The Key Steps of a Mortgage Pre-Approval

If you’re buying a home with a mortgage, you absolutely need to get a pre-approval first. Here’s why.

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There's no doubt about it. It's a very competitive market today if you are looking to buy a home. Inventory is near record lows, and more and more homebuyers are entering the market. This means you need every advantage to grab that perfect home when you do find it. One no-brainer is to get pre-approved for a mortgage. A pre-approval informs you of how much you can borrow and it's something you will need to do at a later point anyway. A pre-approval can mean the difference between having your offer accepted or having to watch your dream home go to somebody else in a crazy market like this. In spite of all these good reasons, less than 10% of buyers who got a mortgage get pre-approved by the lender who originated the loan. In other words, you can definitely get a leg up on the competition by starting your home search at the loan office rather than at the open house.

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A pre-approval definitely gives you a leg up on the competition.

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Here are a few things that you will need: 1. Proof of income. At a minimum, lenders will want to see pay stubs from the past 30 days showing your year-to-date income, two years of federal tax returns, and two years of W2 forms from your employer. 2. Proof of assets. You will need to present statements from your checking, savings, or investment accounts to prove that you have funds for the down payment and closing costs. 3. Good credit. Most lenders reserve the best rates for homebuyers with a credit score of 740 or above. You can still qualify for a mortgage with a lower credit score, but a good lender will also recommend ways that you can improve your credit and qualify for a better loan. These are the biggest and most common things you will need to get pre-approved, though your lender might want to see some other documents as well. Once you are pre-approved, the buying process will be faster, more convenient, and less stressful. Most importantly, it will make it more likely that your offer for that perfect home gets accepted. If you have any questions for me or need any additional assistance, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

Should You Try Your Hand at Home Flipping?

Thanks to popular television shows, the idea of home flipping has attracted a lot of attention recently. But, it isn’t for everyone.

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There are a lot of really entertaining shows on television about the idea of flipping homes, but the reality is a different story. Flipping could reap the results you see on television, but it isn’t as easy as it looks.

The level of success you might see on these shows really comes down to timing the market, and timing the market is hard.

That said, if you’re interested in making money in real estate, the most successful people I’ve seen have been long-term buy and hold investors. The get-rich-quick flipping methods you see on TV just aren’t that realistic.

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Home flipping isn’t for everyone.

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It isn’t that you shouldn’t or can’t try your hand at home flipping, but that you should be careful doing so. If you choose to try it, make sure you’ve got the right professionals backing you up. Home flipping isn’t for everyone.

Having been involved in 2,600 real estate transactions, I know how unpredictable the market can be.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

The Trick to Attracting Online Homebuyers

If you’re a home seller, your home needs to have a top-notch online presence in order to attract all the online home viewers out there in our market.

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Did you know that 95% of all people who buy a home in this day and age first find their home online?

Naturally, if you’re a home seller, your home’s online photos need to be top notch. I recommend using professional photography for your home and having it professionally staged. This means decluttering, cleaning the countertops, having the lighting dialed in, etc. All of that needs to show up to have top-notch pictures.

When a buyer begins their search, that might be anywhere from six to 18 months before they actually starting walking inside of homes, so you need to capture their attention on the internet and compel them to make a phone call or send an email detailing their interest in getting more information about your property. It’s extremely important that you’re able to deliver that information in a timely manner so we can reach out and speak with buyers about their situation and how we can get them situated in your home.

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If someone is looking at your home online over and over again, there’s a good chance they would like to see the inside of it.

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Not everybody who looks at houses online wants to talk to a Realtor or see the inside of a particular house, though, which is why we train our team to notice the difference between these people and serious buyers. Obviously, if someone is looking at your home online over and over again, there’s a good chance they would like to see the inside of it.

We have a proven, repeatable system we use to nurture a lead like that so we can get them to take a look at your home and, hopefully, make an offer on it.

If you have any questions about attracting online buyers or you have any other real estate needs, don’t hesitate to reach out to us. We’d be happy to help you.