BARBARA LEWIS EARNS PLATINUM AWARD FOR 2017!
How to Make Your Loan Process Seamless
Spring may bring thoughts of your dream home – and being prepared to go through the mortgage loan process is one of the most important steps! Working with lenders from multiple financial institutions, I recently interviewed top mortgage brokers to give you some insight into making the process as efficient as possible.
Your credit score is one of the most important things to consider. While you may want to jump into a report to review the number, looking at the details of your score report can be even more important. A colleague at Wells Fargo advised that it’s true, you don’t want to have your score run multiple times by multiple institutions. He advised that you should get a free report and resolve any issues such as an incorrect delinquency. Reducing the amount of credit available to you by closing accounts will also improve your score by indicating that you are not over leveraged.
PREQUALIFICATION - Generally this is a non-verified estimate of the amount a buyer is qualified to spend. You can call a lender or use an online brokerage. Since the credit and income are not verified it is the lowest level of confirming the buyers ability to finance the property.
PREAPPROVAL - It’s typical for lender issuing a preapproval to have verify the buyers income and credit score. This indicates to the seller that the lender has taken the first step to ensure the buyer will be able to meet the monthly financing obligation.
CREDIT APPROVAL - Some banks offer this and determine that buyers have passed the first underwriting review. It is the strongest letter that sellers can receive about a buyer’s ability to finance a purchase.
The mortgage loan process is often the most challenging part of your home purchase. If you If you are considering buying a property this year I’d be happy to connect you with a local Loan Officer to assist you in the steps you may want to take to improve the process!
NEW LISTING in ATTORNEY REVIEW!
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7 Reasons to List Your Home This Holiday Season
Every year at this time, many homeowners decide to wait until after the holidays to put their homes on the market for the first time, while others who already have their homes on the market decide to take them off until after the holidays.
Here are seven great reasons not to wait:
1) Relocation buyers are out there. Many companies are still hiring throughout the holidays and need their employees in their new positions as soon as possible.
2) Purchasers who are looking for homes during the holidays are serious buyers and are ready to buy now.
3) You can restrict the showings on your home to the times you want it shown. You will remain in control.
4) Homes show better when decorated for the holidays.
5) There is less competition for you as a seller right now. Let’s take a look at listing inventory as compared to the same time last year.
6) The desire to own a home doesn’t stop when the holidays come. Buyers who were unable to find their dream home during the busy spring and summer months are still searching!
7) The supply of listings increases substantially after the holidays. Also, in many parts of the country, new construction will continue to surge reaching new heights in 2018, which will lessen the demand for your house.
Calling All Buyers!
| Essential Tips to Sell Your House|
QUARTERLY RESIDENTIAL VACANCIES AND HOMEOWNERSHIP, FIRST QUARTER 2017
The Census Bureau recently released the Quarterly Residential Vacancies and Home ownership Report, showing that home ownership rates continue to be low. As rental housing demand strengthens, rents and property values increase. The above chart shows that home ownership rates are the lowest they have been in 10 years and have remained low for over a year. It’s an excellent time to capitalize on the demand for rental housing!
Rental demand in the Northern New Jersey market is strong, and can be an excellent way to diversify your investments. The National Association of Realtors(NAR) tracks activity and NAR’s 2017 Investment and Vacation Home Buyers Survey has just been released.
Some interesting highlights include:
ECO-SMART HOME PRODUCTSAdvances in technology have paved the way for cool, inexpensive consumer products for your home. Mark Stephenson of Vermont Energy Contract and Supply says, “Many of these smart products have come down in price to be affordable for the average homeowner and offer conveniences that we have grown to expect with our expanded use of wireless and B in our daily lives. However, when it comes to mechanical systems like heating, electricity, and efficiency savings by using devices like Nest Thermostats, it’s important to consult with a professional electrician or technician to make sure these products will truly improve the performance of your home.” Following are examples of great product ideas to help make your home smart, efficient, and secure.
Not an exciting gift idea, but definitely a practical one and great for a new homeowner, the Protect smoke and carbon monoxide detector by Nest has received rave reviews. The smart alarm provides voice alerts when there is cause for alarm and will tell you the exact location of the smoke/CO in your home. With the Nest app, you’ll receive custom alerts on your phone, including low-battery and sensor failure notifications. You’ll also have the ability to silence it from your phone, a nice feature for those false alarms when cooking in the kitchen. Guaranteed for a decade. Easy to install. iOS and Android. Available in two colors.
No more duplicating house keys or leaving one under the welcome mat. With the August Smart Lock now you can grant home access to expected guests or service providers from your phone or smartwatch. Using the app, you can create custom virtual keys for each visitor and grant entry for any length of time, whether it be for weeks or minutes. You’ll receive phone notifications identifying each visitor as they come and go. This smart electronic lock will unlock when you approach and automatically locks behind you. Together with the aforementioned August Doorbell Cam, you can even unlock (and re-lock) the door from your app if an unscheduled visitor needs access. iOS and Android, Apple Watch. Available in four colors.
Many homeowners are outfitting their homes with camera systems to feel more secure when they are away. This security system, called Nest Cam and distributed by Nest, has tiny cameras that send you phone notifications when motion or noise is detected in your home. As long as your cameras are on, the video is being securely streamed to your cloud account and you can view anytime from your phone, tablet or computer. The camera’s two-way speaker also allows you to hear what’s going on and speak to anyone in the room if needed.
There are a ton of bluetooth speakers on the market today, but do any double as a lightbulb and a dimmable one at that? Another first of its kind product from Sengled, the Pulse-Solo system combines energy-efficient LED lightbulbs and bluetooth audio. Now your music can be pumped from your lights and we think it sounds pretty good. That’s because the high quality speakers are JBL-Harmon made and you have the option of connecting up to eight lights to the system. An add-on adapter also gives you the ability to easily integrate any subwoofer speaker unit you already own. With the Pulse app, you control volume and lights. Available in three colors.