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Pre-approval process interview with local mortgage lender, Brett Jackson, BOS NMLS #1810463

We may sound like a 𝚋𝚛𝚘𝚔𝚎𝚗 record, but the market is moving 𝒆𝒙𝒕𝒓𝒆𝒎𝒆𝒍𝒚 𝒒𝒖𝒊𝒄𝒌 so it’s important to be pre-approved before looking at any homes. Clay sat down with Brett Jackson, NMLS #1810463 a local mortgage lender at bankwithBOS to talk about the documents needed in the pre-approval process.
Before you start shopping around you want to gather:
  • Tax returns/W2’s
  • Proof of income
  • Proof of assets
What’s 𝗽𝗿𝗲-𝗮𝗽𝗽𝗿𝗼𝘃𝗮𝗹? Basically, a letter showing sellers you’re a qualified buyer. It’s so important to know:
  •  what you can afford
  •  what you’re comfortable paying for a mortgage
  •  ultimately how much money you can borrow for your loan
If you have any more questions about the pre-approval process, reach out to a local lender, like Brett to get more information or click here to apply: https://www.mortgagewithbos.com/BrettJackson.html

Don’t Sell on Your Own Just Because It’s a Sellers’ Market

In a sellers’ market, some homeowners might be tempted to try to sell their house on their own (known as For Sale By Owner, or FSBO) instead of working with a trusted real estate professional. When the inventory of homes for sale is as low as it is today, buyers are eager to snatch up virtually any house that comes to market. This makes it even more tempting to FSBO. As a result, some sellers think selling their house will be a breeze and see today’s market as an opportunity to FSBO. Let’s unpack why that’s a big mistake and may actually cost you more in the long run.

According to the Profile of Home Buyers and Sellers published by the National Association of Realtors (NAR), 41% of homeowners who tried to sell their house as a FSBO did so to avoid paying a commission or fee. In reality, even in a sellers’ market, selling on your own likely means you’ll net a lower profit than when you sell with the help of an agent.

The NAR report explains:

“FSBOs typically sell for less than the selling price of other homes; FSBO homes sold at a median of $217,900 in 2020 (up from $200,000 in 2019), and still far lower than the median selling price of all homes at $242,300. Agent-assisted homes sold for a median of $295,000…Sellers who began as a FSBO, then ended up working with an agent, received 98 percent of the asking price, but had to reduce their price the most before arriving at a final listing price.”

When the seller knew the buyer, that amount was even lower, coming in at $176,700 (See graph below):

That’s a lot of money to risk losing when you FSBO – far more than what you’d save on commission or other fees. Despite the advantages sellers have in today’s market, it’s still crucial to have the support of an expert to guide you through the process. Real estate professionals are trained negotiators with a ton of housing market insights that average homeowners may never have. An agent’s expertise can alleviate much of the stress of selling your house and help you close the best possible deal when you do.

Bottom Line

If you’re ready to sell your house this year and you’re considering doing so on your own, be sure to think through that decision carefully. Odds are, you stand to gain the most by working with a knowledgeable and experienced real estate agent. Let’s connect to discuss how a trusted advisor can help you, especially in today’s market.

Things to Avoid after Applying for a Mortgage [INFOGRAPHIC]

Some Highlights
• There are a few key things to make sure you avoid after applying for a mortgage to help make sure you still qualify for your loan at the closing table.
• Along the way, be sure to discuss any changes in income, assets, or credit with your lender, so you don’t unintentionally jeopardize your application.
• The best plan is to fully disclose your intentions with your lender before you do anything financial in nature.