Low Housing Levels are Creating Fast-Paced Housing Market

 Low Housing Levels are Creating

Fast-Paced Housing Market

You don't have to look far to find headlines that report about the housing shortage that many U.S. housing markets are currently experiencing.  They're everywhere.

One reads, "Housing inventory falls to a two-year low". 


Another reveals,  "For-Sale Housing Inventory at Multi-Year Low".  And that's just a small sampling of all that's available across the many media formats.


This lower level of available housing comes at the same time that the markets are seeing an uptick in the number of consumers wanting to buy a home.  Lower, tempting mortgage rates have made the prospect of homeownership, step-up buying, and refinancing attractive to a growing number of prospective buyers.

Many prospects now entering a Chicago-area home search are finding that because of current low housing inventory, they're competing with others (sometimes multiple buyers) during the bidding process.  And this means they are under greater pressure to make quick decisions.

In these situations, these potential buyers need to be fully prepared and able to make sound financial decisions for themselves.  In order to do this, they have to have already taken steps and pro-active measures to fully-educate and prepare themselves.

So what does "pro-active measures" and "preparation" actually mean?

Homebuyers need to have already taken measures to secure their home financing.  That means they have already:

• Checked their credit (Don't assume you know. Go to:  www.annualcreditreport.com/index.action)
• Talked to a Mortgage Lender (also to obtain free credit report)
• Have been Pre-Qualified by the Mortgage Lender   
  
• Addressed any debt or credit issues that may have existed (Even small improvements can translate into real savings of dollars, both during the initial financing and closing on your home and over the life of the loan as well).
• Gathered the financial documentation needed for Mortgage Pre-Approval
• Been Pre-Approved for their Mortgage
• Have funds together for a Down Payment
• Have funds together for Closing Costs or have discussed an option for seller-paid closing costs with your Lender
• Understand their maximum Price Range
• Understand their maximum Monthly Mortgage Payment (Read: "How Buying in a Homeowners Association (HOA) Can Affect Mortgage Approval & Monthly Payments). 
• Formalized their Pre-Approval

In other words, the above-mentioned steps must have been performed and completed prior to the start of viewing homes and placing bids on them.

Buyers need to act proactively.  They need to be up and running regarding their mortgage financing.  

When they have done this, they then can quickly produce a PRE-APPROVAL LETTER proving to a Seller their capability to buy successfully.  (Read about the advantages and benefit of Pre-Approval VS Pre-Qualification).

Education ... preparation ... action.  Each is crucial when buying in a low-inventory/multiple bidder Chicago-area housing market.  

Give yourself every advantage possible.  Contact me or your own local mortgage lender now ...

* Are you dreaming of buying or refinancing a home or Investment Property in New Lenox - Will County - Chicago - Chicagoland - IL/WI?

Contact me today! I'll put my 40 years of mortgage experience and expertise to work on your behalf.
I'm easily found at:

Gene Mundt

Mortgage Originator - NMLS #216987 - IL Lic. 031.0006220 - WI License #216987

American Portfolio Mortgage Corp.

NMLS #175656

Direct:  815.524.2280

Cell:  708.921.6331
eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

          

       

Gene Mundt, Mortgage Originator, an Originator with 40 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in
Chicago and the greater Chicagoland region, including:
The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Lockport, Crest Hill, Plainfield, Channahon, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and 

elsewhere within IL & WI.  

Your Referrals & Testimonials are Greatly Appreciated!