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What to Avoid After Applying For a Mortgage


As someone who has many interactions with buyers and sellers, buyers have the most to lose when it comes to credit scores and banking changes. Here are some tips on what to avoid after you found the perfect home and now you must finance your perfect home. Avoid any large purchases such as a new car or new furniture. New debt creates new obligations which in turn creates new qualifications and sometimes higher debt to income ratios and make for riskier loans. Don’t co-sign any loans. Co-signing means you are now obligated, and obligations mean higher ratios. Your Lender will have to hold these payments against you. Don’t change your bank accounts. Lenders need to track your source of income and track your assets. Before even transferring money between accounts talk to your loan officer. Applying for new credit such as a new credit card or a new car can affect your interest rate. Lower credit scores can determine your interest rate and maybe even your eligibility for approval. Don’t close any credit accounts a major component of your credit score is your length and depth of your credit history. Closing accounts have a negative impact on both. If you’re considering purchasing a new home talk to a professional realtor and a financial advisor to help not only find but purchase your perfect home.  

3 Reasons Why Now Is The Time To Sell


Right now, demand is still strong in our housing market. Buyers are ready willing and able to buy homes now according to the National Association of Realtors about 40% of housing transactions will be between March and June. Multiple offers for the same home are common and getting the best price for your home is more likely. There is less competition in the market right now. For example, there is only 3.9 months' supply of inventory for homes in the $250,000 price range in a normal market there are almost 6 months of supply. Finally, if you are considering moving up or into a luxury home now is the time. The inventory created by these homes for sale has created a buyers’ market. So, selling your startup home to trade up is made easier by selling your current home and then being able to get the price you want for your next home. 

Myths About Buying a Home


There are quite a few common myths many people have about buying a home. Financially unattainable or credit not good enough. Here is one of the most common myths about buying a home:

I must have 20% to put down or I cannot afford to buy a home.

Saving 20% to buy a home is a challenge for most people and could be a roadblock to buying your home. However, about 60% of home buyers put less than 6% down. The programs listed below will allow you to do just that.
  • FHA Loans – If you qualify for these loans you may put as little as 3.5% down
  • USDA, VA, & Navy Federal Credit Union Loans – These governmental related lenders will allow qualifying buyers to put as little as 0% down.
  • Some state and local agencies sponsor down-payment assistance programs that prospective home buyers in different ways. Talk to your lender to find out more about these programs.
The more you know about what programs there are to help you. The closer you will be to owning your next home.

Call me today to help you find your first or next home.

Wilmington Housing Market


If you live in or around the Wilmington area now is a great time to be in the market. Owning your home today means keeping money in your pocket tomorrow with interest rates expected to go up this year. If you are planning on selling your home as you know negotiating a fair price can be challenging. However, in our Wilmington market, there is a supply shortage of homes on the market. This means there is a lot of demand and not enough supply of homes to meet that demand. If you are selling your home at the right price negotiating to get the price you want is in your hands and selling your home can be as easy as that. Call me today for a free no obligation home evaluation. 

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