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    Getting the “Right” Home

    Finding the right home is still the biggest challenge buyers are faced with in today’s market as is shown in the latest Confidence Index Survey.  Assuming the buyers find the “right” home with determination, perseverance and the help of a real estate professional, 88% of all transactions last year required financing to get the buyer’s address on the home.  93% of first-time buyers needed financing.

    Pre-approval is an essential step that needs to be handled before buyers begin searching for a home.  The benefits to the buyer fall into the category of confidence.


    Knowing the amount you can borrow
    the mortgage amount decreases as interest rates rise
    Looking at the right priced homes
    price, size, amenities, location
    Comparing and identifying the best loan
    rate, term, type
    Uncover issues early that could affect the most favorable loan terms
    time to cure possible problems
    Bargaining power to negotiate with the seller and possibly, competing buyers
    price, terms, & timing
    Settlement can occur sooner after contact is accepted
    verifications have already been made
    Items Needed for Pre-Approval

    Photo ID
    Two months current pay stubs
    Last two year’s W2s
    Complete copies of checking and savings statements for last three months
    Copies of statements for IRAs, 401k, savings, CDs, money market funds, etc.
    Employment history for last two years with addresses and contacts
    Proof of commissioned or bonus income
    Residency history for last two years with addresses and contacts
    Assets for down payment, closing costs, and reserves; must provide paper trail
    If self-employed, last two years tax returns, current profit and loss statement and balance sheet; copy of partnership/corporate tax returns for last two years if owning more than 25% of company
    FHA requires driver’s license and social security card
    VA requires original certificate of eligibility and DD214
    Other things may be required such as previous bankruptcy, divorce decree
    Contact us at (859) 647-0700 or if you’d like a recommendation of a trusted mortgage professional.

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