Getting preapproved for a mortgage and actually getting a mortgage loan are two different things. A preapproval means that a lender will give you a mortgage loan as long as nothing changes with your credit, debt, assets, and job. Because of this, there are several things you should avoid after getting preapproved, because these things may prevent you from getting approved for the actual loan when the time comes. Here are four things you should avoid doing.
Real Estate
- If you have always lived in the city, then there are some unique aspects of rural living that you need to consider when shopping for rural land for sale. Whether you will be purchasing a bare lot of land for your future dream home or buying an existing residence, it is important that you anticipate the special issues that all rural property owners face, including the following. Zoning Issues You can only build a home on a plot of land that has been zoned for residential use.
- If you are going to be moving across the country due to a job promotion, provide your current home and property with a alluring appearance that may assist with drawing the attention of interested home buyers during an open house. As a result, you may be able to sell your home within a specific time frame so that you can move to your new residence in time to begin handling your new job responsibilities.
- Residential sales contracts often contain clauses to make the sale contingent on one or more inspections that are satisfactory to the buyer. If the home for sale is reliant on a well for its water supply, an inspection of the water system is possibly the most important inspection to be performed. The home you are interested in buying might have no access to a public water supply. If a well is the only source of water, the true market value hinges on the integrity of the water supply.
- After binge-watching reality shows where homes are bought and sold in a day, you might feel like you understand the process. Unfortunately, if you are buying your first home, you might come across a few surprises along the way. Here are two home buying myths debunked so that you don't have to worry: 1: "You get your keys the day you close." Ah, closing day. After you finally sign that stack of papers, you might be ready to grab the keys to your new place and start moving in your furniture.