Home on Lake Martin

lake martin homebuyersThe spring season is a great time of year to buy a Lake Martin home! You can settle into your new home and be ready for all the fun that Lake Martin has to offer over the summer months. You can also get in some spring fun before summer visitors arrive!

If you need to first apply for a mortgage loan before buying, we’re here to help. As your Lake Martin real estate team, we’d like to offer you some tips on how to get a mortgage fast, and what to avoid once you’re pre-approved for a mortgage loan.

If you’re in a hurry to buy, here are some tips on how to obtain a mortgage loan quickly:

1.  Get pre-approved first. Sellers want to see that you’re a serious buyer and already approved for a loan. Plus, this helps you understand exactly what you can afford. Once you find a home you want to purchase, a pre-approval will quicken the closing process.

2.  Have paperwork ready. If you know you want to buy, start gathering paperwork together now. This includes pay stubs from past 30 days, two years of federal tax returns, two years of W-2 or 1099 forms, 60 days’ worth of statements for all of your bank and asset accounts, other current real estate holdings, and residential history for past two years. Exact paperwork may vary, but this will get you going. Some paperwork may take a while for you to find, so it’s smart to start early!

3.  Act fast. Once you have the pre-approval, act fast in your home search, as pre-approvals are typically only good for up to 90 days. After that, depending on if anything major has changed with your finances, you may receive an extension, or the process may need to be reevaluated.

If you really want to buy fast, you could pay cash and skip the home loan process entirely. If you have time to spare, we recommend that you shop around and compare multiple offers from multiple mortgage lenders. This will ensure that you’re given the best offer!

Once you have a pre-approval, avoid doing these things that would impact your home loan:

1.  Don’t change jobs or the way you are paid.

2.  Don’t deposit cash into your bank accounts with no traceable trail.

3.  Don’t make any large purchases, such as a new car, furniture, boat or vacations.

4.  Don’t co-sign any loans for anyone else.

5.  Don’t change banks or bank accounts, or move money around.

6.  Don’t apply for new credit.

7.  Don’t close existing credit accounts.

These moves could cause a change to your credit history and are considered red flags. This will result in a reevaluation from your mortgage lender and a possible change to your pre-approval or loan offerings. However, if you can’t avoid one of these scenarios, be sure to talk your lender about it first.

When you’re ready to buy a Lake Martin home, or if you have any questions about the Lake Martin real estate market or the home-buying process, contact us, The Haynie Team! We are here to answer your questions, put you at ease, and guide you through the entire process, until you have the keys to a lake home in your hands! We look forward to hearing from you!

Becky Haynie, Associate Broker / Realtor
Lake Martin Realty