Posted by Anthony Susi on 6/24/2019

If you’re a first-time buyer, odds are you’ve never seen or heard much about mortgage applications. However, for something as important as buying a home, it pays off to go into the process knowing what to expect.

Mortgage applications aren’t all that complicated in and of themselves. Most of the time, your chosen lender will walk you through the process and answer any questions that arise. However, complications do arise when it comes time to provide documentation on things like your income.

To make things easier for your first application, I’ve put together this list of frequently asked questions that first-time buyers often have about their mortgage application process.

Will applying for a mortgage hurt my credit score?

Mortgage lenders will run a credit inquiry to help determine your lending eligibility. There are two types of credit inquiries: hard and soft. A soft inquiry is a quick credit check that doesn’t affect your credit score. A hard inquiry, on the other hand, does. This means your score will be lowered slightly for a few months and then will bounce back.

Mortgage lenders run both types of inquiries. For quick, pre-qualifications, lenders typically run a soft inquiry. Then, as you progress through the approval process, they’re run a detailed credit report (hard inquiry).

What information should I have available?

Lenders will ask you for various documents. The most common things they will ask for include proof of income in the form of  W-2 forms from the previous year and your most recent pay stub. They will also require a record of your other debts, including student loans, auto loans, credit card debt, and any other outstanding debt that you owe. Finally, they will ask for an inventory of your assets. This could include investments, properties, auto titles, and more.

What if I don’t work a conventional job?

People who are self-employed or have unconventional income can still qualify for a loan and will still be required to show proof of income. Lenders may ask for Form 1099 records, tax returns, or any other record or proof of income you have available.

How long does it take to complete an application?

Mortgage applications can be completed as quickly as you gather the required documentation. However, there’s more to getting approved for a mortgage than filling out an application. There will be time needed to process the application, and underwrite your mortgage. This entire process typically takes between 30 and 45 days.

Is it safe to apply for a mortgage online?

Most lenders allow you to start the application process online and their online portals are typically secure. Make sure you check your browser window to ensure that the connection to the site is secured, and you should have nothing to worry about.

Keep in mind that most online applications are designed to get you  prequalified and on your way to getting a mortgage. So, if you want to avoid getting calls from the lender, you might not want to enter any data until you know you’re interested in borrowing at this time.





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Posted by Anthony Susi on 5/27/2019

As a homebuyer, you likely will want to do everything possible to secure your dream house at a budget-friendly price. Yet for those who are dealing with an aggressive property seller, achieving the optimal results may prove to be challenging.

Lucky for you, we're here to help you simplify the homebuying process so you can acquire your ideal residence at an affordable price – even if you're forced to deal with an aggressive home seller.

Now, let's take a look at three tips to help you deal with an aggressive property seller and accomplish your desired homebuying results.

1. Remain Patient

It may be tough to deal with an aggressive home seller at times, but those who stay the course can buy a house that matches or exceeds their expectations.

Remember, a patient homebuyer generally is a happy homebuyer. If a buyer avoids rash decisions and remains calm, cool and collected when dealing with an aggressive seller, he or she can boost the likelihood of making the best-possible choices throughout the property buying journey.

2. Focused on Your Desired Results

The ultimate goal of the homebuying journey is to find and buy a house that you can enjoy for years to come. In some instances, an aggressive seller may make it difficult for you to accomplish your goal. But if you prioritize the end results of the homebuying journey, you may be better equipped than others to secure a terrific residence.

If you focus on the big picture, you may be able to reduce the risk that minor issues with an aggressive home seller could slow down the property buying journey. And if you do whatever it takes to achieve your desired homebuying results, you may be able to find unique solutions to various problems.

Don't forget to maintain open communication with a seller. If you open the lines of communication with a seller, both you and a seller can work together to ensure all parties are satisfied with the results of a home sale.

3. Hire a Real Estate Agent

If you're uncertain about how to deal with an aggressive seller, you may want to hire a real estate agent. That way, you'll have an expert negotiator at your disposal.

A real estate agent is happy to negotiate with a home seller and his or her agent on your behalf. By doing so, a real estate agent will minimize the risk of potential property buying delays.

Let's not forget about the frequent updates that a real estate agent provides during a negotiation with a property seller, either. A real estate agent will keep you informed about seller negotiations and ensure you can move along the homebuying cycle. And if you ever have concerns or questions during the homebuying journey, a real estate agent is ready to respond to them at your convenience.

Manage the homebuying journey like never before – use the aforementioned tips, and you can avoid the headaches commonly associated with dealing with an aggressive property seller.




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Posted by Anthony Susi on 4/29/2019

Ultimately, there is no surefire amount that you should spend on a house. The real estate market varies in cities and towns nationwide, and as such, the prices of houses fall across a broad range. Also, the condition and age of a house – as well as a homebuyer's budget – may dictate how much an individual is willing to spend on a particular residence.

As you search for your dream house, it helps to plan ahead as much as you can. Because if you have a homebuying strategy in place, you can determine exactly how much you can spend to acquire your ideal residence.

Now, let's take a look at three tips to help you get your finances in order before you kick off a house search.

1. Check Your Credit Score

Believe it or not, your credit score may have far-flung effects on your homebuying budget. And if you fail to review your credit score before you embark on a house search, you may miss out on an opportunity to purchase your dream house.

A low credit score may make it tough to get the mortgage you need to acquire your ideal residence. Thus, you may want to check your credit score and find ways to improve it before you begin a house search.

You won't have to break your budget to get a copy of your credit report from the three credit bureaus (Equifax, Experian and TransUnion). In fact, you are entitled to a free copy of your credit report annually from each of the aforementioned credit bureaus. Request a copy of your credit report, and you can learn your credit score.

Of course, if your credit score is low, you can always improve it by paying off outstanding debt. Or, if you find errors on your credit report, contact the credit bureau that provided the report so that you can get these issues corrected.

2. Get Pre-Approved for a Mortgage

Pre-approval for a mortgage makes it easy to enter the housing market with a budget at your disposal. If you meet with a variety of banks and credit unions, you can get pre-approved for a mortgage sooner rather than later.

Remember, banks and credit unions employ friendly, knowledgeable mortgage specialists. Don't hesitate to ask these specialists about assorted mortgage options, and you can select a mortgage that perfectly matches your finances.

3. Consult with a Real Estate Agent

A real estate agent can make it simple to pursue your dream house. This housing market professional will help you narrow the price range for your dream house and ensure you can discover the perfect house without delay. Perhaps most important, a real estate agent is happy to negotiate with a seller's agent on your behalf, ensuring you can get the best price on any home.

Ready to start a home search? Use the aforementioned tips, and you can simultaneously look for your dream house and avoid the risk of paying too much to purchase your dream residence.




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Posted by Anthony Susi on 4/15/2019

A home showing will help you gain the insights you need to make an informed decision about a house purchase. At the same time, you may have many concerns about whether a residence is right for you, even after you complete a home showing.

Ultimately, there are many questions to consider after you finish a house showing to ensure you can make the right choice about a residence, and these include:

1. How did I feel as I walked through a home?

Oftentimes, homebuyers try to envision what life may be like if they purchase a residence. As these buyers walk through a house during a showing, it sometimes can be simple to imagine the possibilities if you buy this residence. On the other hand, it may be tough to envision a future in a particular home if a house fails to match or exceed your expectations.

Think about how you felt as you explored each room in a house during a showing. If you left a home showing with a good feeling about a residence, it may be beneficial to submit an offer or set up a follow-up showing. Conversely, if a home showing left you feeling uncomfortable with a residence, you may want to continue your search for your dream house.

2. Are there any major issues with a home?

Generally, it is a good idea to ask lots of questions about a house during a showing. This will enable you to learn about the condition of a home and determine whether major repairs are necessary.

A home in need of significant upgrades offers opportunities for homebuyers who are looking for a "fixer-upper" house. In fact, if you submit an offer on a fixer-upper home, you may be able to perform assorted repairs to enhance a house's condition and value.

Comparatively, if you are unwilling to perform substantial home upgrades, there is no need to worry. You can always forego submitting an offer on a house after a showing, and by doing so, continue your pursuit for your ideal home.

3. Is a home a viable long-term investment?

As a homebuyer, it is important to find a house that will serve you well both now and in the future. Because if you fail to do so, you risk purchasing a house that will only decline in value in the years to come.

If you feel that a home is a viable long-term investment following a showing, you may want to submit an offer to acquire this residence. Then, if a seller accepts your offer, you can conduct a home inspection and move forward in the homebuying process.

Lastly, as you consider what to do after a home showing, you may want to collaborate with a real estate agent. This housing market professional can help you evaluate the pros and cons of submitting an offer on a particular residence. Perhaps best of all, a real estate agent will offer expert tips to ensure you can find your dream residence in no time at all.




Tags: Buying a home   showing  
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Posted by Anthony Susi on 2/25/2019

The homebuying process sometimes can be tough to navigate. Fortunately, we're here to help you achieve the optimal results throughout the homebuying cycle.

Now, let's take a look at three questions that every homebuyer needs to consider as he or she pursues a home:

1. What is my "dream home" definition?

If you know what you want to find in your "dream home," you may be better equipped than ever before to streamline your home search. Thus, it generally helps to establish a list of home must-haves and wants to guide you along the homebuying journey.

As you check out a broad range of houses, don't forget to update your list of home must-haves and wants too. By doing so, you may be able to further accelerate your home search.

2. What can I afford to pay for a home?

The prices of homes vary based on location, size and other factors. As such, you may want to get pre-approved for a mortgage to ensure you know exactly how much you can spend to acquire your ideal residence.

Getting pre-approved for a mortgage can be fast and simple. If you meet with banks and credit unions, you can learn about all of the mortgage options at your disposal.

Of course, you should ask plenty of questions any time you meet with mortgage specialists. This will enable you to evaluate myriad mortgage options and choose a mortgage that complements your finances perfectly.

3. How can I quickly and effortlessly achieve my homebuying goals?

The homebuying journey differs from buyer to buyer. However, homebuyers who work with real estate agents typically can boost the likelihood of achieving the best-possible results during the homebuying journey.

A real estate agent knows the ins and outs of the housing market. He or she can teach you about the real estate sector and help you narrow your home search. Also, a real estate agent is unafraid to be honest with you and will offer unbiased recommendations to ensure that you can make an informed homebuying decision.

Let's not forget about the comprehensive assistance that a real estate agent can provide throughout the homebuying cycle, either. A real estate agent will keep you up to date about available houses that match your homebuying criteria. In addition, he or she will set up home showings that enable you to check out residences in-person. And once you discover your dream residence, a real estate agent will help you put together a competitive offer to acquire this house.

Furthermore, a real estate agent is ready to respond to any of your homebuying concerns and questions. As a result, a real estate agent will allow you to quickly and effortlessly navigate the homebuying journey.

When it comes to buying a house, there is no need to worry. If you collaborate with a real estate agent, you can get the support you need to make your homeownership dream come true.




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