Tag Archives: Buyers

5 Things You Need to Get Pre-approved for a Home Loan

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Looking for a house before getting pre-approved for a mortgage is like walking into a grocery store without a wallet. There’s nothing more disappointing than finding your dream house and then discovering you can’t afford it. To ensure that you have the best shot at getting the home you want, you need to obtain a mortgage pre-approval from a lender. It is a reasonable assurance you’ll be approved for a loan.
Here are the 5 things you’ll need to get pre-approved for a home loan:

  1. Proof of income. A record of employment income such as a paystub, T-4 slip or a personal income tax return (if you are self-employed, at least two years of Personal Income Tax Returns and Financial Statements) Proof of any additional income such as alimony or bonuses.
  2. Proof of assets. To prove that you have funds for the down payment and closing costs, you will need to present bank statements and investment account statements as well as cash reserves. Assets may include vehicles, retirement savings account, jewelry, collections and other real estate holdings.
  3. Your credit score. The loan officer will actually do this part for you! You’ll need to provide them with some key information so they can pull your credit. A “good” credit score depends on the scoring system used by your particular lender. Different scoring systems use different scales, and they each develop their own credit score range. Customers with a higher credit score will be able to get lower interest rates which will affect how much you can afford.
  4. Employment Verification. Not only will your loan officer want to see your pay stubs, but they are likely to call your employer to verify if you’re still employed and check on your salary. Today, lenders want to make sure that they are loaning money only to borrowers with stable employment. Borrowers who are self-employed still need to provide additional paperwork concerning their income and business.            
  5. Be ready to provide any additional paperwork requested by the loan officer as quickly as possible. The more cooperative you are, the smoother the transaction will be and the sooner you can find your new home.

The bottom line is by getting a pre-approval first before looking for a house can save a lot of disappointment and heartache later. By doing so, you also have an opportunity to discuss loan options and budgeting with a professional. If you’re interested in talking with a loan officer to learn about your credit score, you’re price point, or a home mortgage, Click here to contact our trusted loan officer John Roehrich.

5 Reasons Why You Should Sell Your House During the Winter Season

Winter is not traditionally regarded as being the best time to put a property on the market, so most sellers opt to wait until Spring arrives when they expect greater interest from buyers. But times have changed! Spring tends to be the busiest time for real estate overall, but that does not make it the best time to sell. Why?

  • With fewer listings to choose from in the winter, your home faces less competition then during the busy Spring season. This increases the chances that showings will turn into offers. You can expect a flood of new inventories in the first quarter of 2015 and as supply increases, the likelihood of you getting an offer at an acceptable price decreases.
  • Buyers have more time to look for homes when they are likely to have time off work
  • Some people are eager to buy before the end of the year for tax reasons
  • People who look for homes now are serious buyers! They won’t be dissuaded by the weather like “Spring shoppers” who are just curious, but not really looking to buy.
  • Buyer’s emotions tend to run high during this season as they look for a new home to celebrate the Holidays in. You can help garner these warm feelings by having a decorated home ready to show off just how welcoming your home really is.
  • Interest rates remain incredibly low this year. Savvy buyers will be taking advantage of this while it lasts. By Spring, the interest rates may be rising! Lower interest rates also allow buyers to afford a more expensive home than they could with high interest rates – a win-win for both buyers and sellers!

Winter is not the dead zone of real estate anymore! Call me today to learn what your home is worth! 651-269-3487 or fill out the form at: http://sandyerickson.com/atj/user/CMAFormGetAction.do Take advantage of the market this winter!

Free Home Search Tool, Home Value Analysis & More!

Have you checked out our website?

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Free Home Search Tool:

Our home search tool offers you all of the listings on the market. You can also set up free listing alerts, and properties that match your selected criteria will be sent straight to your inbox the minute they come on the market!

http://www.ericksonteamhomesearch.com/search/

Market Insider Tool:

The data on this page is consolidated from multiple sources so you do not have to go to numerous sites for information. We can help you find current listings, recent sales, neighborhood data, and more. Whether you’re a buyer or a seller, the knowledge you gain will help put you in control of your real estate transactions.

http://www.ericksonteamhomesearch.com/mimarket/zip/55144/

Free Home Value Analysis: 

For our sellers, we offer a free home value analysis. You will receive a custom evaluation of your home. We make sure to compare your home to other in your area that have sold, are for sale, or were taken off the market. This ensures you accurate information when you are preparing to list your home for sale.

http://www.ericksonteamhomesearch.com/cp/free-search-app/

Free App:

Follow this link to download our free home search app: http://www.ericksonteamhomesearch.com/cp/free-search-app/. We make it easy for you to search for homes on the go. Download to your smartphone, IPad or tablet!

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If you have any other questions about our team and what we can offer you, please contact us at 651-269-3487 or email us at Sandy@SandyErickson.com!

Sandy Erickson Real Estate Team of Keller Williams Realty