September 13, 2022

Bay Equity guides your homebuying journey

Today, there are many reasons buyers may want to move more quickly. In addition to a still-limited supply and rising mortgage rates, you may desire to change school districts before the school year. You may need to relocate for work.

Whatever the reason, Bay Equity Home Loans is your trusted guide through the home-buying experience. Call today to discuss your options and get started on the process.

While prepping for the house-hunting circuit, it is a good idea to get pre-qualified. A pre-qualification requires a quick conversation with a Bay Equity loan officer and a look at your credit score.

If you have a little more time, obtaining a pre-approval letter is even better. It lets sellers know you are serious, as well as giving you a big leg up on collecting the paperwork you will need later in the home loan process.

Getting a pre-approval usually means providing several months of bank statements, pay stubs and letters of explanation for any unusual expenses, as well as documents of all sources to be used toward the down payment. These forms can usually be uploaded and provided to your Bay Equity loan officer via a secure email channel.

Besides strengthening offers, a pre-approval letter basically front-loads the entire underwriting process, minimizing surprises that might cause later delays. Additionally, it gives a buyer an idea of their housing budget.

The next thing to do is choose the right real estate agent. Bay Equity partners with the most experienced, knowledgeable local agents in markets throughout the nation. They are familiar with homes that are currently listed and often, those about to be listed.

They may be able to identify “slow sellers” – who have been listing their homes for a while and may be more motivated to act fast.

When making an offer, put the best bid forward first. That doesn’t just mean offering a lot of money. Other options include offering a larger down payment and more earnest money. Do not be afraid to ask the seller what they are looking for.

Lastly, consider contingencies. These are standard clauses allowing buyers to walk away from the deal under certain circumstances. To sweeten the offer, some choose to waive one or more contingencies.

Take care: Waiving contingencies can spell trouble down the line. Choose battles - and concessions - carefully.

At Bay Equity Home Loans, we have a full array of conventional mortgage loans, as well as federal loans through the VA, FHA and USDA requiring down payments as low as zero to 3.5% of the purchase price. We can help access many private and local down payment assistance (DPA) programs, too.

Bay Equity is dedicated to exceptional customer service and innovative programs. Its employees are committed to positive impact on the communities they serve.

Those still in the homebuying market should have a lot more homes to choose from as supply and demand come into better balance in the coming months.