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All about the home buying process from pest checks to contracts.
How much can I borrow?
Well naturally a big part of that comes down to how much you earn, specifically your debt-to-income ratio (DTI). Basically, we look at what percentage of your monthly income is required to meet ongoing expenses like rent, utilities, car payments and credit card bills. You know, all the really fun stuff. Most lenders prefer that your DTI not exceed 36% but some FHA-approved lenders will go all the way up to 50% in some cases. But seriously, you don’t really need to do all that math — we’ll do
What if I'm not working with a realtor?
We ask about a realtor because it helps us know where you are in the shopping process, but we don’t mind whether you have one or not. If you want to go knock on the door of a house you want, more power to you. Beeline has a realtor program and can put you in touch with great realtors — and they’ll know you mean business because you’ll have a purchase-ready approval.
Why is Beeline's closing process so much faster than other lenders?
The short answer is, we’ve streamlined and automated a meandering journey into a simple Beeline. The longer answer — because we collect and verify your actual numbers upfront, it means we have more certainty and less conditionality around our approvals. That also means less work for you — no providing supporting documentation, and less work by us reviewing it. Knowing exactly what’s happening earlier also means we can trigger appraisal and title earlier. Title and closing is in-house too, so
What if I don't have a home picked out yet?
That’s pretty normal. Beeline helps you if you’re: In home shopping mode Just starting to think about it Buying your second home or an investment property A seasoned refi master. Having a purchase-ready approval is like a cash offer, so if you’re home shopping and making offers, it’s your best friend. If you don’t have an exact house, during the early part of the application you enter the zip code of the area where you’re shopping. Then 15 minutes later you’ll be ‘purchase-ready’ with
How long does the purchase process take?
Go as fast or as leisurely as you like, but if you want to hit the gas, we can have you closed in 14 days.
Do I need a survey of the property?
It depends on the state the property is in. New Mexico, Texas and Florida all require surveys for a purchase, and sometimes a refinance. If you have a current survey we can probably use it, but if we need a new one, we can arrange it. Your Loan Guide will confirm if you need one based on your location.
What happens if the home inspection shows damage or repairs?
If the inspection shows issues you didn't know about, you can request that the issue is corrected before closing or you can cancel the purchase contract at no cost to you, and you'll get your deposit back.
What happens if I sign a purchase contract and can't get a loan?
If you can't qualify for a home loan, you can cancel the purchase contract, but it’s probably best that you confirm this with your realtor before signing the contract.
How much of a deposit do I need when I make an offer?
That's usually up to the seller, but usually a $1000 deposit is fine when your offer is accepted by the seller.
Do I need a home inspection for the purchase?
It's not required for us, but you definitely should have one done to make sure the home is in good shape. Your realtor can help you select an inspector if you don't know one.
What could happen to miss the contract date?
It should never happen on a contract with closing 30 to 45 days out. If the contract date is less than 30 days, there could be a delay caused by circumstances beyond our control. We’ll be aware of the timing once we receive the contract and will reach out to the realtors if we feel as though we might not have enough time.
What could cause me to lose my deposit?
Make sure to read your contract — laws vary from state to state. You can lose your deposit if you waive your contingencies, don't follow the terms/meet the timeline of the purchase contract, or you get cold feet without a valid cause. Earnest money gives sellers financial assurance that a buyer won't back out of the contract without this valid cause. Depending on how the contract is worded can get into a lot of what-if scenarios, for example some contracts would say you can lose your Earnest Mon
Is my deposit refundable?
Contact your realtor for confirmation, but typically the deposit can be refunded if you can't get financing or there is a problem with the purchase property.
What happens if we don't close by the contract close date?
We do everything we can to meet every contract date. In the rare instance that closing will be after that date, we’ll contact the realtors to try and extend the date.
Do I need a pest inspection?
For VA loans, you always need a pest inspection. For other types of loan, you’ll only need one if the appraiser makes note of pest problems.
I already have a survey, do I need a new one?
Hopefully not, you can forward your current survey to us — we’ll take a look at it to make sure it’s okay to use.
Do you know any realtors I could contact?
Yup, we have a great network of realtors who we can put you in touch with when you're ready.
What information does a survey provide?
A survey provides confirmation of the property lines and the location of the home on the property. The survey is used to show that the boundaries and home location comply with local guidelines.
How do I make an offer on a home?
Working with a realtor is the safest way to buy a home. They know the local market and will help you pick out a great home.
How much does a realtor charge to help with the buying of a home?
There’s no charge to homebuyers to work with a realtor. Any fees the realtor collects are paid by the seller, not the buyer.
Why do I need to make a deposit with my offer to buy a home?
The seller asks for a deposit to make sure you’re making a serious offer. The deposit is signalling your intention to buy the home.
Why do other lenders take longer?
Other lenders don't have the benefit of building their process from the ground up, taking advantage of new technology. They simply can't streamline their process from how they work now. They have a manual process and often get backlogged trying to catch up with the applications they have in their pipeline. We don’t have that issue as we were able to automate many of those manual processes.