Thinking of just waiting it out? Here's what the experts have to say...
The Pros and Cons of Waiting Out the Hot Housing Market
The pandemic put only a temporary damper on the housing market, as the market rebounded robustly, hotter than ever, particularly in 2021. As we've rolled into 2022, the market is starting to simmer down just a little but not much.
Some Do's and Don'ts While Waiting for Your Home Loan Approval
Talk to any lender and they will have advice for you on how to best prepare to apply for and get your home loan approved. Some things are common sense, but others may be things you didn't even think about and should definitely keep in mind. Below are some do's and don'ts that come directly from a lender. This is part of a larger article on my website called, Ask the Expert: Lenders. Feel free to check out the article in its entirety HERE.
Do NOT, I repeat DO NOT, apply for new credit or debt, as you will be required to explain and document any new credit inquiries from the time the initial credit report was completed. If you did make a purchase during this time, it could alter your debt-to-income ratio and you could lose the loan approval.
Do NOT change jobs! A job change may have a significant effect on the final underwriting decision on your loan.
Keep any funds you are using for down payment or assets in place and in the same account until needed at the loan closing. If you are getting gift funds, these will need a gift letter from the donor and paper trail from their account over to yours. It HAS TO BE documented!
Do not pay off any debts unless you are advised. If we notice a debt is paid off and it was a large balance loan, we will need to know where the funds came from to pay off the debt and make sure you still have funds for the loan closing. Once again, we need a paper trail.
Avoid large purchases. A major purchase that required a withdrawal from your verified funds or increases your debt may affect the final underwriting decision.
The Columbus Arts Festival is back this year and celebrating 60 years on the Riverfront in downtown Columbus! The Festival runs this weekend June 10th-12th. For a Festival map and schedule of activities and performers, click on the logo above to be directed to their website. You can also download the app "Columbus Arts Festival" from your app store.
Also, this Friday night is the second Friday Nights Uptown for the season in Uptown Marysville and features Wine Fest! Spend Time with family and friends enjoying wine from local wineries, live music from Hard Day's Night, Chalk the Block, local vendors, kids activities, and food and beverage vendors. This event is sponsored by Coughlin and kicks off at Partner's Park at 6PM.
This is the second year for the Marysville Pride Fest, which began in 2021 and continues this year with huge local support. Join this family-friendly event at the Memorial Pavilion on Saturday, June 11th from 4-9PM. For more info, click on the logo above to be directed to their Facebook page.
Featured Real Estate Listings This Week!
Want your home featured in my TOP PICKS?
Contact me to list your home!
OPEN SUNDAY 6/12 1-4PM
841 Summerlin Lane,
Marysville*
Walker Villas
(Click on the photo for the pictures and description.)
4997 Pesaro Way
Dublin*
(Click on the photo for the pictures and description.)
105 Willows End, Bellefontaine*
Allen Woods Condominiums
(12 Year Tax Abatement!)
Spec homes available soon or build your dream home!
(Click on the photo for the video tour of model home)
*Please keep in mind that houses sell very quickly in this market.
For up-to-the-minute availability of any home, please contact me.
937-209-0114
If you or someone you know is looking to buy, sell or build a home, call me!
