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What Is My Home Worth?

Our FREE service provides you with your home's current market value and suggested selling price.

Wednesday, March 31, 2021

February 2021: Oldham County KY Real Estate Market Summary

February 2021: OLDHAM COUNTY MARKET SUMMARY We're back for another monthly Oldham County real estate market summary. We have seen some changes since January 2021. Absorption rates continue to dip (number of available homes during a given ...  Read More

Thursday, February 25, 2021

January 2021: Oldham County KY Real Estate Market Summary

january 2021: OLDHAM COUNTY MARKET SUMMARY January brought us frigid temperatures and record low housing inventory. Looking back at our January 2017 Oldham County Real Estate Statistics blog, it shows how low housing inventory is now. Inventory is ...  Read More


PRE-APPROVAL FOR LOUISVILLE BUYERS

Real estate agents and lenders recommend that home buyers be pre-approved with a lender before shopping for a home. This way you will have the best information about the price range that you have chosen.

REASONS TO BE PRE-APPROVED:

  • With pre-approval, you can determine which loan program best fits your need and which for programs you qualify.
  • You will know exactly how much you can spend. It is no fun to find your ideal home and then realize that you can't afford it.
  • Your monthly payment will be set. This will allow you to budget your money before making this large investment.
  • It shows you what the down payment and closing costs will be.
  • If you are a first-time buyer, you may be able to qualify for a special first-time buyer program which may allow you to afford more home for your money.
  • Sometimes you may be eligible for special buyer incentives, down-payment assistance, etc. These programs come and go, and your lender will be aware of all of them as you discuss your loan.
  • As we make an offer, it shows that we are serious buyers. The sellers will pay much more attention to us.

What does it take to be pre-Approved in Louisville?

  • 2 most recent pay stubs
  • W2s from the last two years.
  • List of assets
  • If self employed, the lender will need 2 years of tax returns.

The lender will pull a credit score report.  Coupled with the above data, they will be able to share with you how much house you can afford.  They will know which loan program (conventional, FHA, VA, USDA, HomePath, etc.) that best suits you. They will talk about how much down payment is needed.  They will be able to inform you of the monthly payments and whether mortgage insurance (PMI, MIP) is required.  They will also give you a closing cost estimate or initial fees worksheet. 
One thing to note here, at this point, your interest rate is not locked down.