Archive for the ‘First Time Home Buyers’ Category

A Mortgage Pre-Approval is NOT a Guarantee of a Mortgage!

Tuesday, February 2nd, 2010

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Mortgage Pre-Approvals are NOT Guarantees of a Mortgage!

I recently had the pleasure of interviewing Chad Watts of The Mortgage Group about mortgage pre-approvals. He brought up a very important point for Buyers, particularly First Time Home Buyers. And that is a mortgage pre-approval is NOT a guarantee that you will get a mortgage at the amount the Lender originally mentions or get a mortgage at all.

What is a Mortage Pre-Approval?

This is a preliminary estimation by a Lender of how much the Lender will loan you based on very basic information. This number is subject to change based on what property you (more…)

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First Time Home Buyer Safety – Offers Subject to Financing – What, Why, and How!

Wednesday, October 7th, 2009

What is an Offer that is Subject to Financing?

This is an Offer to buy a property that is “Subject To” or conditional upon the Buyer getting a mortgage within a set period of time, usually one week. In plain language, the Buyer and Seller agree to give the Buyer  a week to get a mortgage and if the Buyer cannot get a mortgage in that time, the Buyer can walk away from the deal with nothing lost.

Why do we make offers Subject to Financing?

Safety! If a Buyer presents an offer to a Seller without a Subject to Financing clause (like with a Subject Free Offer) and the Buyer can’t get a mortgage, the Buyer will have to pay th (more…)

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Posted in First Time Home Buyers, For Buyers | 2 Comments »