What do Buyer’s really react to when they are seeking property in the Palm Springs area? What are their primary concerns, wishes, wants..what are they willing to pay a premium for???
The Palm Springs Valley is a resort area, which encompasses many different areas, and many different cities. Known for it’s sublime weather first, Golf Courses, and extreme views, a Buyer can find pretty much whatever they want. We are a desert, but you sure wouldn’t know it looking around. Palm Trees sway, green belts roll in and around housing developments, that snuggle in various coves in the surrounding mountain range. It really IS extreme beauty.
What price this weather, the golf, the proximity to LA, the custom homes, the VIEWS?
First off, year round residents pay more for exactly the opposite of what seasonal buyers prefer! Those of us that live here year round tend to want our back yard areas with LESS sun, not more. So, we choose Northern or perhaps Eastern exposure and give up the Western mountain views for less beating sunshine. The Deset summers can cook you!
Seasonal Residents will almost always prefer South. Most sun time. Makes sense. They’re here during the winter and Canadians, people from Northern California, the beaches, midwest states..all of them are here seeking sunshine. The Southern orientation commands top dollar.
If you can throw in some Western Mountain range view WITH the Southern sun, add another premium! Sunshine with purple mountains to look at? Sweet! Now, throw in the rolling greens, sand traps and TRIPLE PREMIUM..water, and you’re looking at the MOST desirable location.
Let’s recap what TRULY captures a Buyers imagination and potentially a higher purchase price.
- Southern exposure for sun.
- Western Mountain range views.
- Fairway location.
- WATER anywhere around the property..
Remember that if you can live without even ONE of these requirements in this resort area, your price/sf will drop accordingly. Know what you want, but also know what you can live without.
image: brianselldesign.com
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Submitting an offer on a short sale is the same as submitting an offer on any other property except a few minor details. Due to the nature of a short sales complexity, it’s best to choose an agent who has real experience on both sides of the transaction.
Even though you’re buying a home, a short sale listing agent that also helps buyer’s, will give you an advantage. This is why I pride myself in my ability to handle Palm Springs Valley short sale transactions.
First, have your agent find out how experienced the listing agent is with short sales. Though it may seem a little unusual to ask the other agent to provide their qualifications, it could potentially make a big difference. If the listing agent is experienced, they will likely have connections with asset managers at the bank, know what is expected by that particular Lender, and be able to communicate effectively about the progress of the transaction, timeline, etc. Talk this over with your agent and determine how you want to proceed.
Second, find out how many liens are currently held against the property. There is a direct multiplier between the number of liens and the level of difficulty of the transaction and time it takes to close. Your agent can get this information from a title company. To shed some light on this, just consider that for each lien holder, the short sale packet must be presented and negotiated, approved, and worked through.
You may or may not be able to find this out, but make sure and ask if there are any other offers. Most listing agents will not get into too many specifics about this, but at least if you know there are other interested parties, you can put your best foot forward. If the bank has already approved a previous buyer’s price, the listing agent may share that with you. This could potentially save the step of waiting for a price approval. This happens when the bank has approved a previous offer, but the buyer eventually backed out, though no guarantee. Lenders are known to change their prices too!
Once your deal is negotiated with the seller and presented to the bank, the waiting begins. Different banks have different timelines, but they are all ridiculously slow compared to a typical non-third party negotiation. Expect to wait at least a month for an approval, but be prepared to wait for several months.
Buyers often wonder why it takes so long. For the most part, the speed at which the file moves through the bank is a direct correlation to the amount of backlogged paperwork the bank is experiencing. There are literally thousands of these transactions happening across the country with the big banks. When you think about it, banks are losing money on short sales, so they probably do not want to spend money to hire tons of people to work on them. All in all, it will likely take 3-4 months to close your transaction on a short sale. For a cash transaction, the length of time could be shorter, but it’s not always the case.
After your offer is approved by the bank your contract’s inspection and financing contingencies will go into effect. You will have time, as stated in the contract, to seek financing. You will also have time to perform an inspection, and although most short sales are sold as-is, in rare cases, the bank may be willing to compensate for major problems, but that is not typical and should not be counted on. Should you choose to withdraw from the purchase, it is usually not a problem until after the due diligence and financing deadline. At that point, you will forfeit your earnest money should you choose to cancel the contract.
If you’re interested in buying a short sale in Palm Springs or surrounding areas, be sure to contact me to discuss what needs to be done to make your real estate transaction successful, and as stress free as is possible!
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When most people think of the Palm Springs Valley, they think of Sunshine and Golf. People with horses know if for entirely different reasons, but equally important and impressive. The Eastern end of the Palm Springs Valley encompasses the cities of La Quinta, Indio, Bermuda Dunes, Coachella, Thermal and Vista Santa Rosa. Each is home to many horse ranchettes, small horse estates, actual working ranches and producing date and citrus farms.
Indio has become famous for it’s two International Polo Clubs, The Empire Polo Club and the Eldorado Polo Club. Eldorado is celebrating it’s 55th year of life in 2012! Eldorado moved to it’s current site in the 1980’s and is the largest Polo Club in the United States. Florida with it’s many private clubs as well as the Palm Beach Polo Club is it’s only rival. There are 13 polo fields, and each season welcomes approximately 1,000 horses and 150 players. Sunday games are open to everyone, with tailgate parties, jumpy gym for the kids, hot dog stands and more formal dining at the Clubhouse if preferred. Entry is $5/car..pretty reasonable for an afternoon of fun. Sunday’s Finals are played at 12 pm and 2 pm from January through April.
The neighboring Empire Polo Club is on the map for different reasons entirely. Polo is played throughout the season with 5 fields and games 5 days a week, as well as a summer polo pony training haven. Empire Polo is geared more to Events, with it’s varied event sites including Medjhol Lake, the Famous Rose Gardens with it’s life size bronzes scattered throughout, a regulation size Indoor Polo Arena under lights for those night games, as well as wedding and celebration sites. But the BIG EVENT at Empire is the Coachella Music and Arts Festival in April. 2012 will be 10 years here in the Valley and it has become an international success, bringing visitors from all over the world. 2012 will see 3 weekends of the Music Festival.
If you travel a little further East, you enter the town of Vista Santa Rosa. An unincorported, gorgeous, rural area of date palms and ranches, it is home to Deer Creek Polo Farm and many other polo pony training facilities. Adjacent to VSR is the very rural city of Thermal. Thermal was put on the map when The Jacqueline Cochran Airport opened, but it has become very famous amongst equestrians over the past years as home to the HITS (Horseshow in The Sun) competitions. This internationally ranked “A” rated horseshow has riders from all over the US and Canada competing for BIG cash prizes. Saturday and Sundays from January through April hosts day and night jumping events that will take your breath away. A small fee at the gate and you can stay all day. Equestrian shopping is unbeatable, the food is varied and the events go from children’s classes to Olympic level.
La Quinta also sports riding trails from it’s Eastern side to the more central areas. It is planed that the trails (which are also great for walking!) will eventually go all the way to the La Quinta Cove foothills. It is not unusual to see riders as you drive your car around La Quinta.
So..come on out for the sunshine and golf, but add a few Equestrian flavored events to your schedule. You’ll be glad you did!
image: la-quinta.org
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An important decision that people looking to buy homes need to make is regarding the location of the property. It can be pretty challenging to tell a good location apart from a mediocre or a lousy one?
Say, if there were three different homes that were absolutely identical in shape, size and build, the location would, in such a hypothetical scenario, be the most important factor that would eventually determine the market value of your home over time.
Location plays an important role in determining the long term market value of your home and is yet the most overlooked factor.
Ideally, you should look for the houses that offer the following in their vicinity:
Desirable Locations
Many families, especially with kids, would be concerned about finding houses within or close to the school zones. Eventually, if you consider selling your home in the next few years, you would potentially find many such families willing to pay more just to get closer to the schools.
- Proximity to Recreational Spots and Natural Parks
Homes that are in the vicinity of an ocean, a river or a park, would generally retain their value because these locations offer a lasting appeal to people looking to purchase homes.
A house that offers a beautiful view is often sought by many homebuyers. A good stretch of sea visible from the yard or the skyline visible from the rooftop both qualify as killer views.
- Proximity to Shopping and Entertainment Areas, and Business Centers
A house located near the major shopping and entertainment areas as well as business centers are also liked by many homebuyers. The idea of walking to enjoy a nearby nightlife sounds more appealing than having to drive everywhere you need to go.
- Houses in Safe Neighborhoods
Nobody wants to live in an unsafe environment. For this reason, if your neighborhood is known for its notoriety, many homebuyers would be reluctant to purchase a home in that area. Over the course of time, the property would lose its market value.
OK, so these are some of the locations that are really sought after by homebuyers, but how to identify locations that people would certainly want to avoid owning a house?
Undesirable Locations
Many homebuyers, when considering a location, would go at lengths about a single undesirable factor about the location. As such, it is very important to ensure that you carefully evaluate any location for the following undesirable factors:
Proximity to Industrial Areas
People generally refrain from paying too much money on buying houses near industrial areas and noisy surroundings. People also look for sites that are not frequented by trucks, especially at nighttime.
Near Freeways and Airports
Again, these locations are undesirable because of all the rumbling and racket. Having to bear with the noise of airliners can be a very frustrating experience, especially at night.
In High Crime Neighborhoods
Safety is an important factor in buying a home. People want to feel safe in their homes and neighborhoods known for high-crime rates are the least-favored option of many homebuyers.
About the author: Mike Pannell is an Dallas Texas real estate agent helping both sellers and buyers complete their real estate transactions. For more blogs & articles about the Dallas real estate market & Mike Pannell please visit our Dallas Real Estate blog.
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Are you making plans to purchase a home in the near future? If so, you might want to consider purchasing a home warranty. W
hile purchasing a home warranty is not a requirement, many homeowners find that having one provides them with the peace of mind they need when buying a home.
After all, who wants to worry about making repairs shortly after making a home purchase?
Despite the relatively low cost of purchasing a home warranty, having one in place offers a number of benefits. As is the case with many Austin homes for sale, you can even negotiate the cost of the warranty into the selling price of the home. That end, here is a look at five advantages of a home warranty.
Advantage #1: Make Repairs for Less
Clearly, the greatest advantage to a home warranty is the fact that it covers the cost of repairing systems that are included in the warranty. Items that are typically covered in home warranties include the sump pump, plumbing, electrical and garage door opener. The air conditioning, evaporative cooler or whole house fan are also included, as is the furnace, boiler or heat pump. Other items, such as appliances, the septic tank, the pool, the hot tub and the gas fireplace.
Advantage #2: Extend Manufacture Warranties
When a home is sold, many manufacturers void the warranties that came with the appliances included in the home. When you purchase a home warranty, however, the home warranty company will generally contact the manufacturers on your behalf. In many cases, the warranty company can get the warranty reinstated or will otherwise find a way to ensure your appliances are covered.
Advantage #3: Finding Technicians is a Cinch
When you purchase a home warranty, the warranty company will have a list of technicians available to meet your repair needs. In this way, you don’t have to worry about searching through the phone book in order to find someone to hire. With the help of the home warranty company, you eliminate the guesswork of finding someone to repair your home.
Advantage #4: Reduce Budget Concerns
When you have the peace of mind that comes with a home warranty, you don’t have to worry about your budget being stretched too thin by unexpected repairs.
Advantage #5: Sell Your Home More Quickly
If you are trying to sell a home, purchasing a home warranty can go a long way toward helping you get the home sold. In fact, the National Home Warranty Association found that homes with warranties sell 15 percent more quickly than those without.
While homeowner’s insurance is designed to protect your home in the case of theft or disaster, a home warranty covers the cost of repairing mechanical systems and appliances. As such, the two policies are able to work together to provide you with complete peace of mind in knowing that your investment is fully protected.
About The Author – Eric Bramlett is broker and co-owner of One Source Realty, a boutique Downtown Austin condos firm, and specializes in Steiner Ranch real estate.
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If you have been perusing Palm Springs homes for sale on the internet and are now ready to look at some in person, you have a very important decision to make, namely, who will you choose to represent you. The following are a couple important questions to ask when looking for the perfect Palm Springs real estate agent to help with your home purchase.
What areas do they focus on?
You want a Palm Springs real estate expert, so make sure that is what you are getting. If you talk to someone whose primary focus is somewhere else, it doesn’t mean they will be unable to handle your transaction, but someone who is familiar with this area will be more in-tune with prices, appreciation, neighborhoods, schools, and demand. An experienced Palm Springs agent will also be familiar with, or at least able to get their hands on deed restrictions and other pertinent community information.
Is real estate their full-time job?
Make sure your prospective agent sells real estate full-time. It is fine if they volunteer at the homeless shelter a couple times per month, but their primary employment focus needs to be on Palm Springs real estate. Selling real estate is tough, from the hours to the inconsistent pay. Many people get into real estate sales thinking that it will be easy, flexible, and fun. Your agent needs to have a proven track record of success.
Beyond what an agent will share with you, the internet can help you determine what they have achieved, generally with customer satisfaction scores and home sales data. At the very least, you can access their licensure information and see if there have ever been any complaints filed against them. If an agent is doing real estate as their part-time gig, you will have to work around their schedule rather than vice versa.
Do they work alone or are they part of a team?
As agents build their business, often they reach a point where they need an assistant. In a real estate business, a knowledgeable assistant is irreplaceable. For the consumer, having an additional point of contact can be very valuable. Eventually, in addition to an assistant, a busy agent may hire on a buyer’s agent.
Ask your prospective agent how their business is structured. There is a fine line between a busy agent who manages their time wisely and an agent who outsources most of their buyer work. Working with buyers is generally more time-consuming, so that is where busy agents need more help. This is fine if the person helping them is experienced and trained. But it can be a disaster if they have a newbie driving you around.
How do they like to work?
Beyond all the statistical data you can gather, you also just have to simply be able to work with the agent you select. Ask if they have certain hours or days they prefer to work. Also, talk about communication preferences, talk versus text or e-mail, etc. If you can match up for the most part in these areas (they should accommodate you), and you feel they are competent, it will likely be a successful working relationship.
If you are like most buyers, your purchase of Palm Springs real estate will be your largest personal investment. To make sure the process goes off without a hitch, ask the right questions, check references, and trust your gut. Your Palm Springs real estate agent should be the best. Use the tips above as conversation starters you should be well on your way to a wonderfully successful partnership!
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What they say is true. Short sales are a long, arduous, and oftentimes frustrating process. Short sales for Palm Springs real estate are no different. To lessen the frustration, it is imperative to get the right players on your team from the beginning. Facing a financial crisis is hard enough, getting the right people on board can make your resolution a lot better.
Where to Begin
First, find an experienced short sale agent. No two short sales are exactly alike, but even so, novices need not apply. These deals can be extremely difficult, and you want a seasoned pro in your corner. Also, a more experienced short sale agent is going to have better contacts with the bank’s asset managers and loss mitigators, which will come in handy as the pressure starts to heat up.
Use the internet to search for short sales in your area. See if you can determine an agent or two who is or has done several of them and check for testimonials. I have over 5 years of experience with short sales and many testimonials of successful transactions. Another avenue to pursue in searching for the right agent is to ask friends and family if they know of anybody.
Also, you may want to contact a Palm Springs real estate attorney who has experience with the short sale process. Putting together a short sale transaction can be lengthy and confusing with potential legal ramifications. Having someone qualified to give you legal advice and protect your rights as a homeowner is a good idea, because a REALTOR® cannot. Typically, real estate agents and attorneys work together to ensure a good outcome.
If a short sale is not handled correctly, it will turn into a foreclosure. To avoid that as well as several headaches and hassles, get the best team possible working on your behalf right from the start.
Get Your Short Sale Documentation In Order
The next step, after finding quality representation, is assembling everything you will need to submit your short sale packet to your lender. Once you find your documents, your agent can help assemble everything.
- Hardship Letter (Some banks have forms to fill out, others require a personal handwritten letter. This is your explanation of why you are requesting a short sale.)
- Third Party Authorization Form (Required for a third party (agent) to negotiate on your behalf.)
- 2 Months of Bank Statements
- Last 2 Paystubs
- Last 2 W-2s
- Last 2 Income Tax Returns
- Signed Listing Agreement
- Income vs. Expenses Documentation (Depending on the lender.)
- Recent Mortgage Statements
- HUD-1 Closing Statement For New Offer
- Buyer’s Offer
- All Marketing Documentation
In the case that there is more than one lien against the property (home equity loan, second mortgage, etc.) your agent will need to repeat the packet assembly process for each lien holder. Once an offer is submitted on the property, your packet, as well as the qualified offer you have negotiated, will be submitted to each lien holder for their approval. As an aside, lenders are not typically willing to accept lowball offers, so keep that in mind as you negotiate any offers.
Be patient, the average time necessary to close a short sale is in the 3 to 6 month range, but some take even longer. If you are trying to short sale a home in Palm Springs, the process may be long and hard, but with competent parties on your side, things will run as smoothly as possible. Ultimately, a little extra preparation upfront, (get those docs to your List Agent!), can save lots of headaches later. Do your homework and get yourself the The Short Sale Queen of the Palm Springs Valley!
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Buying real estate anywhere can be intimidating, and La Quinta real estate is no different. Buyers can often feel nervous, mostly because they are unsure of what comes next.
If you are thinking of purchasing a property in La Quinta, let this serve as a sort of roadmap for your transaction. Most transactions go smoothly, and if you know what to expect, the bumps will feel a little less bumpy!
Pre-Approval: The first step to buying La Quinta homes for sale is becoming pre-approved. Contact a mortgage lender you trust, or get in touch with your REALTOR® and they will be able to refer you to a mortgage professional that they have observed doing a good job for their clients. Even though you may not know exactly what you plan on buying yet, this is the best place to start. You would rather know what you can afford upfront and base your search accordingly versus falling in love with a property only to learn later it is out of your range.
Next is what most people consider the fun part…Searching: Once you have been pre-approved, it is time to touch base with your agent and let them know what type of property you are interested in purchasing. The more details you can provide, the better. Depending on your timeline, sometimes this phase takes a couple days, and sometimes a couple months.
Submitting an offer: You have found ‘the one’. Now it is time to put together an offer. Your agent will go over all the paperwork with you and present your offer to the seller’s side with a deadline for their response, usually 1-3 days. From here, the seller can either accept your offer as it is (very rare), or propose a counter-offer. Along with your offer, you will also submit an earnest money deposit (usually 3% in California) to show good faith.
Negotiation: Once you hear back from the seller, the negotiation begins. Keep in mind, an offer is made up of several different terms, not just price. For example, one party may consider the closing date a higher priority than the price, so they may be willing to give up a bit on price in order to adhere to their schedule. When you consider all the different pieces of an offer, it is usually pretty easy to come up with a win-win, or at least a solution that both parties can live with.
Escrow: Once all terms are negotiated to everyone’s satisfaction, you officially have an executed contract. It is at this point when the escrow account is opened and a neutral 3rd party holds monies and paperwork.
Contingency Period: Typically in the contract, a contingency period is stipulated for the buyer to complete several things:
- Appraisal: Your lender will require an appraisal. The amount needs to be at or above the contract sales price. If it is below, usually additional monies are required to be put down if the seller can agree to the lower price.
- Home and Termite Inspections: Your REALTOR® will suggest that you have the home inspected to ensure there are no major problems. Any items found in the inspection can be negotiated with the seller.
- Homeowner’s Association Documents: Buyers are entitled to receive a copy of the codes, covenants, and restrictions, as well as the association’s financials and meeting notes.
- Loan Approval: Your contract will be written based on your ability to obtain financing. If for some reason you learn that is not possible, you will be released from the contract.
- Seller Statutory Documents: These are documents required in the state of California wherein sellers must disclose any known material facts regarding the property. Additionally, in California, the seller must disclose if there has been a death on the property in the last 3 years.
During the contingency period, you have the unrestricted right to terminate the contract based on any of the above, or even if you just changed your mind. Your earnest money will be refunded if you cancel the contract for any of these reasons.
Either the contingencies will be removed and the transaction will proceed, or the contract will be cancelled. If you are moving forward, the lender, your agent, and the escrow officer will work together to ensure all documents are in order for your purchase. Your earnest money deposit is applied toward the purchase of the home. Once all title work and lender documents are complete, you will sign your name a zillion times and then the home is yours!
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Take a Tour of Your La Quinta Home
This is actually two in one. The first thing you need to do is go out to the end of your driveway and approach your home as if it’s the first time you’ve ever seen it. Really take a fresh look and try to notice everything. When buyers approach your home, they will be studying it from top to bottom, which means cobwebs, front door finish, un-kept flower beds, you get the idea.
Keep in mind that while their agent is fumbling with the key and lock, they have a few extra minutes to really look at things. All those little honey-dos that you’ve been ignoring now need to move to the top of the to-do list. Prioritize the highest visual impact items first. Secondly, tour your competition. If you want to get really in-depth, you can make showing appointments at a few competing homes and go there in person. With the internet, it’s pretty easy to do this from the comfort of your couch. As your search parameters, input your price range, home size, and La Quinta neighborhood.
You’ll then be able to compare your home to all the others most buyers will be looking at likely the same day they view yours. When you’re looking, the big things will jump out at you (granite countertops, hardwood floors, rooms, etc.) but also pay attention to how the home is presented. Do the rooms have clean lines, orderly décor, lack of clutter? How are the colors? Admittedly, the presentation of the home has a lot to do with the listing agent. Sometimes poor quality photos make it hard to tell much of anything, but do your best to get a good idea of what your reaction is to the photos.
Make The Necessary Fixes
Next, consider having a seller’s home inspection done. With La Quinta homes for sale numbering in the thousands, it’s very important to set yours above the rest. The market here is discerning, as most buyers are purchasing move-up properties or second homes. Because of this, having the home in tip top shape is paramount. Know what the problems are and handle them prior to putting the home on the market. Undoubtedly, something will still come up when the buyers have their inspection, but in order to keep their list to a minimum and have control over what is fixed, do this on your own terms first.
Look At Your La Quinta Home Through A Buyer’s Eyes
Third, unless you’ve been under a rock during the past decade of HGTV’s seemingly never-ending loop of home selling shows, you already know that you need to de-clutter and de-personalize. Think of this as the first step in your transition out of this home. Yes it can be hard, but it needs to be done at some point, so you might as well get it done sooner and enhance your marketability.
Some black and white or antique photos may be okay, but less is more when it comes to family photos. Remember, your objective is to create a scene that is easy for a buyer to insert themselves into. Think of it like this; when you check into a hotel room, rationally you know that someone else slept in that room just the night before, right? But since it’s been cleaned and perfectly straightened, you’re able to think of it as being ‘your’ space. Now imagine checking into a hotel room and seeing a dirty glass sitting on the counter. That would give you the creeps, right, making you feel like you were in somebody else’s space. Keep this analogy in mind when ‘taking your tour’.
In summary, La Quinta real estate is competitive. The entire goal is to create a mental image for the buyer in which they see themselves living in your home. With the right presentation, they’ll begin placing their furniture and envisioning how their family will live in that space right away. To get your La Quinta home sold quickly and for top dollar, take the necessary steps up front to put your best foot forward.
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During the real estate boom a couple years ago, getting a mortgage was ridiculously easy. In hindsight, it was a chicken or egg thing. Nevertheless, times have changed. Buyers now are forced to jump through hoops and promise their first born prior to being approved. Seriously though, starting the pre-approval process earlier rather than later is definitely the best route to pursue.
The first hoop in the process of obtaining a mortgage loan is getting pre-approved. That means that the lender has verified that based on their initial assessment, they will loan you a certain amount of money for a certain length of time. They will then issue a letter stating as much, which you will need to include when you submit an offer on a home. In today’s market, sellers and agents are more likely to require a pre-approval letter. When taking La Quinta homes for sale into consideration, qualified buyers will appear more serious when they have taken the correct steps to obtain financing. The following are some ideas of how to go about today’s mortgage process.
Start early and shop around
Prior to looking at La Quinta Real Estate, it is generally good to talk to two or three different lenders. They will likely be very comparable on price and terms, so talking to more than that is not necessary. What you are looking for is a mortgage package that best fits your needs. Another thing to consider is what it would be like to work collaboratively with each lender you talk to. As the loan progress moves forward, you will be having near daily conversations with this person, so make sure that will work for you.
Do you homework
The lender is going to need extensive documentation of your income, assets, and commitments. What they are evaluating is your ability to repay each month. In the wake of the lending crisis, requirements have gotten much more strict. Be prepared to give the lender copies of your W-2s, tax returns, investment income statements, child support and or alimony documentation, recent paystubs, and any other income documentation you may have.
Know that you are not locked into any one lender
Just because you are pre-approved with a lender does not mean you have to complete the loan process with them. Rates change daily, so the rate the day you are approved will most likely not be the same when you find a property and lock in your loan. If something changes that you are not comfortable with (loan type, rate, etc.), you are free to change lenders at anytime. That being said, changing once you are close to closing will likely delay the transaction.
Watch your credit
Just like any other type of credit inquiry, shopping for a mortgage can ding your credit a little bit. But, models typically ignore home and auto inquiries within 30 days of the score. So, comparing lenders will not harm your score. Remember that your lender will check your credit again right before closing. So, even though it is exciting to think about buying all that furniture for a new house, it might be best to wait until everything is finalized before making any purchases that would affect your credit score.
Keep timing in mind
Once your rate is locked in, you usually have 30 or maybe 60 days to get the transaction closed. Generally that is not a problem. But, keep this in mind if you are going to be out of town during that time, or have something else that comes up. When your lender requests documentation from you, try and accommodate the request as quickly as possible just to keep things moving. If rates have gone up and your lock expires, there is really nothing that can be done.
In La Quinta, there is a wide variety of lending options, from major national banks to smaller local ones. Make sure and deal with somebody that you trust. In a lot of situations, having someone you can meet with face to face can be helpful, so be wary of the amazing low rates you may see offered by on-line lenders. In summary, by doing a little bit of prep work upfront, you can save yourself time and money, and ensure a smooth transaction.
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