07/18/2025
🛑 Stop focusing on the rate!! It’s the cost to borrow hundreds of thousands of dollars! Even Rich Uncle Kenny ain’t gunna lend you money for free!! The house itself will continue to increase in value, so it will never be cheaper if you wait. You can always refinance!
💵 First time homebuyers can do as little as 3% down. Everyone else can do as little as 5% down!
💲 Closing cost are usually somewhere around 3-4%. These are mostly third-party fees. Meaning, an actual fee that someone will send you a bill for. Like the appraisal, a survey, a flood cert, the county charges a per page fee to record the documents at closing…. Then there are prepaid fees, the days of interest from the day you close until the end of the month, Homeowners insurance and property taxes prorations. It adds up quick!
📝 Paperwork takes time! Think about how long it would take you just to find an upload all of your financial documents…. we are talking about 30 days of paystub‘s, two years of W-2s, tax returns (personal and business if you are self-employed) all the pages of your bank statements for the last two months, including 401(k), retirement accounts, stocks, etc. If you own properties, will need the mortgage statements, the homeowners insurance policies, property, taxes, lease agreements…. Now think about how long it takes that underwriter to read every single one of those pages!
✔️ A prequalification is not an approval! Most lenders will pull a credit report and “take your word for it” based on everything else you put on that application. If you are wrong, or you miscalculated your own income, you could be in deep trouble! The ONLY way you have an actual approval is if you provide all of that previously mentioned ⬆️ financial documents and it has been reviewed by an underwriter!
📈 the appraisal can be another issue in these competitive times. Sellers will accept a higher sales price offer than what the home is worth because there are so many people competing to buy the same home! Unfortunately, you cannot borrow more money than the house is worth! So if you offer over asking price, there is a good chance the appraisal will come in low and you will have to pay the difference!
👸🏼 who you work with matters!!!! Working with the right lender could be the difference between winning an offer, and being put to the bottom of the pile! Remember, as a seller, they want to work with a buyer that has a solid approval, with a reputable company, that has a history of closing on time without any issues! And don’t you want the same as a buyer? To know the person you are working with is experienced and trusted in the marketplace?
Call me when you’re ready to get started!! I’m here to help!
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