As we start heading into late fall and early winter, many sellers ask, "Is this a good time to sell? Or should we wait until January?" Actually, now is a great time to sell.
First, there is less competition this time of year. The common idea is that it's better to sell during the spring. While there are many buyers out in the spring, there are also more homes on the market. With less competition, you can usually hold your sales price higher than you could in the spring.
Secondly, prospective buyers in the spring are seriously motivated. They don't have as much time to wait and think about things. These highly-motivated buyers lead to more successful sales in the fall and winter.
Don't believe the people who say that the market stops during colder months. We sell homes all year. If you have any questions, give us a call or send us an email. We would be happy to help you!
Today I'm with Lourdes Best of Gateway Bank Mortgage and she is here to educate us on what is happening in the mortgage market. She's handled quite a few loans for our clients and she really has a good idea of what is happening with interest rates.
Overall, interest rates are still very low, so now is still a good time to purchase a home. However, documentation for loans has changed a little bit. In today's market, we need more information in order for you to get your loan. We're talking about pay stubs, tax forms, credit history, etc. After the market crashed, most lenders require more information before they approve your loan.
For people borrowing over $417,000 you will need a jumbo loan, and interest rates for these kinds of loans are just about the same as regular loans. Loan requirements for these types of loans are pretty stringent, and they will likely require 20% down.
Another thing to know is that it is much more ideal to be pre-approved, rather than pre-qualified. A pre-approval is more extensive and this is really what lenders and sellers would like to see when you put an offer down on a home. Also, when you're pre-approved for a mortgage loan, you know what kind of properties you can afford and you won't waste any time when you're searching for a good home.
The first thing to do if you're trying to get approved for a loan is to call Gateway Bank Mortgage, and after setting up a consultation they will have a discussion regarding your assets. Depending on your qualifications, they can either set you up for a pre-approval or they can put you on their Authorized Buyer program.
Lastly, any buyers with credit scores above 740 are considered to have extremely good credit and your interest rate should be as low as possible. When you drop below 720 or 700, that is when your interest rate will begin to be negatively affected. The minimum credit score to get a loan is right around 620 for Gateway Bank Mortgage.
If you have any further questions, please don't hesitate to contact me. I'm always happy to help you with real estate in Wilmington!
