If you’re in the market for a new house, you’ve probably heard that you want to get pre… qualified or pre-approved?
What’s the difference anyways?
There’s actually a big difference. Pre-qualified is more of a preliminary step. It gives you a general idea of much home you can afford. We will examine your credit, income, assets, and debts and you’ll have a general idea of the price range you’re looking for. You may also see that you need to increase your savings or lower debts before you buy. While pre-qualifying is an initial step, pre-approval is a deeper dive and being pre-approved carries more weight with sellers.
To get pre-approved we will verify you income, assets, etc. and you will be more official (of course you still have to apply for a mortgage). Being pre-approved is almost a necessity in competitive housing markets, as realtors do not want to waste time and you will have a better chance of having your bid accepted. Now that we know the difference you may wonder what’s the point of getting pre-qualified – why not just get pre-approved? Good question – basically its much faster and it gives you a good starting point to start your home search. Pre-qualify or pre-approve we can help you with both – apply on our website or call us to get started.

As the Federal Reserve has indicated lowering inflation is a top priority and raising short term interest rates as its primary tool to do this, we have seen mortgage markets react with higher rates (mortgage rates are not directly tied to the Fed rate, but they often move in the same direction).
The 30 year rate moved up to 5.89% this week accord B ing to Freddie Mac. While these rates are higher than pandemic lows, the still fall into the historic “normal” range.
While the Fed is taking a strong position against inflation, we are seeing market conditions improve in some areas. As Dawit Kebede, an economist for the Credit Union National Association noted recently, “there are signs that some of the main drivers of inflation are easing, such as lower oil and other commodity prices in July, slower wage growth, and declining supply chain pressures.”
There is also a renewed interest in ARM loans with the 5/1 ARM at an average of 4.52% last week.
Every loan scenario is unique so fill out our loan analyzer on our website and we can see what program is a good fit for you!

If you are thinking about selling your home and want to maximize your value without taking on major renovations here are some quick and (relatively) easy things you can do.
1. Update the hardware – if you have dated or weathered knobs, mirrors, handles, faucets switching them out with more modern ones can make things look a lot fresher.
2. Paint – this is one of the most obvious ones but a fresh coat of paint (or two) can work wonders.
3. Go Green – adding plants can make things look a lot livelier.
4. Deep clean the bathrooms – if you have grout or stains they can be a big eye sore.
5. Deep clean the outdoors – a power washer can make a huge difference on a dirty house as well as walkways and patios.
6. Smarten things up – a wifi doorbell, cameras and lights are very popular add-ons.
7. Roll out the welcome mat – literally – a new mat and freshening up the entrance really helps.
8. Don’t forget the backyard – if you have a sad lawn and furniture make sure they get some tlc too.
9. Precision landscape – if you have bare patches on the lawn, re-sod them, if things are looking less then lively consider a few new plantings.
10. Get rid of the clutter – if you have a lot of things piled up in the house consider making some goodwill runs – it will make walk throughs more open and appealing.

Today we are going to discuss two common mortgage loan products, and the pros and cons of both: FHA versus Conventional Loans.
Many people are familiar with the 20% down, good credit 30 year fixed conventional loan scenario. FHA loans are designed for people who have difficulty qualifying for a conventional loan to buy a house.
FHA Loans offer down payments as low as 3.5% and are more lenient on credit scores and past financial issues. Borrowers can qualify for FHA loans with as low as 580 credit scores.
One of the downsides of FHA loans are mortgage insurance requirements, if you put down less than 10% you will be required to pay monthly insurance for the duration of the loan, as well paying Upfront Mortgage Insurance Premium.
The best choice for you? Give us a call or apply online and we will analysis what programs suits your needs 😊

If you are shopping for a new home and looking for some good market news, there is some in the increase of housing supply. After dealing with monthly price increases and bidding wars, because demand was far higher than supply, we are looking a somewhat more balanced market (but still a seller’s market in most areas). According to the National Association of Realtors the stockpile of homes in months of supply has dropped from a record low of just 1.6 month in January and has slowly ticked up to 3.3 months in July.
So while it is still a seller’s market conditions are moving towards more balance – if you are looking, go to our website and fill out our pre-qual analysis to see how much you can qualify for and we can analyze what best fits your situation.