Why Is My Underwriting Taking So Long?

Behind the Scenes in a Mortgage Approval…

What’s the holdup? You’ve found that house you want and the seller was ready for you to move in — yesterday. But your final approval still isn’t here. Could the mortgage fall through?

These are the things that run through the buyer’s mind in the days leading up to closing.

The underwriting process can feel like forever. Through it, the lender vets your financial profile and the property’s condition. You don’t get direct communication from the underwriter. What is happening behind the scenes?

Let’s look over the lender’s shoulder and see what’s going on throughout the timeline.

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Condos and Special Assessments

The Good, Bad, and the Tragic…

After buying a condo, a unit owner will have to pay regular (usually monthly) assessments. Dues can go up when the condo board creates a new budget. Usually, unit owners just roll with the changes. But when they’re hit with special assessments — lump-sum charges over and above the regular dues — they can get pretty annoyed.

If a homeowners’ association (HOA) lacks the reserves to fund capital improvements, owners can be hit with major charges they hadn’t budgeted for. How does a condo buyer prepare for this kind of thing? And why does this even happen? Can’t associations protect their residents by creating realistic budgets and planning for the unexpected?

Here, we talk about the good, the bad, and the ugly of special assessments by homeowners’ associations.

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For the Self-Employed Home Buyer, Is Getting a Loan About “Who You Know”?

For self-employed creators, contractors, and business owners, getting a mortgage loan can be challenging. But it’s entirely possible. Even in a tough economy. It just takes persistence and patience — and being ready to answer a lot of questions from your mortgage specialist.

And finding a mortgage specialist is all about forging a relationship.

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The Biden Administration’s New Housing Supply Action Plan

It’s Been Well Received in the Industry. How Will It Work?

Housing is in short supply. Home prices are unbearable. The plot keeps getting more dire, with the prices of building materials up 19% from last year, and mortgage rates hitting a 12-year high. 

And it’s not as though people can just rent some place and wait for things to normalize, given the surging costs of U.S. rents. Rising costs are leaving potential buyers stranded. Market inflation is crushing ordinary working people and minority communities. And now, massive increases in rents are battering residents of mobile home parks, where residents fear losing their homes and having no housing options at all.

Something’s got to give.

In May, the Biden administration announced “the most comprehensive all of government effort to close the housing supply shortfall in history.” The Housing Supply Action Plan from the White House aims to create options for people who desperately need them, and to rein in costs for renters and homeowners.

Here’s what the administration is doing.

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Buying a Townhouse Makes Sense in 2022

Four Major Reasons…

Houses are expensive. Many people trying to buy homes today are finding they need significantly more income than they thought they would need to qualify for a mortgage.

Going for a townhouse in a multi-unit development, rather than a free-standing house, makes sense for many buyers for this reason alone. There are other reasons, too — environmental and social benefits. Let’s take a look.

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We Bought Our Home Years Ago. Why Is It Still on the Internet?

Why are all those staged photos and information about your home still open for all to view online, along with the history of the home’s pricing? If you haven’t looked since you bought your home, it’s likely to be easy enough to find. Just do a search for your address.

Whether the internet puts your home in a laughable light, fails to show its real current state, or makes you feel exposed to friends and “frenemies” who might be snooping, you might not be thrilled about the exposure. Just how long is all that information going to hang around the internet? Can you take it off?

To an extent, you can change your home’s information online. Here, we explore what the internet says about your home, and steps you can take to control the narrative.

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Going Solar: Does It Impact My Title?

An Intro to Solar Easements

Solar electricity changes real estate. When a homeowner adopts solar energy, other homeowners are impacted. Solar systems create aesthetic changes. Because of community resistance, they also create a need for solar access rights.

Does any of this affect the title or property value? It can — in the form of a solar easement for unobstructed sunlight.

In this article, we take a look at how basking in the rays can affect homes, communities, and real estate titles.

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Rent or Buy? Is There Even a Choice in 2022?

Buyers are frustrated. Many have worked hard for years to get into the position to buy a home, only to find absolutely nothing that’s accessibly priced, or to lose a nice find to better-funded bidders. Now, the vast majority of listings are above the $200K mark. Would-be buyers must keep paying ever costlier rent, rather than saving more for the investment they really want.

On top of it all, here come the rising interest rates. Interest on a 30-year fixed-rate mortgage is above 5% for the first time in years.

It’s understandable that some are giving up. Still, there are reasons for patience, persistence, and hope.

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