LOANS: Pre-Approval v. Pre-Qualification: What, How & When?

Let’s face it, it isn’t all that common that people can pay cash for a house.  This means they must get a loan, and that requires several factors.  Most people will jump into house hunting without knowing what to do or what to expect.  Let me start from the beginning with a couple definitions… THE […]

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Residential Home Inventory

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If you are looking to purchase a home in the central Kentucky area, you may have noticed the lack of inventory (or available homes on the market).  It has made it considerably difficult for home buyers to find the home they love while trying to beat anyone else to it.  If you are a buyer make sure to have your ducks in a row before looking at homes, because once you come across the one you want to make an offer on you want to be ready so you don’t miss out.

While the current market may not look so great for home buyers, it is actually good for those trying to sell their home!  Now is the time to list your home for sale.  If you have a great real estate agent on your side and your home is priced right, your home may just stand out and sell quick!

Check out what’s available here.

Getting a Loan???

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If you are about to begin your search for property or even have already started casually looking and you are planning on getting a loan, stop what you are doing and go get pre-approved!

There are different ways you can go about doing this.  You can call different lenders or go to your bank you currently are with.  You definitely want to call around to check your options and see what they offer in terms of interest rates and closing costs.  See who YOU are more comfortable with.  Don’t be worried about your credit score when talking with different lenders.  They say you typically have around 45 days to “shop around” for lenders without it affecting your credit score.

If you are a first-time home buyer, different lenders may offer programs to assist you financially.  Do you think your credit is not good enough?  Well, first of all-you never know until you call and see, second of all-some lending offices offer credit repair programs.  Even if you don’t fit into these categories, lenders sometimes run different grants where they are giving you free money to help with closing costs that you DO NOT have to pay back-see if they offer these grants.

There is a difference in getting pre-qualified and pre-approved.  Pre-qualified is not an official go-ahead for a loan.  That is their quick way of saying “yeah, you should be able qualify for a loan for x amount of dollars.”  Pre-approved is what we need in order to move forward with making an offer on a home you love.  You don’t want to miss out on a home just because you waited to get pre-approved.

So, don’t wait!  Get it done ahead of time and ask the lenders anything you are concerned about.  Don’t know where to start?  Give us a call, we are happy to help and give recommendations for your property buying process.  Contact us

Remember we are not mortgage brokers and are not experts in the lending field.  Please consult a lender of your choice to ask specifics about your situation.

Zillow: Clearing the Air

 

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This is a short blog to help consumers become more educated during their property search.

Many of you may use Zillow for your home/property search.  What many of you are not aware of is that when you ask for more information about a property it is going to send your information to an agent and it is not usually the listing agent (the one representing the seller of the home you are interested in).

This is actually a good thing for both you as a buyer and for the agent you are being connected to.  If you were being connected directly to the agent that is representing the seller, they would be looking to do what they can for their seller-if you know what I mean.  This is why in a transaction in real estate there is usually a buyer agent and a listing agent, each representing their clients’ best interests.

I understand a lot of people assume you are going to be connected directly with the listing agent and may not know the downsides to this.  It is confusing that Zillow does not say who it is you are being directed to so I figured this would be helpful so you are prepared when inquiring about a property.

So, when another agent answers the phone or responds to your message-do not run away!  It is good for you in the long run as a buyer!

If you are already working with an agent outside of your Zillow searches, I recommend that if you find a place of interest you send the address to your agent to help you with it so you are not connected with someone new.  Still need an agent?  Contact one of our awesome REALTORS® to discuss what they can do for you!

Zillow