Archive for the 'Real Estate' Category

21
Nov
11

Little Rock Home Buying Process: Pre-Approval for Home Loan


Pre-approval is one of the most important steps in the home buying process. Even in the Little Rock Home market, many wait until they find that “perfect home” to iniitate a relationship with their mortgage lender.

Here are some reasons why being approved at the beginning of the home buying process is so important:

1. Pre-approval for a home loan will determine your price range. Based on your down payment and that pre-approved mortgage amount, you’ll know what you can afford before you start looking. This saves you time and allows you to focus on houses that you can actually purchase.

2. Pre-approval strengthens your offer and negotiating position. Home sellers tend to accept an offer from a buyer who is pre-approved for a home loan over someone whose financial picture is still in question.

3. Pre-approval often cuts days or even weeks when you close. The lender has already analyzed your credit and approved you for a mortgage.

What is the difference between being pre-approved and pre-qualified?

There is actually a big difference between buyers who are ôpre-qualifiedö and those who are pre-approved. Lenders pre-qualify buyers and determine how much they can borrow based only on information the buyer has provided. The buyer still must fill out a loan application and go through the lender’s approval process. If you are pre-approved, lenders have already done a credit check and verified employment and deposit. Pre-approval is a commitment to lend you a predetermined amount. The only piece missing is the lender’s appraisal of the home to confirm its value.

How long should a pre-approval for home loan take?

If you are dealing with an experienced mortgage representative who uses an automated approval system, it should only take a few minutes to get a pre-approval. However, if your lender is not using the most up-to-date automated systems, pre-approval for a home loan could take a few days. The automated system takes all of your income, debt and asset information and enters it into their computer. The pre-approval process is usually pretty fast as long as the loan officer is certified to use the DU underwriting system (automated underwriting). The final loan approval comes once you have an actual property and then the lender re-verifies all of the property, income, debt and asset information.

What happens if I change jobs after getting pre-approval for a home loan? Do I have to go through the process again?

Unfortunately, the answer is usually yes. Your pre-approval is good as long as none of the information provided to the lender changes. You will need to notify the company that pre-approved you that your employment status has changed. They will have to enter your new income data. The good news is that if you took a new job that pays more, you might be able to afford a larger house.

What happens if I decide to work for myself after getting pre-approval for a home loan?

There will be complications when going from W-2 employee to 1099 or Schedule C income. You will probably need a two-year history of self-employment to qualify with that income. In this instance, you might want to ask your lender about undocumented home loans.

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11
Nov
11

Little Rock Home for Sale – 69 Dartmouth Drive, Little Rock, Arkansas 72204


An amazing new listing located conveniently in the Kensington Subdivision in Little Rock, 69 Dartmouth Drive offers many amenities families are looking for.  A 2005 construction that feels brand new, this home has a beautiful brick exterior and pretty landscaping to welcome you home!

Immaculately maintained, this one owner home has an open concept Living Room- Dining Room space with a 12 Foot ceiling, and a beautiful gas log fire place, making for an ideal haven for entertainment.

In addition to the Formal dining room, this home features an eat-in Kitchen equipped with stainless steel appliances.  Beautiful white cabinetry offers ample storage for the growing family, and includes two pantry areas, and great prep spaces, all necessary for the budding chef.

Through the kitchen is the separate Laundry room, also with storage, and works as a mud room for the two car garage entry.

At the end of the day, escape to the Luxurious Master Suite.  Good size bedroom with a stunning tray ceiling and chandelier make for the perfect serene getaway.  You can snuggle up to a great book in the adjoining sitting area with a custom window looking out to this wonderful neighborhood.  Relax in the master en-suite Bath featuring Double Sink Vanity, Jetted Spa Tub, and Separate Shower.  The Walk-In Closet has ample storage and there’s even a separate water closet for ultimate privacy.

Two additional bedrooms and a bath complete this family friendly home.  The back yard is spacious with a good sized deck for wonderful outdoor entertaining.

Come schedule a tour of this amazing home by calling Mitsy Tharp at 501-944-7147

Or, take a tour while you sit with your computer:     69 Dartmouth Drive Virtual Tour

If you’re looking for any other spaces in the central Arkansas area, click here to see all Great Homes In Little Rock!