Category: Buying a Home

Why use an Accredited Buyer’s Representative (ABR®)

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Buying a home is no small matter. Besides being the largest financial transaction you may ever undertake, it’s probably also the most complex. There are many good reasons to work with a qualified real estate professional—especially a trained professional who has earned the Accredited Buyer’s Representative (ABR®) designation, representing best-in-class buyer services.

When you look for an ABR® before you look for a home, you’ll be served, not sold. Your interests become their interests. And you’ll be working with someone who has gone the extra mile by completing specialized training in delivering the best in buyer-representation services. Plus, a REALTOR® who has an ABR® designation also has an established track record, with proven experience in representing the concerns of home buyers.

The ABR® designation is awarded through the Real Estate Buyer’s Agent Council, or REBAC, which was founded in 1988 to promote superior buyer-representation skills and services. REBAC is an affiliate of the National Association of REALTORS® (NAR).

Find a Buyer’s Rep – Directory of ABR®s and other buyer’s reps working to achieve this designation.

Documentation Needed to Apply for a Loan

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1. Most recent 30 days of pay stubs.
2. Last two years Federal Tax Returns. (1040) including W-2’s.
4. Most recent two months’ asset statements for any accounts used on the loan.

NEED ALL PAGES:
Checking accounts, savings accounts, money market accounts, CDs, stock market accounts, mutual funds, and retirement accounts (401k & IRA’s).
Accounts with quarterly statements only need the most recent statement.
5. Most recent mortgage statement, homeowner’s insurance declaration page. (Refinance only)
6. Copy of driver’s license.
7. Copy of social security card for VA & FHA Loans Only
8. DD-214 for VA Loans Only.

The Importance of Getting Pre-Approved

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In today’s real estate market, it’s essential to get pre-approved before starting your home search as it allows you to:

•    Understand your financial condition
•    Understand how much home you can afford before you begin your home search
•    Strengthen your purchasing power when making your offer

A full-service mortgage company with a proven and trusted track record, can help you determine your purchasing power before your home search gets underway.  The company will show you a variety of financing types (FHA, conventional, jumbo, super jumbo, etc.) and will determine how much you qualify for with each type.  Based on your desired payment level and the funds you have available, the company can determine your purchasing power and design a loan that will work for you.

•    Getting pre-approved puts you in a better negotiating position by letting the seller know you are committed and financing is not in question
•    In cases where there are multiple offers for homes, buyers who are pre-approved have a better chance of an accepted offer on the house they wish to buy.

To find out what you should take with you when you visit your lender, click here.