I work in loans both here and in Massachusetts. This Real Estate market is very competitive in both parts of our country, north and South.
Before you go looking at homes, there are things you should have in place.
- Pick out a style of home you BOTH can live with if you have a spouse or a partner.
- Understand that a home on a busy street will sell for less. It will cost less when you purchase it and it will sell for less when you list it.
- Know what you can afford to pay each month. This is very important. You may think you can afford a higher payment than what you will qualify for. OR you may qualify for a higher payment than what you are comfortable paying.
- Meet with a lender and get your finances ready. (hopefully that will be me)
At Fairway Mortgage, we can offer you a pre-qualification, which means I sit down with you and we go over your income and your finances and I tell you what it looks like, based upon the information you give me, you can qualify for.
OR I can offer you a pre-approval,which means I take all of your information, look it over, run credit, run the numbers and let you know, based upon this information, what price range you should be looking for.
I can go a step further and run a TBD. Which means I put your entire loan file together ahead of time. I collect your Paystubs, or year to date P & L, your last couple of years tax returns, verify your employment history, and run your credit, then hand your file over to an underwriter. The underwriter approves the file, or tells us what we need to add to the file to get it approved, and when you find the perfect house all we do is add the property appraisal, the purchase contract and escrow instructions and your deal is ready to close. Boom. That’s it.
If your Realtor is able to hand this type of approval to a seller along with the offer to purchase, and another realtor brings in the exact same offer price, but his client doesn’t have this in their file, whom do you think the seller will choose to do the transaction with?
Realtor.com has a great commercial out right now. It shows people who are excited about purchasing their new home, and it also shows the people who are angry they didn’t get the home. In the commercial they are called the “Not You’s”.
Don’t be the Not You’s. Be the You’s