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Running A Quick Financial Health Check Before You Apply For A Mortgage

May 18, 2023 by Cachet Real Estate Finance

Running A Quick Financial Health Check Before You Apply For A Mortgage Getting a mortgage is a significant financial decision, and it is crucial to ensure that you are financially prepared before applying for one. Conducting a quick financial health check before applying for a mortgage can help you determine your financial standing and your ability to afford a mortgage payment.

Here are some reasons why you should consider conducting a quick financial health check before applying for a mortgage:

  1. Check your credit score: Your credit score is an important factor that lenders consider when deciding whether to approve your mortgage application. Check your credit score to see where you stand and take steps to improve it if necessary.
  2. Review your debt-to-income ratio: Lenders will also look at your debt-to-income ratio, which is the amount of debt you have compared to your income. If your debt-to-income ratio is too high, you may not be able to qualify for a mortgage. Try to pay down debt and increase your income to improve your debt-to-income ratio.
  3. Calculate your down payment: Most lenders require a down payment of at least 20% of the purchase price of the home. Calculate how much you’ll need for a down payment and make sure you have enough savings.
  4. Determine your monthly housing costs: Take a look at your monthly income and expenses to determine how much you can afford to spend on your mortgage payment, including property taxes and insurance. Make sure you’re comfortable with the monthly cost before applying for a mortgage.
  5. Get pre-approved for a mortgage: Once you’ve completed these steps, it’s a good idea to get pre-approved for a mortgage. This will give you an idea of how much you can borrow and the interest rate you’ll receive.

Conducting a quick financial health check before applying for a mortgage is a smart move. It can help you identify any financial issues, improve your mortgage eligibility, and ensure that you are prepared to take on the financial responsibilities of homeownership.

By following these steps, you’ll be able to quickly assess your financial health to increase your chances of being approved for the loan and determine whether you’re ready to apply for a mortgage.

Filed Under: Mortgage Tagged With: Credit Check, Mortgages, Real Estate

The Benefits Of Working With A Real Estate Agent You Need To Know

May 3, 2023 by Cachet Real Estate Finance

The Benefits Of Working With A Real Estate Agent You Need To KnowWhen it comes to buying or selling a home, working with an experienced real estate agent can be the difference between success and failure. Not only do agents possess access to the Multiple Listing Service (MLS) — a comprehensive database of properties for sale — they also provide invaluable insight into local markets, saving buyers and sellers time by handling many of the tedious tasks associated with transactions. 

Access To The Multiple Listing Service: MLS

From scheduling showings and negotiating offers to managing paperwork from start-to-finish, having an experienced professional on your side makes all the difference in navigating even complex deals without any hassle. Furthermore, their knowledge allows them to source homes that match exactly what you’re looking for — saving hours of research at no extra cost! 

A Real Estate Agent Saves Time

Real estate is never easy, but having someone who knows how this industry works inside out gives you peace of mind throughout every step along the way. Whether you’re buying or selling a property; entrusting these responsibilities to an expert means allowing yourself more free time while knowing that your transaction is in capable hands.

An Agent Can Help Identify Potential Concerns With The Home

For buyers and sellers alike, partnering with a qualified real estate agent can make all the difference when it comes to navigating the complex world of real estate. From uncovering potential issues that may have gone unnoticed to negotiating for better prices on both ends – an experienced agent has the expertise needed to simplify and expedite transactions while ensuring their clients get what they deserve. 

Save Money And Negotiate On The Final Price

A knowledgeable professional can spot problems such as structural damage or legal hiccups that may be hidden from novice eyes; helping buyers avoid costly repairs or fees down the line. Sellers, too, benefit from working with an agent who knows how to maximize exposure of their property in order to attract potential buyers, ultimately fetching them top dollar for their home. 

Work With A Qualified Real Estate Agent

Real estate agents offer countless advantages over going it alone when buying or selling a house; understanding local markets, saving time by streamlining processes, and employing savvy negotiation skills are just some of them! Ultimately, investing in an expert partner is often well worth it — so don’t hesitate to ask for help today if you’re looking into making your next move!

 

Filed Under: Mortgage, Real Estate Tagged With: MLS, Real Estate, Real Estate Agents

What Is A Mechanic’s Lien?

April 27, 2023 by Cachet Real Estate Finance

What is A Mechanics LienA mechanic’s lien is a legal claim placed on a property by a contractor, subcontractor, or supplier who has provided labor, materials, or equipment to improve the property. The lien serves as security for the payment of the debt owed to the party who provided the services or materials.

Mechanic’s liens are typically used in the construction industry, where contractors and subcontractors may perform work on a property and then have difficulty obtaining payment from the property owner. The lien provides the contractor with a legal means to collect payment for their work by placing a hold on the property until the debt is satisfied.

How a Mechanic Lien is Placed

To initiate a mechanic’s lien, the contractor or supplier must follow a specific set of procedures, which can vary depending on the jurisdiction. Generally, these procedures involve filing a notice of claim with the appropriate government office, notifying the property owner of the claim, and giving the owner an opportunity to dispute the claim.

If the claim is not disputed, the lien will remain on the property until the debt is paid. If the debt is not paid, the lien can be enforced through legal means, such as a foreclosure sale.

Reasons a Mechanic Lien Would be Placed

There are several reasons why a mechanic’s lien may be placed on a property:

  • Non-payment: The most common reason for placing a mechanic’s lien is non-payment. A contractor, subcontractor, or supplier may place a lien on the property if they have not been paid for their work, materials, or services.
  • Breach of contract: If a property owner breaches a contract by failing to pay for work that has been completed, a contractor or supplier may place a lien on the property.
  • Unpaid taxes or fees: Mechanic’s liens may also be placed on a property if the property owner has not paid property taxes, assessments, or other fees associated with the property.
  • Fraudulent or deceptive practices: In some cases, a mechanic’s lien may be placed on a property if the property owner engaged in fraudulent or deceptive practices, such as misrepresenting their financial position or misrepresenting the scope of the work that was required.
  • Dispute over work performed: Occasionally, a dispute may arise between a property owner and a contractor or supplier over the work that was performed. In such cases, a mechanic’s lien may be placed on the property as a way to resolve the dispute and secure payment for the work that was completed.

It is important to note that the laws surrounding mechanic’s liens can vary from state to state, and the specific reasons for placing a lien may also differ depending on the jurisdiction.

Mechanics’ liens can be complicated, and the laws surrounding them can vary from state to state. Therefore, it is recommended that contractors and property owners consult with an attorney who is familiar with the relevant laws in their jurisdiction.

Filed Under: Mortgage, Real Estate Tagged With: Contractor, Debt, Real Estate

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Brady, TX 76825
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