Thursday, June 8, 2017
Thursday, January 26, 2017
With low inventory in many markets throughout the country, many homeowners are afraid to sell their homes because they’re concerned that they may not be able to find a new one. This can be a real problem. But, if you are seeking to sell — whether to upgrade or find a new neighborhood — there are a few ways to combat the low inventory.
Monday, January 9, 2017
The Proverbial Loan Pre-Approval
Most anyone who has bought a home in recent years has been asked for a home loan pre-approval from a mortgage lender. Unless you are equipped to and planning on paying cash for a home purchase, getting pre-approved for a home loan is an essential step in the home buying and financing process. In today’s competitive real estate environment, a pre-approval from a reliable lender can make a difference in your offer being accepted or rejected. Your real estate agent will request a pre-approval letter from a lender so they can help you find a home you can afford. A pre-approval is likewise important to a seller so they feel confident that you can obtain a home loan when accepting your offer.
Mortgage lenders can vary in this process of pre-approving a client. What one may call a pre-approval, another may view as only a pre-qualification. There are indeed differences between these terms. I prefer to discuss the differences with my clients and their agents so they may choose which option is best. My true pre-approval process of being thorough up front has proven time and again to be the best way to offer this valuable service to clients. By doing so, we help set clear expectations about how much you really can afford, we know if there are potential challenges ahead, or we know if you qualify easily for what you desire.
Pre-Qualification vs Pre-Approval. The difference is…
With a loan pre-qualification, you may or may not be required to fully complete a loan application with a loan originator and submit supporting documentation. He/she will discuss your situation, including your job, income, credit, current monthly obligations, money available for a home purchase, etc. Based on the information provided, from there the loan originator can roughly tell you how much home you can afford. Or, in other words, the maximum sales price, loan amount and/or payment for which you qualify.
With a loan pre-approval, the process is more detailed and goes a few steps further. This is where a loan application based on a property to be determined is taken by a loan originator. All necessary documentation for buyer qualification is provided by you, processed and verified by a loan processor, and reviewed by a lender's underwriter to determine the actual limits for which you qualify. A true loan pre-approval is more accurate and, by far, more trusted for loan qualifying purposes. Loan pre-approvals are highly recommended for serious homebuyers.
Some buyers qualify for more than their comfort range (monthly payment and/or cash contribution toward purchase) and vice versa. Starting the process early puts you ahead and helps set realistic expectations for what you want, what is available, and what you can afford for your new home purchase. Waiting to start the process until after you have found a home puts extra pressure and stress on yourself, the lender, your agent, and the process as a whole.
So before you are ready to start shopping for a home, do yourself a favor and get pre-approved for a home loan. Speak with multiple lenders about their processes, thoroughness, and timing for completing a pre-approval. Choose the lender with whom you feel most comfortable - one who you feel confident will get the job done with the least amount of stress and hassle. Then only after you are pre-approved, shop 'til you find the perfect home!
About the Author: Chasity Lousteau is a Realtor(R) in the San Fernando Valley area of Los Angeles, CA and Sr. Mortgage Loan Originator statewide in CA and TN. You can follow her on Facebook, Twitter, Instagram, LinkedIn, Active Rain, Pinterest and Google Plus. For a no obligation real estate or lending consultation, you can connect with her via her web site at chasitylousteau.com.
Wednesday, January 4, 2017
Start the year off by checking out some of these local events and national celebrations.
West Hills Woodland Hills Calabasas Canoga Park Hidden Hills
1 - Happy New Year & Final day of Hanukkah
4 - Comedy & Connections breakfast @ Ruby's Diner
5 - Woodland Hills & West Hills Neighborhood Council meetings
8 - LA Zoo Lights (last day)
8 - Golden Globe Awards
9 - College Football Playoff National Championship Game
10 - Winnetka Neighborhood Council meeting
12 - Good morning Calabasas Chamber breakfast
14 - Indoor Community Flea Market @ Agoura Hls/Calabasas Community Ctr
16 - MLK Day
19 - Hear about UCLA extension coming to Warner Center, lunch @ Marriott
20 - Inauguration Day
22 - Topanga Vintage Market @ Pierce College
23 - National Pie Day
24 - Tarzana Neighborhood Council meeting
25 - Canoga Park Neighborhood Council meeting
28 - Chinese New Year
29 - Miss SFV & SFV Teen Pageant 2017
- Your neighborhood Realtor(R) and Loan Originator
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