Getting Pre-Approved Should Always Be Your First Step

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing if your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”

Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:

1.    Capacity: Your current and future ability to make your payments

2.    Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash

3.    Collateral: The home, or type of home, that you would like to purchase

4.    Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

Bottom Line

Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so.

Contact your local experts at The McLeod Group Network for all your Real Estate needs! 971.208.5093 or mcleodgroupoffice@gmail.com.

By: KCM Crew

Why Getting Pre-Approved Should Be Your First Step

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.” 

Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:

1. Capacity: Your current and future ability to make your payments
2. Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
3. Collateral: The home, or type of home, that you would like to purchase
4. Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

Bottom Line

Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well. Let’s get together - 971.208.5093 or mcleodgroupoffice@gmail.com

By: KCM Crew

Is Qualifying for a Mortgage Getting Easier?

Last week I shared that requirements for obtaining a mortgage were easing as interest rates were beginning to creep.

I wanted to pass along this article as well that offers some additional information related to mortgages & the requirements to obtain a mortgage for first-time & next home buyers.

Is Qualifying for a Mortgage Getting Easier? 

Again, even with the loosening of the reins for qualifying, it is always important to mindful of the trajectory of mortgage interest rates, so that you can take advantage of the market at the best possible time.

Let me know if you have any questions!

~Amy

Source: KCMBlog.com

How Serious Is The Foreclosure Issue?

Foreclosure on your home is an extremely serious issue. Unfortunately, many people do not realize the extent or the severity of this financial nightmare until it is too late. Foreclosure on your home will result in the loss of your rights as the homeowner and also presents many legal challenges.

The foreclosure process on the home begins when a homeowner has neglected to make their required monthly mortgage payments. A homeowner , in most cases, will be delinquent on their mortgage payment anywhere from 90 to 120 days. In today's economic climate, many homeowners are finding it difficult to make their mortgage payment and as a result are facing foreclosure.

Once the homeowner moves beyond 90 or 120 days without curing the delinquency, the mortgage lender will initiate action to legally foreclose on the home. The homeowner will be served with a foreclosure complaint by the court. Once you have been served with the foreclosure complaint your next steps are vital in trying to save your home from foreclosure.

Service of the complaint is often the point at which many homeowners choose to ignore their mortgage lender and the foreclosure action. In most cases, homeowners are unaware that once served with a foreclosure complaint they must respond in order to preserve their legal rights and to enable them to take steps to try to save their home from foreclosure or take the steps to sell it.

In most states, the homeowner has a specified period of time by law to respond to the foreclosure complaint of the mortgage lender. It is highly recommended that you seek legal counsel to understand your legal rights as the homeowner and to explore your alternatives in resolving the foreclosure action.

Lenders, even during the foreclosure process, can work with the homeowner to help them save their home. Your lender will require you to submit information to possibly help you modify your mortgage loan. A loan modification may help you to cure your delinquent payments and may even lower your payments or rate over the life of your loan. There are also government programs that you may qualify for if you are experiencing financial hardship and facing foreclosure.

If you are unable to modify your mortgage loan or qualify for assistance then you have other options to help you avoid foreclosure. You may be faced with the fact that you will need to sell your home. In this case a short sale may be an option. Check with a real estate professional who has received advanced education and certification, like the Certified Distressed Property Expert designation, for your options.

Again, it is vital that you seek legal counsel and keep the lines of communication open with your mortgage lender. Although the lender has begun the process of foreclosure they can still work with you to try and find an alternative if one exists.

If you ignore the foreclosure of your property or are ignorant of the law and your rights you will lose your home. It is crucial to understand the serious nature of foreclosure and take action to save your home and your legal rights.

Don't hesitate to call our office for more information, and referrals to the many professionals who can help.

Hey everybody -

If you're like me, you might feel like you're on some kind of a roller coaster - up and down, up and down - when it comes to understanding this real estate market. Good news, bad news, bad news good news.

Just today, I ran across a great video and article that I think pretty much sums up what is causing so much "good" news, in spite of what you may be seeing you your neighborhood.

Enjoy it at and the related article at:

http://finance.yahoo.com/tech-ticker/article/yftt_378885/Housing-Bottom

And please don't hesitate to call me with any questions you have.....we're in a "W" style recovery and that definately affects when you may want to consider selling and/or buying.