In the Press: Thanks for the quote, Money Magazine!

It was incredibly kind of Time's Money Magazine to recently quote me again...

Particularly, as it is a topic that I am so passionate about.  Becoming "house poor" is one of the most devastating financial mistakes that a Buyer can make, in my opinion.  When a disproportionate amount of one's monthly income is spent on mortgage, taxes, insurance, association fees, and utilities... it leaves room for little else.  No renovations, no Life emergency fund, no savings, no vacations, no FURNITURE. The very best way for a Buyer to avoid this financial pitfall is by controlling the conversation and being budget-focused from the get-go, at the time of preapproval!  A reputable mortgage lender will follow your lead and respect your parameters.

Affordability is an incredibly important topic in the real estate industry. Thank you for allowing me to share, Money!
  
Connect with Time- Money Magazine on the web HERE and on Twitter HERE for helpful financial news and tips.  

In the meantime, if you are in St. Louis and contemplating a move or have more questions about financing... I would love to help!  Learn more about me HERE, call me at 314.298.5275, or email me at cnenonen@cbgundaker.com.

The 2016 St. Louis Real Estate Market Thus Far

The ultimate ‪‎St. Louis‬ real estate expert is Jim Dohr, the President of my company- Coldwell Banker Gundaker. His summary of 2016 thus far is spot on...

Low rates + low inventory= a fast and furious Spring market favorable for both Buyers and Sellers!

In St. Louis and contemplating a move?  I would love to help you find your dream home!  Learn more about me HERE. See what my clients have to say about me HERE or on LinkedIn.

Rule of Real Estate: Affordability

There is nothing worse than being "house poor". A good rule of thumb for affordability? Even if a lender offers some wiggle room, housing should take up no more than 28% of gross monthly income; housing plus other debt, 36% or less. 

Buyer Tip: Basic 2014 Loan Document Requirements for Home Buyers

 

The Spring real estate market has finally arrived, and Buyers who have been on the sidelines all winter long are beginning to act fast!

While presenting a contract to a Seller only requires a basic loan preapproval, a lender requires extensive documentation from a Buyer to actually process a new home loan upon contract acceptance.  Want to get ahead of the game?  Begin to compile these documents at the beginning of your house hunt! 

As inventory is currently at a historic low in St. Louis, often times a Buyer has to write a contract on the very same day it is listed or it is gone within hours!  This process doesn't leave Buyers with a lot of time to think or act.  Beginning to compile the documents required for verification of employment and income prior to writing a contract will save you a lot of time and headache.  You will be thankful that you did so after you find "the one", when focus is needed on important inspections and move-day details.

 
Below is a basic overview of the documents required of a 2014 Buyer per Andy House of PHH Mortgage (formerly Coldwell Banker Mortgage).  Depending on the complexity of the transaction, additional documents could be required.

Last 2 years W-2’s: 
If using college education as an alternative, a copy of the diploma and official transcript is necessary.
 
Last 2 months bank statements: 
All pages are required-  if the statement says 1 of 5, all 5 pages in required.
 
Last 2 months/quarterly investment account statement: 
Same as above.
 
If paid income by Social Security:  
Must provide the most recent award letter and proof of 2 months of income received on the bank statements.
 
If paid a pension or retirement:
Must provide a copy of the pension award letter and must have 3 years of continuation of the pension in order to count it.
 
 If self-employed:  
Must provide the last 2 years of tax returns.  All pages and schedules are required and must be signed and dated. 

 

Real Estate Term Tuesday: Commission

Real Estate Term Tuesday: MLS or Multiple List Service.

Long gone are the days of big ol' binders of listings sent to clients via "snail mail". Everything is online and a Buyer must act FAST if they want to compete with the tech-savvy Buyer pool!

MLS access is one of the BIGGEST advantages that using a Realtor gives you.

The MLS provides THE most accurate and real-time property searching abilities, in addition to detailed mortgage and tax history information attached to each property. It allows an agent to deliver brand new and/or newly reduced listings to their clients IMMEDIATELY, without the lag and outdated information that sites like Zillow typically contain.

Real Estate Term Tuesday: Good Faith Estimate or GFE

Buyers and Refinancers- almost immediately upon your first communication with a lender, you will hear the phrase "Good Faith Estimate".

What is it and why is important to you?