Mortgage | 30A Local Properties

What to Do if You’re Turned Down for a Mortgage Loan

If you're like most people who want to buy a home, you're going to need a mortgage loan - but lenders don't just hand out cash to anyone who asks. In fact, many people who apply for mortgages get turned down. But nobody likes to hear "No" from a lender. Fortunately, if you get turned down for a mortgage, there are a few things you might be able to do to get back on track. What to Do if You're Turned Down for a Mortgage Loan First things first: You'll have to determine why the lender rejected your mortgage application so you can take the appropriate steps to get things moving again. … Continue reading...

3 Mistakes That Can Cost You Your Mortgage

When you're buying a home on 30A, you're probably going to need a mortgage loan. Most people do. But there are a few things that can quickly derail your plans, even if you've already been approved for a mortgage. Check out these three big mistakes people make that end up costing them the deal. 3 Mistakes That Can Cost You Your Mortgage Three of the most common mistakes that people make include: Moving money around Applying for new credit Taking a new job Each of these things can literally wreck your real estate deal. At the very least, they can delay your closing - and that … Continue reading...

What Do You Need for Mortgage Preapproval?

If you're like most people who are buying a home for sale on 30A, you're going to need a mortgage loan - but your first step is preapproval. In order for a lender to preapprove you for a mortgage, you'll need several documents (and more than usual if you're self-employed). Here's what you need to know. What Do You Need for Mortgage Preapproval? Mortgage preapproval is different from prequalification. In preapproval, the lender actually checks your credit and looks at your financial statements to make a decision on letting you borrow money. In prequalification, you don't have to show any … Continue reading...

Mortgage Basics Every Buyer Needs to Know

Buying a home - at least on the financial end of things - can be a confusing process. Here's what you need to know about mortgages before you start applying for yours. Mortgage Basics Every Buyer Needs to Know When you apply for a mortgage, you have to do your homework. Consider this a great start! The higher your credit score is, the more favorably lenders look at you Don't make any big financial changes before you buy a home You absolutely need preapproval Credit Scores The higher your credit score is, the more favorably lenders will look at you when they're deciding whether … Continue reading...

How Much Home Insurance Do You Need?

If you're like most homebuyers along 30A, you know you'll need insurance once you buy your dream house - but just how much insurance do you need? How Much Home Insurance Do You Need? Ideally, your home insurance policy will cover all your costs if your home is totally destroyed. The right policy for you - which may not be the same as your neighbor's - will kick in and pick up the tab if something horrible happens and you lose everything. Your lender will most likely require you to have enough coverage to do that - but even if you've paid off your mortgage, you should still have a policy … Continue reading...

What is a VA Loan?

If you're an honorably discharged member of the U.S. Armed Forces, a reservist or Guardsman, an active duty service member, or a qualifying dependent, you could qualify for a VA loan. But what is a VA loan, and what benefits does it have to offer? What is a VA Loan? A VA loan isn't actually a loan that comes from the Veterans Administration - but it is backed (guaranteed) by the Veterans Administration. That means the VA guarantees all or part of the loan from a regular lender. If you don't make your payments, the VA will step in and make things right with the lender. The lender isn't … Continue reading...

Why You Need Mortgage Pre-Approval Before You Start House-Hunting

If you’re like most people, whether you’re looking for a home for sale in Alys Beach, a condo in Destin, or a home on a large parcel of land in Santa Rosa Beach, you’re going to need financing to make such a big purchase – and that means it’s a good idea to get mortgage pre-approval before you even start house-hunting. Why You Need Mortgage Pre-approval Before You Start Looking for Homes If you’re pre-approved, you’ve already been through the steps required to be approved. You’ve given your lender your pay … Continue reading...

How to Check Your Credit Before You Buy a Home

how to check your credit before you apply for a mortgage - 30A real estate listings

If you think you’re ready to buy a home, whether you already own one or this will be your leap from renting to owning, you’re going to want to check your credit score. Your credit is one of the most important factors in a lender’s decision, and it can affect your ability to borrow (get a mortgage) and the interest rates that a lender is willing to give you. Your credit score can mean the difference between 6 percent interest and 3 percent interest on a 30-year loan (and that difference really adds up). Getting a Free Copy of Your Credit Report Before you apply for a mortgage loan, get a free … Continue reading...

What is Loan Preapproval When You Buy a House?

what is loan preapproval - 30A local properties

If you’re like most people, whether you’re buying a condo for sale in Alys Beach, land for sale in Seagrove Beach, or a home for sale in WaterColor, you’ll need to work with a lender to get a lump sum of cash to pay the seller. Taking out a mortgage loan can be a long (and sometimes complicated) process—so it’s best if you get mortgage preapproval before you even begin shopping for houses. But what is mortgage preapproval, and why do you need it? What is Mortgage Preapproval? A preapproval is different from a prequalification letter from a lender. (Prequalification simply means the … Continue reading...