Monday, December 27, 2021 / by Sarai Diaz
What is appraisal gap and appraisal gap coverage? This is stuff that we don't talk about in real estate all the time, but in this a very competitive market and this is coming up on a lot of offers and this might be the reason why you're not writing a strong enough offer to get the house that you want. So we're going to use really simple numbers today and we're going to use really basic loan structures.
We're going to use a $100,000 offer (which as you know in this market really doesn't exist) and we'll talk about a loan that is an 80/20 loan.
So, this is a 80% loan to value 20% is the down payment. This is pretty standard in a conventional loan. In that situation, the buyer would need to bring $20,000 down to buy a $100,000 house, and the bank would lend them the $80,000. The purpose of the appraisal is for the bank to establish the value of the home, because we have to remember, banks are taking a risk by lending you money. So, they have to assume that you're going to de. ...
Tuesday, November 30, 2021 / by Sarai Diaz
This is Josh Orrantia with Country Real Estate. Welcome to our Wizard Wednesdays. This is our opportunity to take real estate and break it down into a 101. So it's very easy for all of you to understand.
A lot of misconceptions out there on what you have to have, what your credit score should look like, what kind of money you should have in the bank what kind of loans are available and how do you get those? We can talk a little bit about how you project looking at rates and we'll talk about what rates mean in this conversation as well.
What is the most important thing or what are the most important things when you get a loan? What do you have to have ready to go when you talk to a loan officer?
Well, the most important thing in getting pre-approved for a loan is starting early in the process So the biggest mistake I see buyers make is that they just assume that they'll be able to get a loan. It happens so often that the buyer spills out the application, sends over the documents ...