Get Pre-APPROVED!

Well, we’ve said it before and we’ll say it again- In order for a buyer to best make sure that the house they want to buy is the house they’re going to get, they need to be pre-approved, not just pre-qualified for their purchase.

People tend to get the terms pre-qualified and pre-approved confused with one another. Mostly to blame are the lenders, who confuse the terms themselves. When a lender pre-qualifies someone for a loan, many times they issue a letter that says that the buyer is pre-approved rather than pre-qualified.

And that simply isn’t the case.

By pre-approved, we mean submitting an actual loan application, paying the credit report with the lender sending out all verifications (income, job, and bank account), and the entire underwriting process being completed. Then the lender can issue a letter saying that the pre-approval process is complete, and only a real estate contract and an appraisal are needed in order to complete the loan.

By obtaining full credit pre-approval like this, a buyer not only puts themselves in a much better negotiating position (almost as good as a cash buyer), but it also can give them the peace of mind  knowing that, with the exception of inspections and appraisals, they are ready to close.

In our opinion, it’s simply the best way to go. 

The House So Many First-timers Dream About…

203 W. Wayland, located just south of Seminole St. and just east of Campbell Ave in Springfield is the kind of home that so many people, especially first-time homebuyers.

Depending on how you configure it, it could either be a 2 bedroom home with 2 living areas (large second living area) or a 3 bedroom home with that second living area functioning as a very large master bedroom (yes, it has a closet).

It has one newly remodeled bath with modern fixtures and has both a bath and a shower (no, not a shower in the tub – a tub and a separate shower).

On top of that, it has a very large sunroom, and a covered breezeway between the rest of the house and the two car garage. Then there’s the back patio that joins the sunroom and the back of the garage, complete with privacy fenced area and firepit.

This is, by far, the coolest house that we’ve seen in a long time. With the covered entryways, newer appliances, and a VERY LARGE laundry room, you’d think it was in the area over by Phelps Grove Park and cost about $50,000 more.

It’s only listed for $100,000. Take a look at the listing online at www.203Wayland.info. 

Then call or text us at 417.872.9222 to view it in person!

For more information about purchasing your first home, visit our website at www.springfieldfirsthome.com or call/text us at 417.872.9222. 

The New Home Option

Many first time homebuyers may think of newly constructed homes conceptually when they begin thinking about purchasing a house, but many time that thinking fades from their minds when confronted with the far larger inventory of existing homes on the market and their fear of new home prices. And since there are fewer new homes being built now than there were a few years ago, the price issue might make the consideration evaporate all the faster.

There are some very attractive alternatives for first time homebuyers in the new construction area, though – and good prices to go along with them – many of which are represented by RE/MAX.

At least one of these builder is also building in areas where USDA financing can be used, and that means 100% financing with mortgage insurance considerably lower than FHA financing.

In the coming days, we’re going to feature a series of these homes that are available  - new construction that first time buyers can still afford and still pick out the carpet, colors, and appliances to make their dream home a reality.

For more immediate information on newly constructed homes and/or your first home, visit our website at www.springfieldfirsthome.com or call/text us at 417.872.9222.

The Time Has Come...

Above is a picture of the rental housing market that has been going on recently, provided by the Wall Street Journal. With interest rates still very low, but rental rates on apartments and homes increasing at fast pace, the average rental rate is approaching the 120% mark of an after-tax mortgage payment.

What does this mean? It means for every $100 someone would spend on a house payment as an owner, that same someone is currently spending almost $120 to rent something. Wow.

We recognize that not everyone wants to be a homeowner. There are people who are perfectly happy renting. But if you are not one of those people and dream of owning your own home sweet home, here’s another reason why now is a great time. We’ve even created a page in our website specifically devoted to renters who desire to further investigate a purchase, so be sure and check out our “Get Moving!” page.

Visit our website at www.springfieldfirsthome.com or text or call 417.872.9222.