THE RESALE AND new home market is now in the buyers' favor. The industry doesn't expect this to last long due to inflation rates and changing money markets. No matter what the weather, NOW, is always the time to buy Real Estate. Keep in mind that there will always be more people, but never anymore Real Estate. The continuing influx of people moving into the state of Nevada each month increases the demand for housing. The added slow down of building and increase of foreclosures make it an excellent time to purchase a home.
People that assume their credit is acceptable need to consider the alternative. It may not be what you think. Several reasons can apply. Without going into to much depth, consider mistaken identity. Of course your credit is good, maybe even great, but what about that person that has your same name whose credit is not so good and showing up under your credit score? It's not irreparable, but it can be time consuming to say the least. In Real Estate transactions, "Time is of the Essence." Best policy is to be sure to visit a knowledgeable lender before previewing anything to get a correct perspective on your buying ability. This person can tell you what you can qualify for, what your monthly payments will be, what credit repair, if any, is needed to improve your buying power, and last but not least, correct any mistakes that effect your credit standing.
The visit to a lender is brief in comparison to finding out that the dream home you wanted and spent time finding, you can't afford. Save yourself time and trouble, get approved first. The help of a knowledgeable Realtor® has relations with many lenders in every market. As a rule, Realtors® who are buyers agents represent their clients free of charge throughout the buying process. It has always been customary for the sellers broker to compensate the buyers broker.
A few things that are necessary to meet with a lender are as follows:
- Two of your most recent paycheck stubs
- The last 2 years W-2's
- If self employed, complete tax returns
- The last 3 months bank statements
- Any statements for 401K, mutual funds, stocks, bonds, all sources of additional income
- If purchasing—an executed purchase agreement (this will be necessary after you've been initially approved to follow through with your purchase)
- If refinancing—your current mortgage statement
If you're in need of a good lender and Realtor®, give us a call.
John Kaye NV. R.E. License#26737
"A Trusted Family Name in So. NV. R.E. since 1957"
www.johnkaye.com • John@DeMarcoandKaye.com
Team Member with: Barbara DeMarco
Barbara@DeMarcoandKaye.com
"Real Estate Marketing Specialist of So. NV. R.E. since 1989"
www.DeMarcoandKaye.com
