Mortgage purchase applications have been picking up over the last few weeks, up almost 25% now week over week. As you can see, buyers are starting to thaw out and begin their search for Spring. I will expect to see one more week of low activity and new listings next week, but I anticipate those numbers to heat up beginning in February. This will coincide with the number of purchase applications we see starting to turn into active buyers. Applying for a loan and getting prequalified is not a one day process unless you already have a relationship with a lender. Typically for someone first starting the pre-approval process it can take a week or two. Everyone has busy lives, documents and statements need to be tracked down, applications and answers to questions need to be figured out and calculated. If you are someone interested in starting a home search this Spring, the time to start the process is yesterday. There is nothing worse than prematurely starting a home search, finding the ideal home, contacting your agent to write up an offer, and realizing you can't submit the offer without the pre-approval letter, OR even worse, you aren't as qualified as you thought. Even if Spring shopping isn't your thing, but you know you are interested at some point this year or even next year, getting pre-approved now would be highly beneficial. Yes, the pre-approval letter will expire in six months, but two things: 1. You now know your price point to search 2. If you aren't happy with that price point, you can now take the necessary steps to improve upon that home price you want to afford. It could be any number of things, but most likely paying off debt, asking for that raise or finding other sources of income. If you have questions, please ask. I have access to amazing lenders that will be more than happy to guide you, whether it's for two weeks from now or two years from now. What are you seeing or hearing? I'd love to know paul@guiderealestate.com |
