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Displaying blog entries 1-6 of 6

Pre-Qualified versus Pre-Approved

by Cindy Grey

When a client tells you they are Pre Approved for their mortgage are they really?

 

Know the Difference between a Pre-Approval and a Pre-Qualification~~

Knowledge is Confidence!

What if you've invested time and money showing houses TO YOUR CLIENT and the SELLER is packing and has plans for the proceeds of his sale and the deal goes dead because you thought your client was pre-approved and that is NOT the case?                       

Pre-Qualification entails a basic overview of a borrower's ability to get a loan. The borrower provides a mortgage lender with information~~about their income, assets, debts, and credit~~~but they do not need to produce any paperwork to back it up. In return they get a rough estimate of what size loan they can afford.....this is by no means a guarantee that they will get approved for that loan when they go to buy a home.

Pre-Approval is an in-depth process that involves a lender running a credit check and verifying income and assets. An underwriter then does a preliminary review of the borrower's financial portfolio and if all goes well issues a pre-approval which is a written commitment for financing up to a certain loan amount.

I've gathered a lot of experience over the past 25 years and would love to share it with someone ready to buy their first home....or who needs a refresher course  because it has been years since they have gone through the loan process. I can help your clients gather together the paperwork needed to get a pre-approval giving you more confidence in writing an offer!   

I will help your client NAVIGATE THE LOAN PROCESS.....

WITH CONFIDENCE!

JUDYINGELS   
Lending Consultant  
                                                         (719)-229-7999                                                           
 

Comparing loans with different interest rates

by Cindy Grey
When a lender tells your buyer there are NO CLOSING costs for the loan they are getting can this be true?
 
Let's find out why interest rates are different.....the closing costs associated with a loan.....and who pays for what.

Knowledge is Confidence!
 
You have told your client to compare the interest rates and fees of different lenders and they run across one who mentions they can offer them a loan with NO CLOSING costs and they are amazed....and think “WOW” that will save us a bunch of money!!. They ask themselves "Why are some lenders so different?" This leaves them confused and not sure who to trust. Are these company's employees working for FREE?
 
OR
 
Your homebuyer tries to find the best deal themselves by looking online and calling random lenders to try to save money as they shop for their home. The problem is that they do not understand what they need to know to make a fair comparison. While they thought they had found a deal TOO GOOD TO BE TRUE they might actually end up spending more money and paying more interest over the life of their loan.
 
 
Comparing one mortgage to another isn’t as easy as just comparing interest rates. To make a fair comparison one needs to compare three major components of a loan's price~~~interest rate, discount points, and closing costs.
 
 
I've gathered a lot of experience over the past 25 years and would love to share it with someone ready to buy their first home....or who needs a refresher course  because it has been years since they have gone through the loan process. 
 
I can help your clients understand and compare lenders' rates and fees leaving them more confident in choosing the right lender.   
 
 
I will help your client NAVIGATE THE HOME LOAN PROCESS.....
WITH CONFIDENCE!
 
719-229-7999 or judy@judyingels.com

Navigating the Home Loan Process

by Cindy Grey

Things aren’t what they used to be when it comes to getting a home loan. When I bought my first house I went to a banker who knew me, shook his hand, and Poof, I had the money to buy the home of my dreams!

Things have changed in recent years due to so much fraud and default of home loans back in the 2008 era of lending when people did not have to show income documentation and had poor credit but could still obtain a home loan. More documentation is now necessary to prove you are ready to take on this responsibility.

You are probably thinking that the loan application is merely a static action-or a “snap shot” of your financial picture at this given moment in time. I am here to let you know that it is just not that simple. Whether or not you shop for your home loan on the internet or work with a local lender, the process can be detailed.

A credit decision is based on a review of EVERYTHING you have done over the past years as well as EVERYTHING you do right up until the day of closing.

I am a professional with 25 years of experience in lending, to GUIDE you as you NAVIGATE The Home Loan Process….so feel free to call me - I have the tools and can help you! This is a time when the internet doesn’t have all the answers!

 

JUDYINGELS

Lending Consultant                                                                                                                                     719-229-7999                                                                                                                                     judy@judyingels.com

Superbowl and Real Estate

by Cindy Grey

Just like the Superbowl, you want to be on the winning team when you buy or sell a home!  A winning real estate team has a great managing broker, talented realtors, lots of options, well rehearsed plays, and lots of training and experience.  Trust your greatest asset to a winner!  Call Broadmoor Bluffs Realty today at 719-579-9211.  

Have your Peeps call our Peeps!

by Cindy Grey

Have your Peeps call our Peeps!  Spring has sprung, and the tulips are peeking through the soil.  This reminds me of two things - buying and selling homes, and doing taxes!  We are here to help with both!  The real estate market is heating up, along with the weather.  Our experienced team is ready to show you homes, or place your current home on the market for sale. 

When your taxes are complete, we are hosting a SHRED DAY in April so you can get rid of all that extra paperwork!  Because at Broadmoor Bluffs Realty, we do everything ...and more!

Should I Buy a Home Now?

by Cindy Grey

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.

Displaying blog entries 1-6 of 6

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Cindy Grey
Broadmoor Bluffs Realty
4729 Opus Drive
Colorado Springs CO 80906
Mobile: (719)210-8029
Office: (719)579-9211
Fax: (719)-579-9212