Thinking about buying your first home? One of the biggest mistakes new buyers make is waiting too long to start the loan preapproval process — and it could cost you your dream home!
Tag: pre-approval
Q&A: When Should I Start the Pre-Approval Process?
One of the biggest questions we get from future homeowners is: When should we start the loan pre-approval process? A common mistake is waiting until you’ve found your dream home to contact your lender. Instead, reach out to your lender before you start your home search. Once we have your application, it typically takes just a day or two for an initial pre-approval and a few more days for full underwriting. This way, when you find your dream home, you can move quickly! Remember, loan pre-approvals cost nothing out of pocket and are valid for 120 days. If you have any questions, we’re here to help. Contact us today!
Seal the deal! 10 winning strategies to win in a competitive market
Being a homebuyer in this market is not easy, but I have 10 strategies that can help your offer stand out and may even help you win the deal in this competitive market! Watch to learn more!
How are loan pre-approvals determined?
Understanding Mortgage Pre-Approvals!
Watch our short video to demystify the process behind mortgage loan pre-approvals. Learn how lenders evaluate your financial profile to determine your eligibility and potential loan amount. Knowledge is power!
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Tips for Making Competitive Offers in a Hot Housing Market
3 tips to help you make competitive offers!
Spring is in the air and that often means buyers start picking up their home search again. With inventory being low put yourself in a good position so you’re able to beat your competition when you find the perfect home!
6 home loan details to prepare prior to making an offer
Have you found the home you love and now you’re ready to make an offer? There are six details you should be prepared to communicate to your Realtor to insure the transaction goes smoothly.
Watch this short video to learn what they are:
If you are wanting to work with a lender that is dedicated to delivering home loans without surprises please contact us today!
Thanks!
Part 2: How to Buy a Home Without a Sale Contingency – Down Payment
Over 60% of homebuyers in the United States are repeat buyers. This means they often have a home to sell concurrently with buying a home. In today’s competitive housing market it can be a challenge to get an offer accepted when it includes a home sale contingency.
Therefore, it’s always worth trying to see if and how a homebuyer can be pre-approved for their home loan without the requirement of a home sale contingency.
There are two common hurdles that an applicant faces when trying to get pre-approved in this manner.
The second hurdle (HERE IS A LINK to the first hurdle) is cash flow. Without the existing home sold the underwriter will require that the applicant be approved with both mortgage payments. I cover that topic in the video below:
If you are seeking to get pre-approved to buy another home and would like to avoid a home sale contingency please reach out to us today!
How to Buy a Home Without a Sale Contingency – Down Payment
Over 60% of homebuyers in the United States are repeat buyers which means they often have a home to sell concurrently with buying a home. In today’s competitive housing market it can be a challenge to get an offer accepted when it includes a home sale contingency.
Therefore, it’s always worth trying to see if and how a homebuyer can be pre-approved for their home loan without the requirement of a home sale contingency.
There are two common hurdles that an applicant faces when trying to get pre-approved in this manner.
The first hurdle is how the buyer will generate a down payment without the proceeds from the sale of their home. I cover that topic in the video below:
The second hurdle is cash-flow and I will discuss that in next week’s video.
If you are seeking to get pre-approved to buy another home and would like to a void a home sale contingency please reach out to us today!
Benefit 3 – Avoid contractual problems by getting pre-approved by a reputable lender
Did you know the standard Residential Real Estate Agreement commonly used in Oregon allows the seller to prevent you from switching lenders or loan programs?
In this short video I explain the third benefit of being pre-approved for a home loan prior to starting your search:
Consumers should take the time to compare lenders prior to starting their home search because once they are in an accepted offer they need the sellers written consent to switch lenders.
If you would like to get pre-approved then please contact me today to get the process started!
Benefit 2 – Avoid surprises by getting pre-approved before you start your home search
Are thinking of buying a home and wondering when you should get pre-approved? Unless you are open to the potential for an unwanted surprise, I recommend you get pre-approved early on.
In this short video I explain the second benefit of being pre-approved for a home loan prior to starting your search:
By taking the time to get a mortgage pre-approval ahead of time a competent lender will be able to properly set your expectations for monthly payments, closing costs, and down payments. This way, you can direct your home search at a level that is financially sustainable for you.
If you would like to get pre-approved please contact me today to get the process started!