Real Estate Blog

Wednesday, 12 February 2020
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Now that we are well into the new year, many of you may be considering buying a new home.  Whether it is your first home-buying experience or not, let me offer you some tips to make the process a little easier!  With home inventories low, there may be more competition in your desired neighborhood.  Keeping this in mind, you want to take every opportunity you can to stand out from other buyers.  One of the best ways to do this is getting pre-approval from your lender.  This is a step that has become more important to most sellers in a competitive market where often times multiple offers are made on a property soon after the home hits the market.

Mortgage pre-approval is not a difficult process but does require a bit of research, time and of course, lots of paperwork!  This process shows sellers that you are serious about purchasing their home by being financially prepared before you ever look at their home.  If they accept your contract there may be some surprises but more than likely they won’t be caused by your personal finances.

To get the process started you will need to choose a lender you are comfortable working with because you will be spending some time with them and sharing quite a bit of financial information along the way.  They will look at your credit report and request copies of tax documents, pay stubs, savings and checking account statements or other documents for proof of income.  If someone is assisting you with a down payment, they may ask for a letter from that person stating the money is a gift rather than a loan that must be paid back to them at some point in the future.  They will also request information regarding your current debts to determine how much you can afford to borrow for your new home. 

Once they have completed the analysis of your income, assets and debts you will be given a price point to assist you in narrowing your search.  Pre-approval documents are generally valid for 60-90 days so you want to be sure you are ready to put a home under contract before you embark on the process if you don’t want to repeat it at a later date.  Also keep in mind that pre-approval is not a strict guarantee that the lender will approve you for a mortgage, especially if any of your financial circumstances such as changing jobs or acquiring additional debt occurs.  You also don’t have to get your mortgage from the lender who provided your pre-approval and might want to shop around to a second or third lender for a better rate if the first one is not satisfactory to you as the mortgage business can be very competitive.  Keeping these few tips in mind will help you be more financially prepared when you make the decision to buy a new home and as always feel free to reach out to me if I can help you in any way! #Doyouknowjarod 

 

..."You've Got a Friend in Real Esate"...

 

Jarod Tanksley 615.403.8265

www.BrentwoodandBeyond.com

Brentview Realty 615.373.2814

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Posted on 02/12/2020 9:28 AM by jarod tanksley
Friday, 31 January 2020
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You had a list of "must haves" when you started searching for a home.  Then you realized that you would have to make some compromises since no home checked all of your boxes.  You managed to get most of what you wanted but maybe the number of rooms or layout wasn't exactly what you had in mind.  Or, you found the exact space you were looking for that checked all the boxes at the time you purchased your home, but now your life circumstances have changed and you find yourself with an extra room or space that no longer serves your needs.  Just because you may not be able to move right now does not mean you can't have a version of your dream home at your current address.

There are plenty of ways to reconfigure spaces to give your home new functionality.  Work with what you have and start by decluttering the space you would like to change so you can start with a blank canvas and put your new plan into motion.

Many people now have flexible work schedules where working from home has become an option.  If you normally work on a laptop set up on your dining room table, you might enjoy a having a home office in a small space that is rarely used but might offer great privacy.  Do you enjoy sewing, crafting or painting?  Creating a craft room or space can help keep you on track with your hobby because you won't have to clean up everything every time you want to work on a project.  Extra space can be turned into a home gym saving you money on memberships if you already have some equipment stored in various locations throughout your home.  You may use those items much more often if they are all in one area.  This space could also provide a place for yoga or meditation.

Your "dream" home is a concept that will change many times over the course of home ownership.  If you keep an open mind and experiment with new ideas and configurations you just might re-create your new "dream" home concept at your current address. If you've tried these things and you realize you just need more space, call me I'll be happy to help. Happy New Year!

..."You've Got A Friend in Real Estate"

Jarod Tanksley 615.403.8265

www.BrentwoodandBeyond.com (more Blogs & Listings)

Brentview Realty 615.373.2814

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Posted on 01/31/2020 6:43 AM by jarod tanksley
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