By: Denise Grab
Director of Business Development - First Integrity Mortgage Services
It has been my experience that purchasing a home in the summer of 2021 is vastly different than summer 2019. Buying a home this summer can be exciting, stressful, scary, but right now, it is also competitive. We are in a Seller's Market. This message aims to lay out best practices and tips for navigating it while discussing potential pitfalls so you can avoid them.
Considering current market conditions, I recommend three initial steps for potential home buyers.
1) Get a pre-approval letter, not just a pre-qualification letter
2) Find a reputable mortgage lender - Start online!
3) Align yourself with an experienced and educated real estate team
Find a reputable mortgage lender
Finding the best mortgage lender is more than just securing the lowest rate. It's also critical to make sure you're comfortable with the lender who is originating your loan. There are many companies that can help you get a mortgage loan, but it's crucial to pick a reputable lender who will work on your behalf every step of the way. At First Integrity Mortgage Services, we are one of the highest-rated lenders in St. Louis- check out our (at the time of this post) nearly 700+ 5-star Google Reviews. We also offer more products and programs than any other lender in the area AND specialize in helping you find the best loan program for your unique situation.
Pre-qualification versus Pre-approval
When you're looking for a home, a mortgage pre-approval letter shows sellers you're a prepared and serious buyer. At First Integrity Mortgage Services, we want to make sure you're "pre-approved," not "pre-qualified." These two terms are not the same thing, and it's important to understand the differences. A pre-qualification is when a lender collects some basic information from you to estimate what you can potentially afford. A pre-approval is based on a review of a borrower's credit and other verified financial statements. Getting a pre-approval from a reputable lender confirms your ability to take on a mortgage loan that signals sellers that you can afford the home they're selling.
Find the best team
Being a prepared buyer with the best team behind you can make all the difference between a great home buying experience or a terrible one. So as you prepare to buy a home in 2021, becoming educated and getting the best team behind you at the start of the process will undoubtedly make the entire experience smoother.
Now that you have assembled your team, been pre-approved, and have chosen a reputable lender, you may land your dream home IF it is meant to be. I say, IF because currently, many buyers are making some surprisingly high offers on properties, and as hard as it is, there is a good chance it's best to walk away. You might make several offers just to find out one or none are accepted. It's important to remember to be patient, even if the process takes longer than you expected. Other houses will likely become available in time.
Going into a seller's market with the knowledge that starting over again is a possibility will most likely soften the blow if it happens, especially with the right team behind you. Being a flexible buyer is key. Remember, IF it's meant to be, it will happen!
At First Integrity Mortgage Services, helping Americans achieve the American Dream of Homeownership is our mission and remains steadfast in any market. Before you start looking, call your favorite First Integrity loan officer to position yourself to win in today's market.
In a seller's market, sellers receive multiple offers on virtually every listing, so it's crucial to set yourself apart as a buyer. Our loan officers go above and beyond to prepare videos for listing agents, letting them know that our buyers are solid. So, buyers, pick YOUR team before you even thinking about going to an open house or opening the realtor.com app.
If you or someone you know is thinking about buying their first home, upsizing to their next home, or interested in learning more about the pre-approval process, have them reach out to First Integrity Mortgage Services today.
For more information about the process or if you want to learn more, please reach out to Denise Grab NMLS 738524, at 314.220.9620, or dgrab@firstintegrity.com.
First Integrity Mortgage Services is licensed in Missouri, Kansas, Arkansas, Illinois, California, and Arkansas.