Getting Pre-Approved for a Real Estate Loan

What does it Mean?
There is a difference between getting pre-qualified and pre-approved to buy one of the condos for sale downtown. The difference is a pre-qualification means you may be able to get the loan based on skimming of your income and other information. This is why you may get pre-qualified credit card loan offers from time to time. The information usually comes from a list.

When you are pre-approved for a real estate loan, it means you are able to get that money. You can use it to buy one of the condos for sale downtown that you are in love with. This process involves you actually applying for a loan, providing all of your documents, and completing everything the lenders needs to get you approved.

They will tell you the amount of money you can borrow and the interest rate. The offer is going to be good for a set period of time. Typically, it is going to be up to 90 days after you have been approved. Armed with this information, you can start looking around. Once you find the place you wish to make an offer on, they can help you to proceed.

Know what you can Afford
It doesn’t make sense to look for condos for sale downtown that are outside of your price range. With the pre-approval process, you are able to shop within your market price. You can use filters online to find those at or below your approved amount. You can talk with a real estate agent and they can refer you to real estate on the market that fits that amount too.

If you can find one of the condos for sale downtown that you want to make an offer on that is less than you were approved for, that is exciting! Not only does it mean you can buy it, but it also means you can reduce your monthly payments below what you know you can pay. That means more money for savings or you can use it to pay off the mortgage early.

Make an Offer
You have bargaining power with the pre-qualification for a mortgage loan. When you make an offer on one of those condos for sale downtown, the seller is going to see you are already approved. It can be enticing to them to accept the amount you offer rather than to hold out for another offer to come along.

Since you are already approved, you aren’t going to be on pins and needles after the offer, hoping you can get the money. It is very upsetting to some consumers who find the perfect place but then they can’t get approved for the loan. The closing can be done in less time too if you already have your loan approval completed.

Sometimes, there are credit report issues that prevent someone from getting the loan. Finding out about them early on before you look at property can be helpful. It gives you time to evaluate the situation and to work to clear it up. Then you can move forward with buying a place and not have unexpected surprises crash your dream.

Bentley Luxury Condos can help you to find your new residence in the Windsor Park area. This is a lovely location with plenty of beautiful scenery, places to explore, and great schools. You will feel very comfortable in such a community. There are all types of options for living here. This includes a condo or a home. We strive to help you get the perfect location, layout, and price for your needs. We are always available to answer your questions, to show you potential properties, and to help you navigate through the entire process.

Evaluating the Market to Decide on a Price to Offer

The easiest way to obtain such data is from a licensed real estate agent. They can provide you with details about recent condo sells and the prices they sold for. This includes the location so you can compare prices for various neighborhoods. Such information is public record so you can get it on your own too if you aren’t using a realtor. It does take time to compile though.

Get it in Motion
You don’t want to drag your feet when it comes to getting one of the condos for sale in though. Most of them don’t stay on the market long at all. If you wait, the prices are going to continue going up. You also risk the locations where you would like to live not offering much. Prime locations such as the downtown area sell very fast!

Evaluating the market to find out what the price range is will help you to make an offer. You want to get the best deal you can. Avoid emotionally making an offer because you can’t stand the thought of not getting the property. If you can’t afford it, you will be stressed very month about the payment. Don’t put yourself in a position where they could possibly foreclose on you.

Offer Versus Asking Price
You may assume the demand for condos for sale in means the sellers can set the asking price and they always get it. This is why you need to do your homework before you place an offer. If a location is priced thousands more than what others in the area have recently sold for, you need to question why. Does it offer more value or is the seller after more money?

You can’t blame the sellers of condos for sale in for trying to get the most money they can for their property. If someone is willing to pay it, they are going to ask for it! However, most of them are also willing to accept a reasonable offer that comes to them. If you put that offer out there, they may accept it!

What if they Don’t?
One of the fears is the seller won’t accept your offer. You don’t have to worry too much about that when you try to buy one of the condos for sale in. Just put the reasonable offer out there as a starting point and see what happens. If they don’t accept it, are they willing to negotiate at all?

If the answer is no, you have to decide if you are willing to pay the price they are asking. If not, you need to look at one of the other properties available and repeat the process. If they give you a counteroffer, it will be somewhere between what you offered and what they asked for. You can accept it or you can give another counter offer.

This process can continue until you agree on a price or until one of you is no longer willing to budge. This process takes a bit of time, but it can save you a great deal of money on one of those condos for sale in high in demand. It certainly doesn’t hurt to give it a try!

Bentley Luxury Condos can help you to find your new residence in the Windsor Park area. This is a lovely location with plenty of beautiful scenery, places to explore, and great schools. You will feel very comfortable in such a community. There are all types of options for living here. This includes a condo or a home. We strive to help you get the perfect location, layout, and price for your needs. We are always available to answer your questions, to show you potential properties, and to help you navigate through the entire process.

My First Open House Experience

I finally decided to write my first post. Why not? But what could I possible write about that is interesting and educational as well. I can write about the market, mortgage rules, down payments, etc

Or read the newspaper and write a well digested post.

So, here we go, I remember that day as if it was an hour ago! It has scarred me forever and ever. Every time a client asks me to run an open house, I sweat and swallow super hard. Even after having lots of successful “open houses”, this one still manages to make me run to the bathroom and grab the famous Pepto-Bismol.

So, long ago, when I became a licensed real estate agent, at the beginning of my time as a Realtor. The new challenges I was facing, a bit anxious but super excited at the same time. Knowing what I am made out of, a very hard working, honest, reliable, ethical individual couldn’t wait to run my very first open house!

Since I had no listing of my own and couldn’t just run an open house on my own house and tell anyone entering through the entrance: “thank you for coming, but this house is really not for sale! It is just for me to practice my new skills”

So I asked a few fellow agents in my office and at last, after 2 months of trying, one of our broker asked me to help him out!

I was so excited that I had a hard time falling asleep! I did a CMA, I looked up all the past, present sales in the area; looked up all the schools from public, private, catholic, French, etc in the neighborhood. I had so much info on the area that I felt like a walking Google!

I asked myself so many questions that people could come up with and I had the answer to every single one of them memorized!

The day of, I put on my super tailored suit, make sure nothing was stuck between my teeth, etc. I just wanted to run it as professionally as possible.

Anyhow, after opening the lock box to the unit, I realized that my suit had no pockets! And I didn’t take my purse with me, so the only secure place I could come up with storing the property’s key for 2 hours was my bra. No big deal, who would find out, after all, I showered and my bra was super clean and my suit just came out of the dry cleaners. I could use a bit of water and soap after and put it back in the lock box. Problem solved!

Open house was over at 4 pm, not too many people showed up but I had everything under control. I was extremely happy with the outcome. It was GREAT, except for the key stored in my bra and started to be a little uncomfortable.

So, I lock the property’s door, made sure it was actually locked, put back the key in the lock box, shuffle the combination, get in my car with a huge smile!

Contact the listing agent and thanked him for the opportunity and that everything was left in its perfect condition.

The next day, I had a fund raising event to attend. 5KM walk for a children’s hospital. So, on that Sunday, I am walking and thinking of yesterday’s open house. I am going to call those few individuals that came in. Asked them for feedbacks and take it from there. At exact same moment, my phone ran and it was the listing agent asking me where the key to the property is?!

He asked me to look in my pockets or purse, just in case, by mistake I forgot to put it back in the box. I told him that was not possible. And I had to tell him where I stored the house key for 2 hours the day before (super embarrassing!) and the silent after that.

I drove to the property just to see it for myself, and yes, sure enough, no key… I couldn’t believe my eyes! Being new to the business, new to this brokerage, my very first open house experience that I wanted it so badly and wanted to be “perfect” just got destroyed. No key, no house key a scheduled open house and we couldn’t get in.

The property had no showings after my open house. Key just gone, nowhere to be found, did not fall out of the box when I was putting it back. A total mind blowing experience.

It was obvious that it was stolen, by whom? No one knows. They’ve changed the lock right away and took all necessary security action, but… I felt terrible for the owners! There is nothing worse than feeling unsecured in your own home! Just the thought of knowing that some stranger might have the key to your property made me sick! I put myself in their shoes and I couldn’t fall asleep just thinking of it.

I can’t describe how I felt on that day and still do. Every single time I have to open a lock box and close it again, I get this weird feeling (even today). It just feels like time stops for a split second and it slows down.

I get a little more anxious when clients ask me to run an open house for them. I do it, but there is something, some weird feeling that surface.

My first open house experience shook me like a massive earthquake… and I still can feel the aftershock from time to time.

Five Tricks to Increasing Community Development

Community development encompasses the creation of social and economic progress for an entire neighborhood. It relies on active participation from members of the community, as well as dedicated, driven strategies. Organizing events for bettering the neighborhood and getting people together for volunteer efforts can be daunting, but here are some tips for any community member or official to get a strong group together for enhancing everyone’s quality of life.

1. Hold Regular Meetings

It is crucial for your town hall or community organization to hold frequent (at least every bi-weekly or monthly) meetings. The more everyone gets together to discuss neighborhood issues, the easier it is to brainstorm solutions and activities that can make a difference. It also holds people accountable, and when a pattern is established, it’s easy to make the meetings a routine part of everyone’s schedule.

2. Be Open to New Ideas

Meetings often bring up ideas for volunteering and events. The best way to make progress for all members of the community is to listen and be open to compromise. Perhaps this means holding multiple events for different religious groups around the holidays. It could also just mean that two different ideas are merged to make a larger event with more diverse activities.

3. Try to Work With the City

Depending on available funding and priority items, it can sometimes be difficult to get city projects underway. Be realistic about your goals and remember that projects can become delayed for any number of reasons. Stay pleasantly persistent.

4. Don’t Give up

There will be times when councils or other governmental groups will reject proposals, but it is important to continue working on projects that you believe in. Those who speak up are often the only ones to be heard. Patience and optimism go a long way when it comes to getting important projects completed.

5. Advertise

Marketing strategies for community development meetings may sound strange, but they can be a good way of getting everyone together to discuss relevant topics and concerns. Think about flyers and Facebook pages that advertise meetings and future volunteering opportunities. A group page on Facebook, or even an Instagram page, can help to show what issues are at stake and provide photos of changes as they are made. Advertising is also a great communication tool. If some people are unable to attend recent meetings, they can use this as a way to catch up and to still voice their opinions.

Gathering a group of people together for bettering community development is an admirable goal, but it can be a challenge at times. With these tips, you can help your area come together in productive, meaningful ways.

Top Tips For Getting A Mortgage

Without any doubt, taking out a mortgage is a big financial commitment. So, you may want to get the best deal. The good news is that you can do a lot of things to improve your chances of getting a mortgage. Below are 10 tips that can help you with this.

1. Credit score matters

First of all, before you apply for a mortgage, you should get a copy of your original credit report. You can get it from Equifax or Experian. Moreover, if you have a not-so-good credit rating, you can do a few things to improve your score. For instance, you can close all the credit cards that you don’t use.

2. Calculate your budget

The next thing is to calculate your budget. You should make sure that you are going to borrow enough in order to buy the property and that you have enough money on you to meet related costs and fees.

3. Stick to Your Job

Usually, lenders give preference to employees who have been with their employers for a long time. So, if you want to leave your existing job you may want to hold on until you get your mortgage. Ideally, you should wait for at least 6 months before you apply for a mortgage.

4. Reduce Your debt

Before applying for a mortgage, make sure you don’t have a lot of outstanding loan or cash on your credit cards. So, you should pay back your debt or reduce it before applying for loan. This will also help you borrow more.

5. Proof of income

Your lender will also ask you for your proof of income. For this, you will need to get a P60 form from your employer. This from contains a summary of how much you got paid by your employer in a year and how much has been deducted in tax.

6. Bigger Deposit

If you want several mortgage choices, you may want to have a bigger deposit. Usually, lenders offer best rates to those who are willing to deposit a large sum. Aside from this, you will also be able to make lower payments each month.

7. Get a Partner

If you can’t deposit a decent sum, you may buy with someone else. As a matter of fact, this is a great way of getting a good mortgage, especially if your partner has a very good credit record. But make sure you think about it before making the final decision.

8. Consult a Mortgage broker

Mortgage brokers are there to help people like you. If you don’t want to take all the hassle, consulting a mortgage broker will be a stroke of genius. They will guide you throughout the process and you will get your mortgage. How much can I borrow? This is a common question. You can ask this question to your broker, and they will make calculations to answer your question.

All You Want To Know About Mortgage

A mortgage is a kind of agreement. This allows the lender to take away the property if the person fails to pay the cash. Generally, a house or such a costly property is given out in exchange for a loan. The home is the security which is signed for a contract. The borrower is bound to give away the mortgaged item if he fails to make the repayments of the loan. By taking your property the lender will sell it to someone and collect the cash or whatever was due to be paid.

There are several types of mortgages. Some of them are discussed here for you –
Fixed-rate mortgages- These are actually the most simple type of loan. The payments of the loan will be exactly the same for the whole term. This helps to clear the debt fast as the borrowers are made to pay more than they should. Such a loan lasts for a minimum of 15 years to a maximum of 30 years.

Adjustable rate mortgages- This type of loan is quite similar to the earlier one. The only point of difference is that the interest rates might change after a certain period of time. Thus, the monthly payment of the debtor also changes. These kinds of loans are very risky and you will not be sure that how much the rate fluctuation shall be and how the payments might change in the coming years.

Second mortgages- These kinds of mortgage allows you to add another property as a mortgage to borrow some more money. The lender of the second mortgage, in this case, gets paid if there is any money left after repaying the first lender. These kinds of loans are taken for home improvements, higher education, and other such things.

Reverse mortgages- This one is quite interesting. It provides income to the people who are generally over 62 years of age and are having enough equity in their home. The retired people sometimes make use of this kind of loan or mortgage to generate income out of it. They are paid back huge amounts of the money they have spent on the homes years back.

Thus, we hope that you are able to understand the different kinds of mortgages that this article deals with. The idea of mortgage is quite simple- one has to keep something valuable as security to the money lender in exchange for getting or building some valuable thing.

Getting The Perfect Conveyancer For Your Property

The transfer of property from one party to another is a very serious process that needs to be handled meticulously. Whether you are a buyer or a seller, conveyancing services will prove very helpful. The conveyancing professionals help you in handling every other detail that touches on the transfer so you enjoy a smooth and legal process all through. On your behalf, the conveyancer will draw up and assess contracts, conduct all necessary local searches, deal with land registry issues, manage stamp duty payments and charges and even collect and transfer finds. This is the person who will also provide you with the legal recommendations and advice you might need during the transfer process.

Considering all that you will trust the professional with, you definitely want to hire someone you can fully trust and someone who will actually deliver as expected or even beyond your expectations. There are so many experts offering the conveyancing services and therefore to get the best you must be willing to go a little extra mile so you get the perfect one to handle your property buying or selling needs.

The price – Price considerations are important. The conveyancers charge clients on varying ways and so, whereas some may charge fixed fees others may charge a percentage based on the house value. There may also be other extra charges for paperwork, VAT, disbursements and such. Assessing a number of different quotes may be the best way to go to find a range that you can afford. You really do not want to settle for very cheap services that they are questionable, but then again, you do not want to end up being overcharged.

The services – The quality of services offered is what should matter most when hiring a conveyancer to handle the process for you. The professional you hire should not be too junior and should not be overworked either. You deserve full attention from an experienced person so you are sure no details are missed out on during the transfer process. Always check to see what services your conveyancer offers, the experience and also have the process explained to you in detail so you are sure you can trust in what you are about to pay for.

The area knowledge – Local conveyancers are very reliable because they have sound knowledge of local leases and laws. The arrangements differ from place to place and it is therefore wise that you work with a local solicitor who understands the law and the process to make the process as smooth as possible. Even though it is possible to have all dealings with your conveyance company over email or phone, one located near you can be a lot more convenient because they you can pop in and drop or fetch documents easily without waiting on post.

Recommendations – If you want to have an easy time finding and hiring a conveyance, then getting recommendations from friends and family can be a very good idea. The buyer and seller experiences can lead you to the perfect one for your property dealings.

A Perspective on Mortgage

A mortgage is probably the scariest loan of your life and hence needs extraordinary forethought before you take the leap. The lender can approve the mortgage based on a few factors such as your income, your personal assets, your debt, your student loans, etc.

Putting into perspective the mortgage rates of a decade ago, this may be perhaps the best time for you to buy a home. The home prices, for the time being, are slightly below their peak levels of 2007 and there are forewarning signs of an inflation surge which would have an unfavorable pressure on mortgage rates. It is almost certain that conditions are not going to get any better.

Supposing you’re ready to make a down payment, this is where your finances come into play, and it is certainly no cakewalk unless you’re filthy rich. Lenders will scrutinize your finances, and it’s in your best interests to be as forthcoming as possible.

The brokers will make an estimate of your income in the past two years by looking at your tax returns and your recent bank statements.

One of the things they look at is your Debt-to-Income ratio. This will decide whether you can afford to own the property. Most lenders set the limit at 43%. This is the maximum DTI ratio allowed to qualify. Paying down your credit card balance can help improve your DTI. Another thing Lenders look at is your FICO score which depends on factors such as Payment and Credit History.

As far as your credit card debt is concerned, Lenders look at your payment history. Any missed or delayed payments can adversely affect your chances of securing a mortgage.

Most importantly, it is crucial to have a cash reserve. After putting the down payment, there are closing costs, and then the monthly mortgage payments. Lenders need to know that you have enough.

Certain circumstances or situations that can have bearing on this case need to be fully disclosed such as Divorce proceedings because child support affects your finances.

During this period, it is wise to stay away from securing any additional loans. Your mortgage broker will not respond favorably to you taking a car loan for example. Avoid discrepancies at all costs.

When paying back your mortgage, there are several aspects to consider such as your payment schedule; It can be monthly, bi-monthly or weekly. Along with that, there is the interest rate which can either be fixed or variable. Fixed interest rates are higher because they do not vary for the entire term of the mortgage.

How to Handle Your Tenant Showing Appointments

In the past we talked about ways to locate potential tenants or tenant buyers and what to say to them on the first phone call. Today, we are going to talk about showing the property to the potential tenant and getting a deposit to hold the home for them. This step in the process will by far take up the most of your precious time so it is important that we get it right and make the most out of every appointment.

If you remember we ended our phone conversation with the prospect by asking them to call us to confirm their appointment. In most cases they will call and confirm. If not you have one of two choices, you can call them and find out what is going on or you can move on to the next prospect. If I am having trouble filling a unit I will call them, if I don’t think I will have trouble I don’t follow up. To me this is a good way to screen them; if they can’t simply call you when they said they would, they may not be the best tenants for you.

Always get to the property about 10 minutes early, you need to have enough time to prepare for the show you are about to put on. When you get there do the following:

· Pick up all loose trash in the yard

· Be sure the front door is wide open

· Turn on all lights and open doors to bedroom closets and bathrooms

· Open all window coverings to let the light in (unless the window makes the place look bad)

· Plug in your air fresheners or do whatever smell good technique you prefer

· Start the fireplace if there is a gas log

· If you use flyers put them out where it is visible along with your application and any other marketing material.

The brighter the better and it needs to smell pleasant to make the best impression.

Now that you have made the absolute best first impression you can be sure to greet each prospect as they come to the door. Look them in the eye, smile and introduce yourself. Build report quickly by saying something about the weather, or ask them about their drive to the unit and then have them walk around on their own. Let them know to come and talk to you when they are done looking.

When they approach you call them by name (remember they love to hear their name and like people who use it) and ask them what they love about the house or ask them their favorite part of the house. If there is the smallest bit of interest they will respond. You will then want to agree with them and tell them that you love that part too. At this time get them talking about themselves and their situation. You can also use this time to start your screening process. Here are some example questions you can use:

· How many people will be moving with you?

· Tell me a little about where you are living now. (this one is great, there is a reason they are moving and you can dig into it and make them feel the pain of staying where they are to help encourage a quick decision)

· How do you and your landlord get along (if they don’t, you don’t want them, period)

· Where did you grow up?

· What do you do for a living?

This can go on forever. Your two goals here are to get some information about them and to let them talk about themselves for awhile. You know people become instant friends with other people who listen to them talk about themselves. Before talking about the rent you are hoping for be sure you have a good feeling for what they are looking for financially. Ask them what they pay now and what they can afford to pay.

I would spend at least 10 to 15 minutes on this before you talk about what you are looking for. At that time go over your price sheet with them or let them know what the rent and deposit is. Tell them about the number of calls you are getting and that you normally fill vacancies very fast. You will also want to let them know it takes you a few days to process the application, but most people do the application there and leave a deposit so you hold it for them. With no deposit you cannot hold it and it is first come first serve. Right after explaining this, be sure they have an application in front of them with a pen and as soon as they give you the completed application, be sure they have the deposit to hold it.

I Will Definitely Buy Real Estate Within A Year

Investing in real estate has become a trend in India. Not only the residents, NRIs are also showing a great interest in Indian properties. Owning a house is a symbol of prosperity but owing more reflects affluence. Despite the fact that investing in Gold and Mutual Funds is more convenient and beneficial, real estate tops the list. 2007 was considered as the golden era of real estate in India and the boom subdued subsequently but seems like ‘Achhe Din’ are back. The number of home buyers is rising. There would always be a need for homes to live in, so this makes sense to buy a property. Let us see some facts that one need to know before buying a property this year.

1. For living purposes, one needs four walls and a roof, so that’s a necessity. But the return on investment is ascertained. Within a small duration like a year or so, the appreciation is going to be fairly flat. The magic can happen only when the Govt. plans something for the better infrastructure of the location. When the growth is only 4 to 5%, it is not wise to pay 9.5% on the loan drawn for the purchase of the property. This was about when one wants to liquidate the assets for a shorter duration of time. If one plans to hold the property for more than 5 years, real estate turnout can actually be good.

2. The ready-to-move properties are preferred over the under-construction ones because the return is instant in case one gives the house on rent and there is no possession delay. With the rise in inflation and decrease in the need for comfort and convenience, affordable housing units are selling fast and for the young people or newlyweds, rent is a more probable option. One should keep renting a house if the monthly EMIs are more than the monthly rent.

3. It is wise to pre-approve the loan so that the property buying is not delayed due to paperwork but there is a catch. One need to finalise the deal within 8 months at stretch, otherwise, the loan processing fees need to be paid all over again. Keep the finances in mind. The larger the down payment, the more loan one can draw from the bank and lesser would be the EMI. Less EMI means less pressure on the monthly budget. So, before buying a house, try to manage the down payment as much as possible.

4. Location, location, location! One should never forget the oldest rule of buying a property. The houses at the outskirts can be bought at more flexible prices as compared to the city ones. They are just at the peripheral so away from the city hustle but closer to the city life. The prime locations are not in the budget for everyone but these extended locations are connected to all the prime locations and can be a good bargain if one is planning to buy a property this time.

5. Invest in the builder with a good track record and deliverables. If someone is planning to buy a property in the state he is not familiar with, going with the reputed builders is advisable. Instead of going blind, one can hire a professional agent with considerable experience.

The property price in India is levelled. There is no scope for the correction. The builders already have the huge inventory that they need to sell. The price is already the best they can offer, thus, buy a property now before there comes a twist in the Indian real estate market.