We all know the old line about location. But buying a home takes research, research, research, too.
You will want to determine
How much you can comfortably afford. The pre-approval process, which entails full documentation and credit check, is the best way to determine the numbers that are right for you. Early in your search, you can identify any potential hurdles and focus only on homes truly available to you.
How much cash you need to close. Knowing how much cash you'll need to close and, ideally, consolidating those funds into one account will help to prevent stress and ease the process later.
What kind of property you really want. Single family, multi-family, condo, co-op, Victorian, Colonial, Cape, split, ranch, cottage, cabin, teepee...home types and legal distinctions are plentiful. Whether you are open to several styles or have your heart set on only one, narrowing your search will save time and prepare you to act when the perfect home hits the market. Read our latest blog on "What's the Difference between a Primary Residence, Second Home, and an Investment Property".
Where you want to be and how long you'll want to be there. You’ll want to strike a balance between buying what you can afford and buying what will accommodate your needs for longer than just the first few years. Assess your plans for growing your family and how your income might grow to match. Planning ahead is especially important in today’s market, when trading up tomorrow may mean both a more expensive home and a higher mortgage rate.
How the process works. This is a time when the Internet doesn’t have all the answers. The process varies for many reasons, including area and custom. Generally, purchases include: Offer, Acceptance, Inspections, Contract, Loan Application, Appraisal, Title, Loan Approval, Closing/Funding and Moving In. Many little steps can fall in between, and the process won't always occur in a given order. It pays to speak with local experts early.
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MortgageCast #8 | The 4-C's of Qualification
WHAT DOES GREENWAY LOOK AT TO DETERMINE IF A CLIENT IS QUALIFIED FOR A MORTGAGE?
It's called the 4-C's of mortgage qualification: Credit, Character, Capacity and Collateral.
In this latest MortgageCast from Erin the Expert, she walks us through what each is as well as what sorts of things might reduce a client's purchasing power.
The mortgage process can be daunting, especially the early stages of qualification! We ask many questions that may not seem to relate to a mortgage and request a significant amount of documentation. Guidelines have become more stringent to ensure the borrower is given a mortgage they can afford. Understanding the underwriting process can help ease stress and streamline the effort. In general, mortgage lenders like Greenway observe the 4Cs of borrower qualification – Credit, Character, Capacity and Collateral. Since every client’s financial situation and scenario varies, the 4Cs help Greenway determine if a particular borrower and property are mortgage-worthy.
You can get more information on qualification and the mortgage process by watching some of my other videos and blog posts. Check the show notes below for links to those.
I hope you enjoy and I am always ready to answer any questions you may have.
And when you're ready to start the home buying (or refinance) process be sure to reach out to me directly.
Show Notes
- Download our 4-Cs Infographic
- [VIDEO] Q&A with ETE (FB Link)
- [VIDEO] 5 steps to mortgage qualification (FB Link)
- (BLOG) Why Pre-Approval Should Be Step One for First-Time Home Buyers
- Get pre-approved: ecarvelli.greenwaymortgage.com/prequalify
- Mortgage payment calculator
- Erin's mobile app: ecarvelli.mortgagemapp.com
- With an on-the-go payment calculator and pre-approval request
- Or text: ETE to 36260
- Website: smt.greenwaymortgage.com
- GreenwayMortgageAtTheShore on Facebook.
- GreenwayMtgSL on Twitter
- LinkedIn: Erin Carvelli
Contact Me Directly
Greenway's Markets in a Minute I Extra Helping of Good News!
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| For the Week Ending November 23, 2018 |
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Please enjoy this quick update on what happened this week in the housing and financial markets.
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Concerns over turmoil in Britain and their Brexit deal caused investors to seek safe haven in bonds. This helped mortgage rates improve this week. |
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Stocks continued to suffer losses this week, as the S&P 500 and DJIA both saw 2018 gains erased. There's some speculation the economy could be cooling. |
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Jobless claims rose to a 4-month high last week. However, the underlying trend remained consistent with a tightening labor market. |
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Home builder sentiment posted the biggest drop in 4-1/2 years in November. Rising rates, tight inventory and increased costs are concerning home builders. |
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Home building, however, rose in October, with a strong rebound in multi-family housing projects. Single-family home construction fell for a 2nd straight month. |
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Existing home sales rose slightly in October as well, snapping a 6-month streak of declines. The median house price rose 3.8% from a year ago, to $255,400. |
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Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time. |
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Learn about the tools Erin the Expert uses to enhance her clients' experience during the mortgage and home buying process and what she does at closing to bring a smile to everyone's face.
You can download Erin's mobile app here (or text ETE to 36260).
Take a look at the What to Expect (W2E) here
Check out some of Erin's #HappyHomeowners here
Want to learn more about ETE and the rest of Greenway's Shore Mortgage Team? Check us out then reach out
Reach out to Erin by phone, text or email: (908) 489-4657, erin.carvelli@greenwaymortgage.com
Check out the other videos in the series:
- Financing Your Closing Costs
- 5 Steps to Qualification
- Benefits of a Boutique Lender
- Erin the Expert | Q&A
- Understanding Seller Concessions (article)
Want to set some time to speak with Erin directly? Click here. If there's anyone that can get a deal done it's Erin the Expert. #ETE
And if you like podcasts, check out Erin's MortgageCast too. She keeps it short and cuts right to the meat of each topic.
Greenway's Markets in a Minute I More Sellers are Listing with Agents
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| For the Week Ending November 16, 2018 |
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Please enjoy this quick update on what happened this week in the housing and financial markets.
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Consumer prices posted the largest increase in 9 months in October. The Labor Dept said its index rose 0.3% last month after increasing 0.1% in September. |
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Retail sales rebounded as purchases of cars and building materials surged. Strong sales ahead of the holiday shopping season could help the economy. |
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Concerns over turmoil in the Brexit deal overseas are pushing investors to the safe haven of bonds. Improving bond prices could help mortgage rates remain low. |
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Home Depot is concerned that higher tariffs could cause price increases on some products. However, sales remain strong for the home improvement retailer. |
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Modular and other non-site built single-family homes made up 3.3% of homes in 2017. That number is expected to rise in 2018 and the years ahead. |
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FSBO transactions fell to a record low of 7% of all home sales in 2018 according to NAR. That's dramatically lower than in 1981, when FSBOs were at 15%. |
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Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time. |
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