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Why Pre-Approval Is an Important Step for Today’s Homebuyers

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Being intentional and competitive are musts when  buying a home  this season. That’s why pre-approval is so important today. Pre-approval from a lender is the only way to know your true price range and how much money you can borrow for your loan. Peter Warden, Editor of  The Mortgage Reports ,  explains : “The lender will check out your personal finances and issue you a letter confirming the amount you’re eligible to borrow. This not only gives you a firm budget for house hunting,  but also lets sellers know you’re qualified to make an offer .” Why does that matter so much today? There are many more buyers looking for homes today than there are homes available for sale, and that’s creating some serious  competition . According to the  National Association of Realtors  (NAR), the average home is getting  4.8 offers  per sale. As a result,  bidding wars  are still common. Your pre-approval gives you a leg up in these situations. ...
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Buyer Demand Surging As Spring Market Begins

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Last fall, some predicted that the 2019 residential real estate market would be a disaster. There was even belief we might experience a housing crash like the one that occurred during the last decade. However, according to two separate reports*, buyer demand dramatically increased over the last three months, leading into this spring buyers’ market (the March data is not yet available). Both the  ShowingTime Showing Index  and the  National Association of REALTORS Buyer Traffic Index  show that buyer demand has increased in each of the last three months. Why the increase in demand? Increased buying power. According to the  National Association of Realtors’   Economists’ Outlook Blog , purchasing a home has become more affordable, which has led to increased demand. “Due to the combination of falling home prices and mortgage rates, the income needed to make an affordable mortgage payment (mortgage no more than 25% of income) on a median-priced ...
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75 Years of VA Home Loan Benefits

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Today, on Veterans Day, we salute those who have served our country in war or peace, and we thank them for their sacrifice. This year marks the 75 th  anniversary of VA Home Loan Benefit offerings through the  Servicemen’s Readjustment Act , also known as the  GI Bill . Since 1944, this law has created opportunities for those who have served our country, ranging from vocational training to home loans. Facts  About VA Home Loans: Nearly 24 million home loans have been guaranteed by the Veterans Administration. Nearly 82% of VA home loans are made with  no down payment . The VA also provides grants to help seriously disabled Veterans purchase, modify, or construct a home to meet their needs. Last year the VA provided 2,000 grants totaling $104 million. Benefits  of a VA Home Loan: No down payment No Private Mortgage Insurance* Lower credit score requirements Limitation on closing costs Lower average interest rates * More information on V...
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