During the past several several months, the media has been full of stories about the shift in the mortgage industry. What started as a sub prime lending issue had turned in to a far broader problem for buyers and sellers. The good news is that rates are still historically low, and there are many people currently buying and selling homes. 

For buyers, the first step in buying a home is to get “pre approved” with a reputable mortgage professional. When you get pre approved there is allot involved. A loan underwriter will go through steps of verifying income, assets, and your credit to ensure that you are a reliable buyer. Especially in today’s ever changing market, sellers will require proof of pre approval to avoid loosing the deal. Done in the beginning, this process will be a benefit to you, the buyer as well. 

For sellers, the first step is to make sure your buyers are pre approved.  You may not have control over who your buyers use for their mortgage.  Make sure you use your trusted real estate agent who will verify that your buyers are pre approved for the home they are buying. Also, your agent will walk you through every step of the transaction including the inspection, and buyers’ appraisal.  

Most important is that you understand the transaction process.  The purchase and sale agreement is a lengthy document and can include so many addendums. This agreement protects your most important financial asset.

When buying or selling keep in close communication with your real estate professional and mortgage lender. Interest rates change daily. Loan products can change in the middle of the transaction.  

If you are interested in learning more about the current mortgage market, or would like information on preparing your home to sell, please give me a call. My goal is to see that your transaction closes in a timely manner, and that I meet all of your expectations. 

Shelley Propernick-Realtor®    206-920-0244