our community : REAL ESTATE
Words Of Wisdom When Buying A New Home
JUNE 2018 PARKER COUNTY TODAY
90
By TARA STARK
What comes to mind first when we think of buying a new home ? An amazingly updated kitchen with marble countertops and an island that seats your whole crew ? Or an entertainment oasis for family and friends complete with theater and game rooms ? Perhaps you ’ re searching for an equestrian facility with the perfect arena for training ? Whatever “ must-haves ” are on your mind , I ’ m willing to bet they are house-related . After all , it ’ s about a new home , right ? Yes , but to get those “ must-haves ” we have to look at something less exciting but nonetheless a dealmaker ; a powerful pre-approval letter .
With the advent of 24-hour online lenders , millions of marketing dollars spent to advertise their easy application right from the comfort of your own sofa , many consumers may mistakenly assume a one-click application will result in a one-step approval . But this dangerous assumption can cost buyers not only application and lender fees , but worse , losing the home they really want . That ’ s where your relationship with your Realtor extends further than the two of you ; your real estate team should be comprised of experts who work seamlessly together and keep your home buying goals first and foremost .
We asked three of our expert mortgage partners , to give us their words-of-wisdom , on how to efficiently get your pre-approval letter to win the bid for your new home . Here ’ s what they had to say :
Come to Win – Come Prepared
Lindsey Ellsworth , V . P . and Branch Manager of Lone Star Ag Credit in Weatherford advises us to come prepared to our first appointment , “ Gather the necessary information and documents your lender will need ( i . e . W2s , tax returns , pay stubs , bank statements , personal balance sheet , etc .).
Apply for and obtain the pre-qualification prior to shopping ! That way you ’ re not scrambling to find your documents and obtain a pre-qualification when you could already have a letter in hand and be making an offer – potentially beating out other potential buyers who are not as prepared !”
Scrambling to find financial documents is no fun . Give yourself several days to gather the following :
• Last 2 years of tax returns
• Last 2 years of W2s
• Last 2 years of 1099s if self-employed or contract employee
• Last 3 months of pay stubs
• Last 3 months of bank statements – be sure to include all asset statements such as CDs , savings accounts , etc .
• Last 3 months of 401 ( k ) or pension statements
• A personal balance sheet that lists ALL assets , revenue streams , deposit accounts , credit accounts , loans and liabilities . Be honest and thorough on this to avoid issues down the road .
Are You a Veteran ? There ’ s Benefits for your Service !
We at Tara Stark Real Estate Group are grateful for those who have served and are serving our Country , you are the faces of freedom and we salute you ! Tara Stark , founder and owner of Tara Stark REG , says , “ Our Veterans have earned the opportunity to use a VA loan for their mortgage , we make certain we refer them to a trusted partner who knows the intricacies of VA loans , so their process is as smooth as possible .” Kyrstin Zimmerman , Senior Loan Officer for Benchmark Mortgage in Hudson Oaks , explains the VA loan process . “ On a VA loan , we would want to review the buyer ’ s DD-214 and then send that electronically to the VA to obtain the clients Certificate of Eligibility . Every Veteran must have this to get a VA home loan . A Veteran can use his / her eligibility as many times in their lifetime as they wish .
The only thing that changes is the VA funding fee is increased from 2.15 % from the first loan to 3.30 % for subsequent loans . Different types of service will pay different amounts of the VA funding fee , all of this is detailed in the Certificate of Eligibility . We love our Veterans ! We will walk you through your unique mortgage process and help you get into your new home you deserve .”
It ’ s All About a Trusted Relationship Paul Syptak , Production Manager and Loan Officer for Prime Lending in Weatherford explains the value of a trusted partner , “ First-time homebuyers really need to contact a lender through a referral since they will have many questions as they will need a lender that is good at being there and easy to reach . It is our job to walk them through the process . I always tell them the only “ dumb ” question is the one you didn ’ t ask ! We have all been first-time buyers before and know how scary that can be , so we want to educate them throughout the process .” Syptak also adds , “ Another reason to use a well-known and reputable lender is that many times the listing agent knows the lender as a good lender . In our competitive market , that can be a huge asset in multiple offer situations . Our preapproval letters state that we have reviewed financial documents and have an automated underwriting approval and for the agent to call us with any questions .”
If you ask Stark who her favorite mortgage lender is , she ’ ll answer “ We have several trusted partners who ’ ve demonstrated their commitment to our clients , each uniquely qualified for different scenarios . As a realtor , it ’ s my responsibility to connect my client to the lender best suited to meet that person ’ s needs , that is the value of working with our team , you will benefit from our trusted relationships .”
As a Keller Williams Mega-Agent , Stark also suggests the newly-launched Keller Mortgage as an option for her clients . “ They offer what we call a “ Zero Plus ” loan . When you work with the Tara Stark Real Estate Group or make an offer on one of our listings , you ’ re eligible to take advantage of this program . This can be a great option provided certain lending criteria are met .”
Go ahead and continue to “ heart ” those charming “ fixeruppers ” you ’ re finding online . Share your favorites with family and friends for their feedback . Tag your hubby when you post “ THE one ” you must have ! And when you ’ re ready to start looking in-person , give the team at Tara Stark REG a call to get your journey started . “ We ’ re ready to make a difference for you today by getting you into your better-suited home in your near future .”