Changes for Buyers and Sellers
Bank regulations have JUST CHANGED. It’s important for buyers & sellers to understand what impact this will have on them.
BUYERS: It’s already a bit of a challenge borrowing money for a mortgage, what with all the paperwork in addition to your first born male child that you need to give the lender. Now, the rules are becoming stricter & the process is getting tougher; more paperwork involved, potentially lengthening the process even more. I’ve seen many of my buyers become increasingly frustrated with the whole situation, even though there really are no options other than to work through it. The best thing buyers can do to prepare for obtaining financing for their new home is as follows:
•Pay your bills ON TIME. Even if you have a number of credit cards with balances, paying them ON TIME is what helps you maintain good or even excellent credit
•Any huge debts or monthly installment debts that may affect your getting the mortgage should be paid off. You should consult with a reputable & savvy mortgage professional for advice on this
•Have all your documents in order, in advance, to hand over to the lender, such as your most recent pay stubs, last 2 years’ tax returns, W-2’s, credit card & other installment debt information & anything else that you think may help the lender. A good mortgage professional will know exactly what’s required but being prepared will save you time & effort in the long run
•Lastly, engage an excellent mortgage professional like Frank Tamayo from Citibank. I have been recommending/referring him for many years and he has ALWAYS done right by EVERY ONE of my buyers. He can be reached at 917-331-9591or [email protected]
•You may also be buyers, so the same information above will apply.
•From your point of view as sellers, be mindful of the fact that “patience is a virtue”. If you’re planning on purchasing another property immediately after selling, you will need to consider the timing factor for your buyer(s). PLAN AHEAD. Know that this is a PROCESS & that the timing is NOT exact & that things can change in an instant. Never guarantee, commit or promise the sellers from whom YOU are purchasing that you’ll be able to complete that transaction in a specific period of time, because that RARELY happens. It almost ALWAYS takes longer than expected
BUYERS & SELLERS: Surround yourself with a good team- your REALTOR or real estate agent (or broker), attorney, licensed home inspector or engineer, mortgage professional, title company, mover & sometimes professional organizer & home stager as well as credit repair expert are critical people who are a major part of your transaction so CHOOSE WISELY & your process will go much more smoothly.