MORTGAGE CHECKLIST

So you're ready to buy a home, are you? Well...maybe, maybe not! To be totally prepared, you should call a mortgage broker or bank before you even start looking, and get pre-approved. What's the difference between pre-qualified and pre-approved? One major item - your credit worthiness will be verified! And believe me, that goes a long way toward making the seller's agent and the seller feel more comfortable accepting your offer. When a buyer's agent submits a pre-approval letter along with an offer, it adds credibility to the offer.

What will you need for the mortgage loan originator when you actually apply for that mortgage after you've found that perfect property? The following items:

W-2 Forms - or business tax returns if you're self-employed. The last two years

Copies of at least one pay stub - for each person applying for the loan

Bank Statements - copies of two to four months of your most recent bank or credit union statements

Lender, Loand Number and Amount Owed on any loans you may have, including student loans

Account Number for Credit Cards and Charge Accounts and the outstanding balances on each

Addresses for the Last Five Years - and landlord contact information

Documentation to Verify Additional Income - such as child support, alimony, pension

Copies of Personal Tax Forms for the last two years

FIVE THINGS WHICH AFFECT YOUR CREDIT:

Your Payment History

How Much you Owe

The Length of Your Credit History

How Much New Credit You Have

The Types of Credit You Have - most mortgage companies prefer to see three types of credit, such as vehicle loans, mortgages and credit cards

THE DIFFERENCE BETWEEN PRE-QUALIFICATION AND PRE-APPROVAL

Pre-Qualification is the result of supplying information to a bank or mortgage company with no documentation involved and no credit check

Pre-Approval is the result of a more in-depth financial discussion with a bank or mortgage company, often involving documentation, and always involving a credit check; offers which are accompanied by a Pre-Approval from a bank or mortgage company carry the most weight and are generally considered more seriously than those without.

Remember, check with your bank or loan originator to see what their institution requires; it does vary some from lender to lender.

Thinking of buying or selling real estate? There's one ready source for answers to all your questions: Just Ask Allen!
aduhe@vaneatonromero.com
www.JustAskAllen.com
337-254-7812 - Allen's Cell

Wow - it's slipping by!

Good grief, how can it already be February! Didn't we just put up (and take down) the Christmas tree? Well, February means Valentine's Day, and for those of you who are on my mailing list, this month's Newsletter has a bit of Valentine's trivia. Then comes Mardi Gras, with all its activities, followed by a week of hoarseness from yelling "Throw me something, mister!"

This year, though, I'm skipping the Mardi Gras madness and heading to Destin for a few days to visit with friends from snowy Indiana who are trying to get warm. But until I can throw my bags in the car and point it toward I-10, there's work to be done (and thank goodness for it!). With the low interest rates, things are hopping; te phones usually go silent from November until the day after Mardi Gras, but things started getting busy the week of Christmas. Not that I'm complaining, mind you.

There was an interesting article in the Daily Advertiser about a week ago. Mary Jane Bauer,with our local real estate board, gave a really good synopsis of the current market. So many people watch the national news and assume that the rotten real estate market exists here, as it does in so many other places. In truth, the market here is strong - and weak offers still rarely purchase a property. With low unemployment, the Acadiana area holds steady in real estate sales. According to Mary Jane's article, we were only slightly down from last year, and really still ahead of our pre-Katrina sales (which were strong). If you'd like some information from Mary Jane's article, let me know and I'll be happy to send you a copy.

If you're a first time home buyer, you will want to check out the tax credit available to you if you buy before July 1st, 2009. You can get all the information on it at the following web site (courtesy of Jesse Regan, at Family First Mortgage):

http://www.federalhousingtaxcredit.com/index.html

If you aren't already on my mailing list, email your request to be added to it to me at: aduhe@vaneatonromero.com

If you're looking for property, check out the MLS listing on my web site:
www.JustAskAllen.com

And, as always, if you have questions about real estate, there's one ready source for all your answers: Just Ask Allen!

Laissez les bons temps roulez!