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Tips for a Fast – Paced Housing Market

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By Chip Hansen, Senior Loan Officer; Jason Parkin, Director of Business Development

The summer home buying season is upon us – are you prepared to buy a home?  With low inventory and sales prices climbing, this is a challenging time to be house hunting.  Here are a few tips to be competitive.

Credit – Before you start shopping, make sure your credit looks good.  Consumers can monitor their credit at AnnualCreditReport.com.  We can also pre-approve you by taking a formal application and reviewing your credit.  Talk to our lenders about down payments to be sure you qualify for the best rate available. 

Budget – Now is also a good time to review your monthly budget.  With a new home come new expenses… higher utilities and insurance to name a few.  Factor in your current obligations along with an estimated payment of your new home purchase to make sure you are comfortable with those figures.  During your application and pre-approval, we can review monthly obligations and identify what you would qualify for.

Priorities – What are you looking for in a new home?  Is neighborhood important? Being close to schools? Or would you like a bigger home on the edge of town?    Every house has advantages and disadvantages, but it is important to keep your search within your financial comfort zone.  After completing your research knowing what you will qualify for, you can narrow down your priorities.

Use Professionals – Purchasing a home is often your largest financial transaction – so it is important to have a team of professionals on your side.  Our experienced mortgage loan officers are ready to assist you in obtaining the best loan available.  It is also important to use a Realtor. Realtors will ensure that you are getting the best deal that you can.  Your agent will help you find listings and guide you through financing, inspections, and price negotiations, which are critical components of any purchase. 

With today’s housing market, a pre-approval is absolutely a necessary tool.  If you are beginning the house hunting process, please reach out to one of our mortgage lenders today for your pre-approval.