Posts tagged with "Real Estate"

Preapproved vs. Prequalified. Is one more important than the other?

Do you know the difference between being preapproved and prequalified when buying a home? And is one more important than the other in today’s market? If not, you must read on….

First of all, what does Prequalified mean?

Getting prequalified for a mortgage loan requires that you select a mortgage lender (Don’t know who to call? I have a few that I worked with for years and come highly recommended) to work with and obtain your loan. A Mortgage Pre-qualification is a promise from the lender that you’re qualified to borrow up to a certain amount of money at a specific interest rate, subject to a property appraisal and other documentation.

So what does Pre-approved mean?

Being preapproved means that you have gone through the pre-approval process with a lender. It includes filling out an application, providing financial documentation, and a credit check. A mortgage pre-approval letter is a document from a lender that states you are preapproved for a loan for up to a specific dollar amount. Read more

So to answer the question, Is one more important than the other?

Being preapproved can make the difference when you are ready to make that offer in today’s market. And unfortunately, we are starting to see a pattern of deals falling through due to financing. At what seems like the eleventh hour, several buyers are learning that the amount they were prequalified for was overestimated, and they can no longer afford the house they fell in love with and have to walk away. Being preapproved can help alleviate this type of stress.

There are a lot of moving parts to the home buying journey. If you need some help talking through this financial piece, call me at 317-625-0655. I am here!

For more Helpful Resources on Financing, Click here

Just Released: February Market Report

MIBOR just released February numbers for the Central Indiana housing market. The key takeaways are:

Download County Specific Market Reports Here

What are the EXPERTS saying:

“With inventory at a record low before the start of the spring selling season, we can expect the market to be challenging for buyers for these next few months. Working with a REALTOR® can help prospective homeowners to be prepared in making the best offer.” – Shelley Specchio, MIBOR CEO

When you are ready, give me a call at (317) 625-0655. No doubt, the market continues to overwhelm many buyers, though let me show you what is possible—ONE STEP AT A TIME.

Tips to Avoid Buyer’s Remorse

The last thing you want to do is regret buying a house. It’s typically the largest purchase you make, and something you have to live with (and in) for some time.

But people regret buying houses so often, it has a fancy term that gets thrown around—“buyer’s remorse.” Whether it’s that they feel like they spent too much money, they bought in the wrong neighborhood, bought the wrong house, or worry that the house is too small, it’s common for people to regret buying the house they bought.

It happens in any market, not just a fast-paced one like we’ve seen recently driven by the pandemic, low inventory, and low mortgage rates. But this market certainly hasn’t made it easy to avoid buyer’s remorse as The New York Times points out in this article.

The problem is, many buyers just don’t prepare themselves to be well-informed, confident buyers in whatever market they happen to be buying.

Fortunately, you can avoid buyer’s remorse, and not just in a “hot” market. Click here for some things you should do to avoid it.