% 🔪 Fed forecasts cuts ahead…

The Fed’s pivot from ‘maybe more hikes’ to ‘cuts next year’ had the markets in ecstasy. The Dow and S&P 500 hit all-time records. The yield on the 10-yr US treasury went below 4%. And average 30-year mortgage rates fell to 6.6%. That’s a decrease of nearly 150 bps (1.5%) in just two months. #thehelpfulLO #home #house #listreports #househunting #finances #mortgage #investment #realestate #loanofficer #happyhome #happyhomeowners #housingmarket

Rates 🛝 Downhill…

Exciting news, homebuyers! Mortgage rates have dropped a percent in the last few weeks, reducing the monthly mortgage bill for a typical home by several hundred dollars. The number of homes for sale has also continued to inch higher. Improving affordability AND availability? What a nice change! #thehelpfulLO #home #house #listreports #homeowner #househunting #realestate #mortgage #loanofficer #happyhome #finances #investment #happyhomeowners #newhome

Are Starter 🏠 Still a Thing?

In today’s real estate market, “starter home” means something very different than it did 20 (or even 10) years ago, and finances have much to do with that. So, let’s reframe your thinking around what a “starter home” is, and that’s simply a great place to start! If you’re a first-time buyer, consider all the other firsts you’re about to take on; not having a landlord is a big one! Burst pipe? Clogged toilet? Broken major appliance? It’s now on you to figure out these issues. In this case, a smaller “starter home” might be exactly what you want! #thehelpfulLO #home #house #listreports #homeowner #happyhome #newhome #happyhomeowners #realestate #mrtgage #loanofficer #investment #househunting #starterhome

Tips to Beat Higher Mortgage Rates

When buying a home, you must know how much you can afford. Understanding all of the details of your mortgage and knowing money-savvy tips to help you save is important too! I can help you navigate this trickiness; send me a message or leave a comment below! #thehelpfulLO #home #house #listreports #homeowner #finances #mortgage #mortgagetips #loanofficer #investment #smartmoney #icanhelp #themoreyouknow #realestate #happyhomeowners

Home Loan Approval

Being pre-approved can make your offer more attractive to a seller in a competitive seller’s market.

Home Loan Approval vs. Pre-Qualified Applicant

Hi. It’s Mack with One Trust Home Loans and thanks for being here. My NMLS number is 208691. And today, we’re going to talk briefly about being pre-qualified verses a home loan approval. You know, we find ourselves in a very tight inventory for houses that are for sale. It is very competitive out there. If you’re a first-time home buyer, it can be very challenging to find a home not only in your price range, but when you do, you find that you’re competing with other buyers.

Having a Home Loan Approval gives Buyers an Edge over Other Pre-Qualified Applicants

One thing that I know that will give first-time home buyers an edge in the market and even, you know, move-up buyers is to be pre-approved versus just pre-qualified. Now, in my 25-year career, the process for most home buyers starts with a pre-qualification wherein, you apply online or you apply in person, and we spend some quality time together, and discuss your goals. And we make sure that those goals are achievable based upon the income, the assets and make sure that the goals are achievable even within the framework of what you define for us with regards to your specific goals for down payment, closing costs and monthly payment.Loan Approval Process

Loan Approval Process Documents

Now, the home loan approval process takes the pre-qualification process several steps further. So, not only do we complete the loan the application,

Having A Home Loan Approval vs. Pre-Qualifed Applicantspend some time together and define your goals, but then we also put together the financial documents that are necessary to support the application, which include your W-2s for the most recent 2 years, pay stubs equal to 1 month’s income, 2 years tax returns, 2 months bank statements, appropriate identification, and some other items.  You can find a link with an approval checklist here on my video blog.

Now, what we do with that information is we not only just— Not only do we take and review it, but we submit your financial documents to an underwriter and request that the underwriter give us a pre-approval. And then we issue a pre-approval letter to you. And that letter in and of itself in a competitive situation where you are competing with other buyers can  make a difference in whether you get the property versus another person that didn’t take the process, that extra step to reassure a seller that you are indeed qualified to purchase a home.

I hope this was helpful. Please leave a comment and please tell us if there’s any of the material that you think would be of value to you that you would like to know more about. I’d be glad to share it with you. Thanks a lot.