Home Financing – There’s a feeding frenzy out there!
By Selwyn S. Jamurath
Summer is just around the corner!
That means that it is a great time to get out and enjoy the weather. While you’re out soaking up the sun, many others will be out house hunting. The local market seems to be slowly stabilizing and there are some great deals out there. Here is your chance to take advantage of the frenzy. You can have a great buying experience if you keep a few points in mind.
Seek a reputable real estate & mortgage professional
It’s usually a good thing to ask around about various Realtors and Mortgage professionals before just walking into their place of business. Referrals usually will keep you on the right track. Make sure you are dealing with licensed professionals. Part of the reason that we’re in this mortgage meltdown is because everyone was in the mortgage business and everyone who passed their real estate exam was a Realtor. Where are all of those people now? Stick with the professionals. Like any business, there are a variety of people that can assist you, but doing your homework, will save you from blindly getting into something you weren’t expecting.
In the past everyone would get Pre- Qualified. That was good at the time, but today you will have to become pre-approved which will give you a firmer commitment from the mortgage banks. This will enable you to make an offer on a property that has some credibility. Those types of offers are taken more serious by sellers and their listing real estate agents.
Understand the Real Estate and Mortgage loan Process
Make sure that your Realtor and Mortgage professional explain both the real estate process and mortgage loan process, so that you understand that things are very different from how they used to be and with the change comes some uncertainty. Nothing is guaranteed until your transaction is closed and banks can change their terms / conditions as they please.
Ensure that you’re communicating with your Realtor and mortgage professional at least twice a week to keep up to date on any change that might occur while you’re in escrow.
Market Changes to note
There are no 100% financing options available presently. Most clients will have to come up with at least 10% as a down payment and others may qualify for several government programs out there where the down payment may be less. Come into the game knowing that what your neighbor told you is probably old news and you will be better equipped to make a decision by asking your Realtor and mortgage professional about what it will take to get you into a new home or refinanced today.
GC Financial Services and our Realtor partners can assist you with all of your financing and real estate needs. We’ve partnered with only the top, most reputable Realtors in the area. We can answer your questions so that you’re able to make an educated decision and ensure your home buying or refinancing experience is a great one!
Selwyn Jamurath is Branch President with GC Financial Services, 200 Broadway Suite 84 King City, CA 93930, (831) 385-7848 x119, www.selwynassociates.com or email@example.com