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Improve Your Chances Of Qualifying For A Mortgage With 4 Easy Steps

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When it comes time to buy a home, your first major hurdle to overcome is securing financing through a mortgage. But if you’ve never had a mortgage or similar loan before, you may find the process intimidating – and even more so if your loan application is denied.

Whether you’re a first-time borrower or you’ve been through the process before, these four easy steps can help you improve your chances of qualifying for a mortgage, and will help you secure the best rates and terms possible.

Step 1: Always Have Your Paperwork Ready To Go

The first thing a lender wants to see is that you have reliable income and you don’t hold too much debt. Their primary concern will always be whether or not on paper you look like someone who could pay back the loan. Pull together any paperwork you have for each lender or debt you have, W-2s or other documents to prove your income, mortgage or rent payments, and any assets you hold.

Step 2: Make Sure Your Payments Are Up-To-Date

Lenders will look at your payment history to see if you have any trouble paying your existing and past debts. But if you miss a couple of payments on your credit card bills in the months before you apply for your mortgage, the lender is going to see that right away and may hesitate to issue you a loan.

Step 3: Pay More For Your Down Payment

From a lender’s perspective, your down payment is a guarantee of your commitment to your new home. When you put down a more significant amount, the lender feels more assured that you are committed to making the transaction work.

Step 4: Boost Your Credit Score

Lenders are looking for credit scores above 650 for most conventional loans. If you want to get the best rates and terms, you’ll need to be closer to 750 and higher. To guarantee your credit score isn’t what loses you a loan, make sure you always pay on time and pay off larger debts like credit card bills to improve your overall credit balance.

 

 

About US

Redlands California Homes for sale is run by Results Group. Jessica, Alan and Justin have been part of this community since birth for some of them. If you are looking to sell a home, buy a home or just have questions about real estate in general  in and around Redlands California such as Highland, San Bernardino, Yucaipa, Calimesa, Cherry Valley, Beaumont, Hinda, Moreno Valley, Bloomington or surrounding area, contact us at (909) 345-0909 or email us here. One call is all it will take for you to understand why we have top reviews and provide a zero pressure approach to real estate. Have an expert for all your Redlands California Homes for Sale and area for your real estate needs. Learn More About Us here.

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Should You Lock In A Mortgage Rate?

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One of the chief concerns of borrowers taking out a mortgage is interest rate changes. Depending on the circumstances locally, nationally, and internationally, interest rates can change over the course of a day.

There’s no reason for you to worry about your rate increasing while you wait for your closing date – instead, speak to your lender about a mortgage rate lock. Your lender will come up with an agreement that makes sure that rate is available to you for a certain period of time, with some exceptions. Typical time periods for a rate lock are 30 days, 60 days, and sometimes 120 days. The caveat to this is the longer your rate lock period, the more you’re typically charged in fees.

However, there are some things to be aware of when considering a rate lock:

Don’t lock too early.

If you lock in your rate for 30 days at initial approval and then don’t make an offer on a home for another two weeks, your rate lock will expire before your closing, and you’ve lost your guarantee. It’s advisable to wait to lock your rate until you’ve found a home.

Understand all of the terms.

Make sure you know whether your rate will be susceptible to changes stipulated in your agreement, and what fees you can expect. The longer your lock term, the more you’ll end up paying in additional costs.

Make sure you’re not missing out on lower rates.

A problem with locking your rate is that if rates drop during that period, you won’t be able to take advantage of them. Speak with your lender about a one-time rate drop option should things change during your lock period

 

About US

Redlands California Homes for sale is run by Results Group. Jessica, Alan and Justin have been part of this community since birth for some of them. If you are looking to sell a home, buy a home or just have questions about real estate in general  in and around Redlands California such as Highland, San Bernardino, Yucaipa, Calimesa, Cherry Valley, Beaumont, Hinda, Moreno Valley, Bloomington or surrounding area, contact us at (909) 345-0909 or email us here. One call is all it will take for you to understand why we have top reviews and provide a zero pressure approach to real estate. Have an expert for all your Redlands California Homes for Sale and area for your real estate needs. Learn More About Us here.

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Hoping To Downsize? What You Need To Know Before Looking At Listings  

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One of the reasons people flock to Redlands, CA is the laid-back, community-focused atmosphere. With a comfortable climate and proximity to major cities in Southern California, Redlands is often a choice for people who don’t want the hustle-and-bustle of a metropolis.

For that reason, Redlands is an excellent opportunity for those of retirement age to downsize their family home to access a relaxed lifestyle near to everything you still need. Whether you’re looking to downsize in your later years or are looking for ways to cut down your current costs, there are some things to consider before you even start looking at listings in Redlands.

What Is Your Long-Term Plan?

If you’re looking for a home to stay in for retirement years, are you hoping to leave that property or funds from its sale to your family? If you’re not in your retirement years yet, do you have plans for a family or a home business? Make sure you’re not downsizing in the wrong areas.

What Will You Do With Your Furnishings?

Moving from a five-bedroom family home in Redlands to a two-bedroom condo will save you lots of money, but will your current furnishings even fit into your new home? Consider selling furniture from your previous home to invest in small space-friendly furnishings.

How Much Will Your New Home Cost You?

Moving from a bigger home to a smaller one that costs the same amount isn’t quite downsizing – you’re better off keeping your spacious property unless you’re saving on taxes or maintenance. But more than the initial cost of the home, what will you need to spend on repairs, upgrades, or other areas that may require overhauling before your home is comfortably livable?

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How To Find The Right Family Home in Redlands, CA  

homes for sale near redlands ca

Moving as a single person or a couple is one thing – moving with a family is quite another.

When you’re shopping for a family home, you’ll find yourself balancing the needs of multiple people – which will often be different from each other – with the challenges of the home-buying process in general. Budgets can be contentious, and it may be difficult to plan your future needs while balancing immediate ones.

A huge benefit of shopping for a family home in Redlands, CA is that you won’t be overwhelmed by choices; in 2017, Redlands was home to slightly over 71,000 people. A great place to start your search for real estate in Redlands is to decide if there are certain amenities or schools you want to be nearby, and non-negotiable characteristics you need in a home.

Ask yourself these questions to help guide your search for the perfect family home in Redlands.

Can I afford that house?

The more children you have, the more space you need. But looking for a four-bedroom home means you’ll be paying a higher price. Before you even start looking at properties in Redlands, get preapproval for a mortgage, so you know how much you’ll be able to finance. If paying for four-bedrooms isn’t an option, you’ll find a creative way to make fewer work, but you don’t want to waste time looking at what you can’t afford.

Is a historic property right for me?

You’ll find a lovely selection of homes in Redlands from eras past. And oftentimes, these homes have the curb appeal and historic finishes that can’t be replicated today. But, the downside of that uniqueness is that they often cost more to maintain.

A secondary consideration regarding historic homes should be how suitable they are for your family. Perhaps you love the look of an original hardwood staircase, but is it practical for your young children to navigate these for the next several years? Consider things like the cost of child-proofing existing architectural elements before making a decision.

Does this layout work for my family?

Each home you look at will have a unique layout, and one of them will be ideal for your family. If you have small children that you like to keep an eye on, an open plan layout will let you see what’s happening in the living room even when you’re in the kitchen. If you want all of the bedrooms to be near to each other, you may have to sacrifice a first-floor master.

About US

Redlands California Homes for sale is run by Results Group. Jessica, Alan and Justin have been part of this community since birth for some of them. If you are looking to sell a home, buy a home or just have questions about real estate in general  in and around Redlands California such as Highland, San Bernardino, Yucaipa, Calimesa, Cherry Valley, Beaumont, Hinda, Moreno Valley, Bloomington or surrounding area, contact us at (909) 345-0909 or email us here. One call is all it will take for you to understand why we have top reviews and provide a zero pressure approach to real estate. Have an expert for all your Redlands California Homes for Sale and area for your real estate needs. Learn More About Us here.

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4 Reasons To Shop For Real Estate In Redlands, CA  

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Sandwiched between Los Angeles and Palm Springs lies Redlands, CA, a historic city that has caught the attention of home buyers looking for the right mix of density and quiet. With quaint streets rooted in decades past, you’ll find a chance to become part of a community of like-minded Californians.

If you’re looking for real estate in the vicinity of San Bernardino and Riverside, these are four reasons to consider a move to Redlands.

  1. You’ll Get To Know Your Neighbors

Tired of not knowing who lives around you? In Redlands, you’ll find neighbors saying hi to each other passing on the street, and you’ll always know someone is looking out for you and your home.

  1. Your Children Will Attend Great Schools

Understandably, given the close-knit nature of Redlands, the city has a fantastic public school system, so you know your child will grow into an adult surrounded by people they know and respect. The University of Redlands is an excellent liberal arts school which brings entertainment, learning opportunities, and young adults to the area year-round.

  1. You Can Enjoy The Mountains – Or The Beach

Redlands is nestled among Southern California’s mountains, but you can still get to the beach within an hour and a half. You have options of driving or taking public transportation, so you get the best of both worlds, whenever you want.

  1. You’ll Have Options For Entertainment

While Redlands is predominantly laid-back, you’ll have plenty of choices for fine dining, from classic 5-course meals to contemporary bites. Plus, the Redlands Bowl, a 1920’s amphitheater, regularly holds concerts the whole family can enjoy.

About US

Redlands California Homes for sale is run by Results Group. Jessica, Alan and Justin have been part of this community since birth for some of them. If you are looking to sell a home, buy a home or just have questions about real estate in general  in and around Redlands California such as Highland, San Bernardino, Yucaipa, Calimesa, Cherry Valley, Beaumont, Hinda, Moreno Valley, Bloomington or surrounding area, contact us at (909) 345-0909 or email us here. One call is all it will take for you to understand why we have top reviews and provide a zero pressure approach to real estate. Have an expert for all your Redlands California Homes for Sale and area for your real estate needs. Learn More About Us here.

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How Not To Sell A House: 4 Mistakes To Avoid  

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You’ve listed your Redlands CA home, but don’t seem to be getting much interest. At your first open house, only a trickle of folks came in, and your real estate agent doesn’t seem to understand why.

Chances are, you are making one of these four common seller mistakes.

  1. Messy Rooms

Potential buyers want to envision the home as their own, not see your mess all over the place. Put clothes away, store any items that make your home look cluttered, and most importantly, clean. One of the biggest turnoffs for buyers is walking into a bathroom and seeing grime, old shower curtains, and other items that are easy to take care of before a showing.

  1. Dim Lighting

When a buyer walks into a dimly lit room, they can’t see what they need to, and the room will feel dark and small. Open up the curtains and replace bulbs so instead, buyers look at your home in its best light. Rooms will feel larger and more open, and buyers will be able to envision them in their own way.

  1. What Smells?

When you live in your home, you get used to its smells and don’t notice them as much as others will. If you have pets, their scents can be in rugs and furniture and will be noticeable to others, especially buyers who don’t have pets. If you are an indoor smoker, everyone who walks through your door will know.

Don’t just spray a bunch of perfume to mask the smells – potential buyers who end up coming back again and again will eventually notice that something is up. Instead, hire professional cleaners and get rid of any odors once and for all.

  1. Wallpaper Overload

Maybe you liked the busy wallpaper that you installed in every room, but will your buyers? If there is too much going on, they won’t be able to focus on each room with their full attention. Some buyers are turned off by wallpaper altogether, so consider pulling some down and repainting the walls to widen your home’s appeal.

About US

Redlands California Homes for sale is run by Results Group. Jessica, Alan and Justin have been part of this community since birth for some of them. If you are looking to sell a home, buy a home or just have questions about real estate in general  in and around Redlands California such as Highland, San Bernardino, Yucaipa, Calimesa, Cherry Valley, Beaumont, Hinda, Moreno Valley, Bloomington or surrounding area, contact us at (909) 345-0909 or email us here. One call is all it will take for you to understand why we have top reviews and provide a zero pressure approach to real estate. Have an expert for all your Redlands California Homes for Sale and area for your real estate needs. Learn More About Us here.

 

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What Happens When You’re Up Against An All-Cash Buyer in Redlands CA and Area?

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You’ve found the perfect Redlands Home For Sale, and you qualify for a mortgage to pay for it. But as you submit your offer, you find out that you’re up against an all-cash buyer. Before you give up on that home, give it a minute – you might be surprised to find that the seller actually prefers your offer to the cash one.

When it comes to making offers and negotiations, don’t neglect the importance of a reputable real estate agent. They’ll help make sure you understand the properties you’re interested in but will also help you present your case to sellers in the strongest light possible. Cash deals tend to move rapidly, so your agent will help you make sure your financing paperwork is ready to go as quickly as the seller needs.

Work with your agent to help sort out the seller’s motives. If they are just looking for the highest offer, you’ll know based on the feel of the house when you look at it. On the other hand, if they’ve been in the house for decades and it has a personalized look and feel, they may prefer someone who wants to enjoy their home – not worry about someone who wants to change or destroy what they’ve built.

If you’re up against an all-cash buyer, you need to make sure your financing paperwork is in perfect shape. To convince the seller that your financing is set and you are ready to buy, show them any documents that apply to your mortgage, like:

  • Pre-approval letters
  • Proof of employment
  • Positive bank statements
  • Your credit score

Many agents also recommend writing a letter to the sellers to show them that you are a real person looking for a home to cherish. Tell them what you like about the house, how you envision yourself or your family enjoying it, and you’ll make a compelling case against buyers hiding behind cash offers. For your Corona starter home, tell them about your dreams of children playing on your front lawn, and your plans for making a home there. It never hurts to try.

About US

Redlands California Homes for sale is run by Results Group. Jessica, Alan and Justin have been part of this community since birth for some of them. If you are looking to sell a home, buy a home or just have questions about real estate in general  in and around Redlands California such as Highland, San Bernardino, Yucaipa, Calimesa, Cherry Valley, Beaumont, Hinda, Moreno Valley, Bloomington or surrounding area, contact us at (909) 345-0909 or @ info@kwresultsgroup.com. One call is all it will take for you to understand why we have top reviews and provide a zero pressure approach to real estate. Have an expert for all your Redlands California Homes for Sale and area for your real estate needs.

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6 Reasons Why You Should Work With A Seller’s Agent To Sell Your Redlands CA Home

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Are you ready to list your Redlands CA home for sale?

If so, you might be laser-focused on your listing price, and dreaming of all the things you could do with that money. At this point, it’s not uncommon for sellers to consider selling their home themselves to maximize the total amount they take home from the deal.

But selling your home isn’t just a matter of putting a for sale sign out front, there are days and weeks worth of work that go into making sure you close your deal with the terms you want. If you’re getting ready to sell your Redlands house, these are six reasons to work with a listing agent.

  1. Marketing: To reach the biggest selection of buyers, you need to take advantage of online listing sites and physical marketing. A seller’s agent will have all of the tools required to reach the right buyers professionally.
  2. Pricing: An agent that works exclusively or mostly with sellers will be an expert at pricing your Redlands home. If your home is listed too high, it will sit, and if it’s too low, you won’t get all that you need out of it.
  3. Photography: Your cell phone shots of your home probably aren’t going to do it justice in the eyes of buyers. A seller’s agent will know the right photographers and settings to make your house shine.
  4. Honesty: You may think the lanai you installed in the back of your house is a show-stopper and should boost up your home’s price. Your agent, on the other hand, will be able to tell you honestly which improvements demand higher prices, and which hold more emotional meaning for you than buyers.
  5. Staging: Your home should look neutral enough that when potential buyers enter, they can see themselves living there. An agent will advise you on what furniture to toss, things to put away and even paint colors and finishes that will make your home look upgraded.

6. Negotiating: Selling your home can be an emotional process, and working with an agent means that there are no emotions during critical negotiations.

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Who Pays Closing Costs During A Real Estate Sales Transaction in Redlands CA and area?  

apartments in redlands ca

If you are selling your home, you’ll be responsible for a host of costs, including real estate commissions. Whether you’re listing a multi-million dollar home in Riverside County or your starter home nearby, you’ll likely hand over a chunk of change when you receive your sales proceeds.

But what about closing costs? These can include everything from covering the cost of agreed-upon repairs to a homeowner’s association transfer fee, and for buyers, can end up costing between 2-5% of the sale price. Sellers can end up responsible for even more, as much as 5 to 10% of the sales price. However, not all closing costs are paid for by sellers, and in some cases, you may be responsible for none of the applicable fees.

Common Seller-Paid Closing Costs

The most significant cost you’ll have to pay at closing is real estate commissions, including that of the listing agent and selling, or buyer’s, agent, and can include additional agents involved in the process as well.

You’ll also need to pay any outstanding taxes due as of the sales date, and any outstanding homeowner’s association costs.

Common Buyer-Paid Closing Costs

The majority of a buyer’s closing costs will be related to their mortgage. They’ll need to pay application fees, origination fees, appraisal fees, insurance, and other line items. Buyers will get a Loan Estimate when they receive a loan that will outline potential closing costs and will receive a Closing Disclosure three days before closing that confirms these amounts.

When Closing Costs Become Part Of Negotiations

Buyers will sometimes ask sellers to take on closing costs instead of a reduction of the purchase price. When faced with paying $20,000 on the day of closing or paying $20,000 less in your mortgage over the life of your loan, the former may be much harder to come up with, and hence, becomes a point of negotiation. For sellers, the amount evens out the same for your total proceeds.

Source

https://www.consumerfinance.gov/ask-cfpb/what-is-a-closing-disclosure-en-1983/

https://www.consumerfinance.gov/about-us/blog/know-before-you-owe-loan-estimate/

 

About US

Redlands California Homes for sale is run by Results Group. Jessica, Alan and Justin have been part of this community since birth for some of them. If you are looking to sell a home, buy a home or just have questions about real estate in general  in and around Redlands California such as Highland, San Bernardino, Yucaipa, Calimesa, Cherry Valley, Beaumont, Hinda, Moreno Valley, Bloomington or surrounding area, contact us at (909) 345-0909 or @ info@kwresultsgroup.com. One call is all it will take for you to understand why we have top reviews and provide a zero pressure approach to real estate. Have an expert for all your Redlands California Homes for Sale and area for your real estate needs.

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Real Estate Contingencies: How Do They Work For Sellers in Redlands California?

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One of the most challenging parts of selling a home is dealing with multiple offers and negotiations. You might think that the best offer is going to be the one with the highest price, but there are situations in which the highest offer may not actually be in your favor.

Contingencies are terms that come along with an offer and are most often what gets negotiated with potential buyers. Contingencies can deal with everything from financing to home repairs, so it’s important to know which of these are in the best interest of sellers, and which will benefit buyers.

When you work with a real estate agent to sell your home in Redlands, CA, they’ll know how to negotiate some of these contingencies, and can advise you about those to avoid.

Contingencies That Benefit The Seller

A primary contingency for some sellers is proof that the buyer can actually pay for the property they are interested in. You could ask for letters from lenders, financial statements, and other information that verifies they can go through with the sale when you’ve accepted the offer.

It’s not a recommended path, but some sellers will add in a contingency for finding a new home, to guarantee that they don’t sell their house only to discover they don’t have another one ready to move into. If you’re worried about this, a better option is to set a specific time period – say, three weeks – and after that time period you’ll have a choice to continue with the sale or cancel it. Keep in mind, this kind of contingency may end up scaring away buyers who don’t want to deal with the chance that a sale will fall through.

Contingencies That Benefit The Buyer

Most contingencies are going to be in favor of the buyer as they are the ones writing you a big check. However, many of the most common contingencies will actually benefit both of you in the long run, as you’ll be less responsible for any future problems related to these specifics:

  • Home inspections
  • Lead-paint inspections
  • Property restrictions
  • Home appraisals
  • Clear titles

Whether or not you choose to accept these contingencies should be a decision made between you and your real estate agent. However, dealing with these problems now can protect you from liability in the future.

 

About US

Redlands California Homes for sale is run by Results Group. Jessica, Alan and Justin have been part of this community since birth for some of them. If you are looking to sell a home, buy a home or just have questions about real estate in general  in and around Redlands California such as Highland, San Bernardino, Yucaipa, Calimesa, Cherry Valley, Beaumont, Hinda, Moreno Valley, Bloomington or surrounding area, contact us at (909) 345-0909 or @ info@kwresultsgroup.com. One call is all it will take for you to understand why we have top reviews and provide a zero pressure approach to real estate. Have an expert for all your Redlands California Homes for Sale and area for your real estate needs.