Wendy Johnson - RE/MAX Professional Associates



Posted by Wendy Johnson on 11/25/2020

If youíre a first-time buyer, odds are youíve 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 arenít 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, Iíve 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 doesnít 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, theyíre 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 donít 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, thereís 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 youíre interested in borrowing at this time.





Categories: Uncategorized  


Posted by Wendy Johnson on 9/30/2020

Are you planning on buying a home by a certain date? Itís unfortunate that life canít go as we plan it all the time! With a bit of planning finding the right home at the right time is possible. Many times, families are looking to buy a home before the end of the summer. This allows them to get settled in and get the kids started in a new school before the start of the year in September. Just because there are more popular times throughout the year to move doesnít mean that the inventory of homes changes much as to whatís on the market. Whatever the reason for the short supply of homes, youíll need to be informed and creative in order to land a house in a high demand market when itís crunch time. Below, youíll find some tips to help you on your search.


Research Your Location Ahead Of Time 


Every housing market has a bit of a down time. You want to pinpoint that period. Does your location have a time of year where people flee the area for vacations? The holiday season can also be a great time to look. There may still be low supply, but there also will be less competition. Do a bit of research in order to find pricing trends. When the prices dip, youíll know thatís a time where competition for homes is lower.


Always Have Your Finances In Order


When youíre buying a home, no matter what time of year it is, you need to have your lender on call. Make sure that you have been preapproved and that your downpayment money is at your disposal. Sellers like serious buyers who are ready to pass paperwork.  


Know What Youíre Willing To Compromise On


When youíre buying a home on a timeline, you may not have the luxury of searching around endlessly to meet your wishlist. You should have a few musts, but there may be many things that youíll need to work with or compromise on in finding the right property. You may be able to find a home in the right neighborhood, but it might not have the granite countertops that youíre looking for. When time is of the essence, your home search priorities need to be set straight.  


Donít Look For Bargains


When youíre in a time crunch to land a home, you donít want to fool around with price. In order to land a home that you love, you might have to offer a bit more than the asking price. Thereís no space for a bidding war, a low offer, or an extended search when you need to buy a home fast.          

  




Tags: Buying a home  
Categories: Uncategorized  


Posted by Wendy Johnson on 8/19/2020

If you want to streamline your home search, there is no need to worry. In fact, there are several things you can do to quickly and effortlessly discover a great house at a budget-friendly price.

Now, let's take a look at three tips to help you streamline your search for your ideal house.

1. Create Homebuying Criteria

Homebuying criteria may help you save time as you embark on a quest to find your dream home. Because if you enter the housing market with homebuying criteria in hand, you'll know what you want to discover in your ideal residence.

To create homebuying criteria, think about your home must-haves and wants. Then, you can search for houses based on your homebuying criteria and move one step closer to finding a residence that you can enjoy for years to come.

Of course, it is important to remain flexible as you pursue your dream house too. And if necessary, you should be ready to adjust your homebuying criteria as your home search progresses.

2. Hone Your Home Search to Preferred Cities and Towns

You know you want to buy a house, but you still have no idea where you want to settle down. If you make a list of preferred cities and towns, however, you may be able to accelerate your home search.

Consider your short- and long-term aspirations as you prepare a list of preferred cities and towns. For instance, if your long-term goal is to work in the city, you may want to focus on houses in or near the city itself. On the other hand, if you want to own lots of land in a small town, you may want to consider small town residences.

3. Work with a Real Estate Agent

Searching for a home on your own may prove to be time-consuming. Fortunately, real estate agents are homebuying experts who are happy to help you simplify your house search.

By hiring a real estate agent, you can receive comprehensive assistance throughout the property buying journey. A real estate agent will teach you about the housing market and respond to your homebuying concerns and queries. Plus, he or she will offer recommendations and suggestions to help you make an informed home purchase.

In addition, a real estate agent is ready to assist you in a number of ways. He or she will set up home showings, keep you up to date about new houses that become available in your preferred cities and towns and help you submit a competitive offer to purchase your dream home. Perhaps best of all, a real estate agent will do whatever it takes to help you acquire a terrific residence at an affordable price.

As you get set to embark on a home search, it generally is a good idea to enter the housing market as a prepared property buyer. Thanks to the aforementioned tips, you can conduct an in-depth home search without delay. And as a result, you can use these tips to discover your dream house in no time at all.





Posted by Wendy Johnson on 7/15/2020

If you want to buy a house, it pays to enter the real estate market with a checklist in hand. That way, you can streamline the process of going from homebuyer to homeowner.

Now, let's take a look at three things to include in your homebuying checklist.

1. Your Budget

Your budget will dictate whether you're able to afford a condo, luxury home or something in-between. As such, you'll want to assess your finances closely as you determine exactly what type of house that you can afford.

Oftentimes, it helps to get a copy of your credit report. You are eligible to receive one free copy of your credit report annually from each of the three credit reporting bureaus (Equifax, Experian and TransUnion). If you know your credit score, you can determine whether now is a good time to enter the real estate market, or whether you should improve your credit score first.

You may want to consult with several banks and credit unions too. These financial institutions can teach you about various mortgage options and help get pre-approved for a mortgage. Then, once you have a mortgage, you'll know exactly how much you can spend on a house and tailor your home search accordingly.

2. Where You Want to Live

Living in the suburbs is very different from residing in the city. Therefore, you'll want to consider where you want to live so that you can search for a home in specific areas.

For example, if you prefer the peace and quiet of a small town, you may want to consider houses in small towns in the state of your choice. These towns may feature dozens of available homes. Plus, in many instances, small town houses are priced lower than big city residences.

Or, if you enjoy the hustle and bustle of the big city, you can search for residences in any city, at any time. These houses likely will ensure that you'll have quick, easy access to a variety of big city attractions and landmarks.

3. Real Estate Agent

There is no telling whether you're about to enter a seller's or buyer's market, as the housing sector often fluctuates. Fortunately, if you hire a real estate agent, you can increase the likelihood of a quick, successful homebuying experience, regardless of the current housing market's conditions.

A real estate agent is committed to your homebuying success and will do what it takes to help you find the right home, at the right price. He or she will learn about your homebuying goals and offer expert insights into the real estate market. Also, if you ever have homebuying concerns or questions, a real estate agent is available to address them.

For those who want to streamline the homebuying process, it helps to hire a real estate agent. And if you hire a real estate agent today, you can get the assistance that you need to make your homeownership dream come true.

Get started on your homebuying checklist, and you can simplify the process of acquiring your ideal residence.




Categories: Uncategorized  


Posted by Wendy Johnson on 6/24/2020

Buying a home can be fast and easy for just about anyone. However, becoming the "perfect" property buyer can be challenging, particularly for those who are shopping for a house for the first time.

The perfect homebuyer understands what it takes to land his or her ideal house at the best price. As such, he or she will know how to handle difficult homebuying situations and streamline the process of going from property buyer to property owner.

Ultimately, becoming the perfect homebuyer may be easier than you think Ė here are three tips to help you acquire your ideal residence quickly and effortlessly.

1. Study the Real Estate Market Closely

The real estate market has many ups and downs, but the perfect homebuyer will know the ins and outs of the housing sector. By studying the real estate market closely, this property buyer will be able to identify the right opportunities and overcome any potential homebuying hurdles.

Spend some time looking at the prices of homes that are currently available. This will allow you to find homes at price that you like Ė and homes at prices that you don't like Ė and map out your homebuying journey accordingly.

Also, take a look at homes that recently sold in cities or towns where you'd like to live. This will enable you to differentiate between a buyer's market and a seller's market.

2. Know What You Can Spend on a Home

The perfect homebuyer should have no trouble avoiding the temptation to overspend on a house. In fact, this homebuyer will understand how to get pre-approved for a mortgage, which will ensure that he or she can establish a property buying budget.

To get pre-approved for a mortgage, a homebuyer should meet with several banks and credit unions. Each meeting will enable a homebuyer to learn about the mortgage options that are available from a variety of lenders. Plus, a homebuyer can ask questions and discuss myriad mortgage options with these lenders.

With pre-approval for a mortgage, a homebuyer will be able to enter the housing market with a budget in hand. Then, this property buyer can narrow his or her search for the ideal residence.

3. Collaborate with a Housing Market Professional

Becoming the perfect homebuyer may require you to receive housing market guidance at times. Fortunately, if you work with a real estate agent, you can get top-notch support as you navigate the homebuying journey.

A real estate agent is a housing market professional who will go above and beyond the call of duty to assist you. He or she will be able to provide homebuying recommendations to help you make informed decisions. Also, a real estate agent will be able to keep you up to date about new houses as they become available, guaranteeing that you can speed up the homebuying process.

When it comes to buying a home, it is essential to do whatever it takes to acquire a first-rate residence at a budget-friendly price. Take advantage of the aforementioned tips, and you can move one step closer to doing just that.




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