Real Estate Blog - Pre-Approval

Common Real Estate Terms Explained

If you're a first-time homebuyer, chances are you'll come across some terms you’re not familiar with. And that can be overwhelming, especially while going through one of the biggest purchases of your life. 

The good news is you don’t need to be an expert on real estate jargon. That’s your agent’s job. But getting to know these basic terms will help you feel a lot more confident throughout the process.

Terms Every Homebuyer Should Know

Once you’re familiar with this terminology, you’ll have a better understanding of important details – from contracts to negotiations. So, when those big conversations happen, you’ll feel informed, in control, and able to make the best decision for your unique situation. As Redfin puts it:

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Pre-Approval Isn’t Commitment – It’s Clarity

If buying a home is on your radar – even if it’s more of a someday plan than a right now plan – getting pre-approved early is still one of the smartest moves you can make. Why? Because, like anything in life, the right prep work makes things clearer.

The best time to get serious about buying is before you’re ready to buy. Here’s why.

Pre-Approval Helps You Understand Your Numbers

One of the biggest benefits of pre-approval is how it helps you understand your buying power. As part of the pre-approval process, a lender will walk through your finances and tell you what you can borrow based on your income, debts, credit score, and more. That number is power.

Once you have that clarity, you’re no longer guessing. You know what you’re…

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Why Pre-Approval Is More Important Than Ever This Spring

Spring is here, and so is the busiest season in real estate. More buyers are out looking for homes, which means more competition for you. If you want to put yourself in the best position to buy, there’s one step you can’t afford to skip, and that’s getting pre-approved for a mortgage.

Some buyers think they can wait until they’ve found a home they love before talking to a lender. But in a season where homes can sell fast, that’s a risky move. Getting pre-approved before you start your search is a much better bet.

Here’s what you need to know about this early step in the buying process.

What Is Pre-Approval?

Pre-approval gives you a sense of how much a lender is willing to let you borrow for your home loan. To determine that number, a…

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One Homebuying Step You Don’t Want To Skip: Pre-Approval

There’s one essential step in the homebuying process you may not know a whole lot about and that’s pre-approval. Here’s a rundown of what it is and why it’s so important right now.

What Is Pre-Approval?

Pre-approval is like getting a green light from a lender. It lets you know how much they’re willing to let you borrow for a home. To determine that number, a lender looks at your financial history. According to Realtor.com, these are some of the documents a lender may ask you for during this process:

• W-2s from the last two years
• Tax returns from the last two years
• Pay stubs from the last 30 days
• Bank statements from the last 60 days
• Investment account statements (if applicable)
• Two years of history of where you’ve lived
…

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Why Getting Pre-Approved for a Mortgage Is Key to Buying a Home in Brookings, SD

With home inventory increasing and mortgage rates starting to come down, you might be thinking this is finally your moment to jump into the Brookings area real estate market. But before you start shopping for your dream home, there’s one crucial step you need to take: getting pre-approved for a mortgage.

The pre-approval process involves a lender reviewing your financial information, such as your W-2s, tax returns, credit score, and bank statements, to determine how much they are willing to loan you. Once this is done, you’ll receive a pre-approval letter, which is your golden ticket to house hunting. Here are two big reasons why this is a must in today’s real estate market.

Pre-Approval Helps You Understand Your Budget

Although home…

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The Biggest Mistakes Buyers Are Making Today

Buyers face challenges in any market – and today’s is no different. With higher mortgage rates and rising prices, plus the limited supply of homes for sale, there’s a lot to consider.

But, there's one way to avoid getting tripped up – and that’s leaning on a real estate agent for the best possible advice. An expert’s insights will help you avoid some of the most common mistakes homebuyers are making right now.

Putting Off Pre-approval

As part of the homebuying process, a lender will look at your finances to figure out what they’re willing to loan you for your mortgage. This gives you a good idea of what you can borrow so you can really wrap your head around the financial side of things before you start looking at homes. While house…

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The First Step: Getting Pre-Approved for a Mortgage

Some Highlights

• If you’re looking to buy a home in 2024, getting pre-approved is a key piece of the puzzle. Mortgage pre-approval means a lender checks your finances and decides how much you’re qualified to borrow.
• As more buyers re-enter the market, it’ll help you make a strong offer that stands out from the crowd.
• Talk to a trusted professional to learn more and begin your homebuying process today.

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Winning Plays for Buying a Home In Today's Market

Some Highlights

• In today's housing market, you can still come out on top if you have the right team and plan.
• To win when buying a home, you need to build your team, make strategic plays, consider what’s in and out of bounds, and stand out from the crowd.
• Let’s connect today to make your winning move.

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Why Pre-Approval Is Evan More Important This Year

On the road to becoming a homeowner? If so, you may have heard the term pre-approval get tossed around. Let’s break down what it is and why it’s important if you’re looking to buy a home in 2024.

What Pre-Approval Is

As part of the homebuying process, your lender will look at your finances to figure out what they’re willing to loan you. According to Investopedia, this includes things like your W-2, tax returns, credit score, bank statements, and more.

From there, they’ll give you a pre-approval letter to help you understand how much money you can borrow. Freddie Mac explains it like this:

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Key Terms Every Homebuyer Should Learn

Some Highlights

• Buying a home is a big deal and can feel especially complicated if you don't know the terms used during the process.
• If you want to become a homeowner this year, it's a good idea to learn these key housing terms and understand how they relate to the current housing market. That will help you feel confident when you buy a home.
• Let’s connect so you can get expert help with any questions you have.

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