here for you –
Fixed-rate mortgages- These are actually the most simple type of loan. The payments of the loan will be exactly the same for the whole term. This helps to clear the debt fast as the borrowers are made to pay more than they should. Such a loan lasts for a minimum of 15 years to a maximum of 30 years.

Adjustable rate mortgages- This type of loan is quite similar to the earlier one. The only point of difference is that the interest rates might change after a certain period of time. Thus, the

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