home financing

Important News Regarding the Banking Industry

There have been many changes in the market over the past several months regarding the new regulations on the appraisals for lenders. The enclosed letter is a from the appraisal firm that does our monthly market updates that we send to you all.

Please do read the enclosed letter that was written as I do believe that this will help you understand some of the changes that we are experiencing in the lending side of our business. I do realize this is all very confusing as to how it affects you home value today. I hope this will help you have a better understanding of what the issues are in the market that we are in.

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home financing

How to Prepare for The Financing Process

THE BEST ADVICE…
GET PRE-APPROVED

Most real estate agents and lenders highly recommend that you, as a home buyer, get pre-approved with a lender before selecting a home to purchase. This way, you will have the best information about the right price range for your pocketbook.

9 GREAT REASONS
TO GET PRE-APPROVED

1. Pre-approval determine which loan program best fits your needs.

2. You won’t waste time considering homes you cannot afford.

3. You are ready to write and present an offer on the home you really want when you find it.

4. Your buyer specialist can give the seller a pre-approval letter for you.

5. In today’s market, with multiple offers on properties, pre-approval puts you in a much better negotiation position.

6. You will know the amount needed for down payment and closing costs.

7. If you are a first-time buyer, you may be able to qualify for a special first-time buyer program that may allow you to afford more home for your money.

8. If you feel you would like and can afford a higher mortgage payment, other options may be available.

9. Peace of mind.

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