Why You Need Loan Pre-Approval

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Why You Need Loan Pre-Approval

If you are getting started on your home search, the first thing you should do is get pre-approved. Wondering why you need loan pre-approval? Well, getting pre-approved acts as a dry run of the loan application process. The mortgage lender uses details about your credit, income, assets, and debts to estimate how much mortgage you can afford. After you get pre-approved, you will get a letter of pre-approval from the lender which states the amount of mortgage they are willing to lend you. This indicates the price range in which you should be looking for a home, which could save you time and heartache from the possibility of looking beyond your means. Wouldn’t you want to know if you could afford the home you’re looking at before you fall in love?

A pre-approval also serves as a good indication to potential sellers of your general creditworthiness. Proving to sellers that you are a qualified buyer is another important reason why you need loan pre-approval. Most sellers will not accept an offer without at least a pre-approval letter included; so if you are serious about buying a home this should be one of the first steps you take towards getting you in your new home. Many real estate agents will not even agree to show you homes until you are pre-approved. In the end, having a home loan pre-approval letter in hand will cause the home-buying process to be less stressful and much more enjoyable.

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Other articles that may interest you:

First Time Homebuyer Series: Contract To Closing

Tips To Help Make Your Move Go Smoothly

Cincinnati Real Estate – Tuesday Open House November 5 2013

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Welcome To Tuesday Open House!

Tuesday Open House is our weekly video blog post featuring community information, real estate news and other topics of interest.

The Lowry Team is kicking off our Thanksgiving Food Drive for Reach Out Lakota and we would love to have you join us.  If you would like to donate just click on the link below.  You’ll find details and a quick form to fill out.

http://www.lowryteam.com/thanksgiving-food-drive.php

Did you know mortgage interest rates have dropped back down to as low as 4.25%?  Rates had increased to as high as 4.70% over the past few months.  This latest decrease presents a great time to buy at really low rates.  Ready to start searching for a home?  Use our real estate search engine:  http://www.lowryteam.com

And finally, wondering about home prices?  Are they increasing and by how much?  We are compiling our updated 2013 real estate market report right now and will share more about it next week.  Early research shows the average sale price in the West Chester / Liberty Township area is up 4.11%, Mason is up 2.76% and the Fairfield / Fairfield Township area is up 2.64%  Have specific questions?  You can contact us via email or phone anytime.

Have a great week and I’ll see you next Tuesday!

 
 

Low Interest Rates Aren’t Expected To Last – Now Is The Time To Buy A Home

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Low Interest Rates Aren’t Expected To Last – Now Is The Time To Buy A Home

Interest Rate MovementThe real estate market is currently experiencing a huge window of opportunity for homebuyers. The Federal Reserve has been buying $85 million worth of bonds monthly. This has allowed the interest rates on mortgages to drop low in the first half of the year. Over the summer, we saw a steady increase in interest rates. This was due to a rumor that the Fed was going to stop buying bonds. Recently, however, the Fed has announced that they plan to continue to purchase bonds. What does that mean for you as a homebuyer? Well, it means that as of the announcement, interest rates are experiencing a temporary drop. This drop in interest rates greatly affects your purchasing power. These low interest rates could mean the difference between you buying your dream home or settling for your second choice.

However, it is expected that the Fed is going to begin to taper their bond purchasing in December. Ben Bernake, Chairman of the Federal Reserve, states “If the data confirms our basic outlook, then we could move later this year.” This taper in bond purchases will drive interest rates back up. The National Association of Realtors, the Mortgage Bankers Association, Fannie Mae, and Freddie Mac all predict around a 1% increase in interest rates by this time next year. So if you have been on the fence about buying a home, let this be the push you need. This is your window of opportunity – don’t waste it.

Other articles that may interest you:

First Time Homebuyer Series:  Can You Afford To Keep Renting?

First Time Homebuyer Series:  3 Steps To Getting Started

Thinking Of Buying A Home? You Should Wait!

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Thinking Of Buying A Home?  You Should Wait!

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So you are thinking of buying a home and aren’t sure if now is the right time.  The answer is… You Should Wait!

Why should you wait??

You should wait to buy a new home if you are comfortable paying a higher price for your next home.  The real estate market has improved greatly and while home prices have not started to rise dramatically yet, home prices are going to start edging upward.  We have  a shortage of homes for sale in many areas and neighborhoods and when there is a shortage of a product the price rises.  It’s called supply and demand.

You also should wait to buy a home if you are fine with paying a much higher interest rate for your mortgage.  Rates on 30 year fixed rate mortgages are hovering around 3.25% – 3.50% right now.  Many experts believe that rates will soon begin to rise to above 5.00%, possibly by the end of the year.  How much difference does this make you ask?  On a $200,000 mortgage the payment of principle and interest on a 3.50% mortgage is $898 per month.  When rates rise to 5.00% that same $200,000 mortgage payment is $1073. per month.  That’s a difference of $175. per month or $63,000 over the life of the 30 year mortgage.

You may be thinking you are going to wait until some great deals on foreclosure or bank owned homes come on the market.  In today’s market when foreclosure and bank owned homes come on the market they sell very quickly, many times in multiple offers for much more than their list price.  Be careful… That doesn’t sound like a good deal to me.

So should you really wait?  You should really wait only if it doesn’t make sense to buy a home because of your own personal or family situation.  This is the best time to buy a home, right now.  All sarcasm and silliness aside, interest rates are not going lower and home prices have clearly already hit bottom and are poised to move higher.  Don’t miss out!

If you are going to wait, by all means wait.

If you are ready to start your home search right now, just click here >>  Search Homes For Sale In The Cincinnati MLS!

Looking For Homes For Sale In West Chester Ohio – Click Here!

Looking For Homes For Sale In Liberty Township Ohio – Click Here!

Looking For Homes For Sale In Mason Ohio – Click Here!

Looking For Homes For Sale In Deerfield Township Ohio – Click Here!

Looking For Homes For Sale In Fairfield Township Ohio – Click Here!

Looking For Homes For Sale In Fairfield Ohio – Click Here!

Mortgage Interest Rates In West Chester & Mason Ohio

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What are Mortgage Interest Rates in West Chester, Liberty Township & Mason Ohio??

LowryTeam.com Mortgage Interest Rate Update

 Mortgage Interest Rates In West Chester & Mason Ohio

Have mortgage interest rates hit their lows?  Will they continue to move lower?  These are good questions. The truth of the matter is nobody knows for sure.  With the uncertainty of the upcoming election and a continued soft jobs market almost anything is possible.  What we do know is that interest rates continue to hover around 3.80% for a 30 year fixed rate mortgage and this is a historic low.

Get preapproved for your mortgage before you begin to search for homes.

You can start your search for a new home in West Chester, Beckett Ridge or Liberty Township, Ohio right here using our real estate search engine – lowryteam.com.

Wondering what your home is worth in today’s real estate market? Request a market analysis here!

Have questions about buying a home or getting pre-approved for a mortgage?  Fill out the form below and we will happy to answer your questions and assist you.

West Chester & Mason Ohio Real Estate: This Month In Real Estate – August 2012

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West Chester & Mason Ohio Real Estate: This Month In Real Estate – August 2012

 

This Month In Real Estate for August 2012 takes a look at the national home sale numbers and also reveals Keller Williams (KW) research on the power of being pre-approved for a home loan.

According to Keller Williams (KW) research home buyers that get a full mortgage pre-approval are more likely to close on their new home compared to buyers who were only pre-qualified.  The research also shows that home buyers completed their contract negotiations within 3 days of submitting an offer.

You can start your home search right here:  http://www.LowryTeam.com/search

Other articles that you may find interesting:

This Month In Real Estate – July 2012

Searching Mason Ohio Homes For Sale