Pre-qualification is a quick estimate of how much you can borrow based on basic, unverified information you provide, while pre-approval is a more formal, in-depth process where a lender verifies your finances and credit to provide a conditional loan commitment. Pre-approval involves a hard credit check and requires submitting documentation like pay stubs and tax returns, whereas pre-qualification typically does not. If you want to be in the best position to get your offer accepted, it is best to go through the process of getting a pre-approval. Remember to shop around for the best rates and programs available for you by calling at least three lenders. I can provide you with some phone numbers of trusted lenders that I have worked with and will get you to a successful closing.

The better the credit score, the better the rate. A high credit score is less of a risk for lenders. If you are thinking of purchasing a home, check and monitor your scores as soon as possible. There are free services such as Credit Karma that make it easy for you to identify ways to improve your score. Work at reducing your debt and making your payments on-time. Also, your job history plays an important role in your credit history; typically, its best to not change jobs prior to home shopping. Once you do get your offer accepted and into escrow, don't go buying any big ticket items such as a car or buying new furniture. Believe it or not, you can lose your deal if your credit changes during your escrow. Wait until you get your new house keys, THEN go shopping :)

Closing costs are the fees and expenses required to finalize a home loan, typically ranging from 2% to 5% of the loan amount. These costs are paid at closing and cover a variety of charges beyond the down payment, such as lender fees, appraisal fees, title insurance, and prepaid items like taxes and insurance. The exact amount depends on factors like loan type, location, and the specific services involved. A $600,000 loan with 5% closing costs is $30,000 that you need to bring to the closing table. Ask your lenders for ways to get down payment assistance or or ask me how I can write an offer that includes ways for the seller to help with closing costs if you don't have enough saved.

This depends on a lot of factors. How motivated are you? Ready to start now? [1.] Hire me as your Realtor [2.] Find a lender (I have a few great lenders I can recommend) 1-3 days [3.] Get pre-approved; 2-5 days depending on how quickly you can provide your documents [4.] Let's go look at houses that are in your budget! Timing all depends what is available [6.] Choose your home that is best suited for you [7.] Let's discuss your offer and I will talk to the listing agent, write it up for you, and send it to the listing agent. 1-6 days depending on if there is a counter offer [7.] Offer accepted! let's open escrow! A typical escrow is 30 days but a cash offer can be as little as 10-14 days and some escrows can go longer if your lender needs more time. It also depends on the seller's timeline. 30-45 days is most common.

YES! there are various types of loans. A common type of loan for the self-employed is a statement loan. Lenders will likely ask for your tax returns, business records, and bank statements to verify a consistent and reliable income stream, as they need to see you can consistently afford the monthly payments. Preparing these documents and focusing on improving your credit score and debt-to-income ratio can make the process smoother. 

A monthly mortgage payment typically includes principal, interest, taxes, and insurance (PITI). Principal is the amount you borrowed, and interest is the cost of the loan. Taxes and insurance are often collected by the lender in an escrow account to be paid on your behalf, though this can vary. Some payments may also include mortgage insurance or homeowners association (HOA) fees.  

A 2-1 buydown is a temporary mortgage financing option that lowers the interest rate in the first two years of the loan, with the seller, builder, or sometimes the buyer paying an upfront fee to cover the difference. The interest rate is reduced by 2% in the first year and 1% in the second year, then increases to the original, permanent rate for the rest of the loan term. This structure creates lower monthly payments initially, which can make homeownership more accessible. This is a good move if the interest rates are on a downward trend then you can refinance once rates improve.

Any! You as a buyer can buy your rate down which will save you money in the long run. You can also ask the seller to buy your rate down in the form of seller credit. You could offer a higher purchase amount for exchange of a seller credit. Depending on how the market is, the seller or a builder may offer incentives if they are having a tough time selling or want to sell fast. Lenders also can offer promotions but be sure to check the fees you are paying.

There are a lot of factors that go into knowing a good offer price and writing a great offfer. As a Realtor, I will look at all the comparable sales and teach you what is a good value for the home. I will also have conversations with the listing agent and find out what kind of activity they are getting and learn what the seller is looking for regarding terms that work for them. Writing a clean offer is very important; I work with a lot of sellers and I believe having that experience on both sides of the deal is a great asset. Finding the fine line of acceptance is a skill that I would love to share with you.