Market Update – May 2017 | Newport Mortgage Lender
As a leading Newport mortgage lender, Andrew Soss is dedicated to staying up to date with relevant industry news and trends. Andrew and his experienced team know that information is the key to making decisions you are comfortable with, which is why they want to make sure you have access to everything you need as you move through the process.
Market statistics can help to give a small glimpse into the health and stability of the current market once you have been pre-approved for your loan and begin the search for your dream home. According to a reputable real estate website, the average sales price of homes in Newport Beach is down 5% overall since this time last year. In fact, this number is down from just six months ago!
For the first three months of 2017, the average price across all residential sales was recorded at $1,525,000. Compared to the average sales prices of $1,552,500 and $1,604,750 of three months ago and last year, respectively, home prices are heading in a great direction!
This decrease in prices has so far been seen primarily in both one and four bedroom homes. The average price of 1-bedroom homes is currently down to $515,000 from $525,500 a year ago and the average price of 4-bedroom homes is currently down to $1,935,000 from $2,085,000 a year ago.
The average amount of rent being paid for Newport Beach residences has remained fairly consistent so far this year, staying close to $6,000 a month. While this price is slightly higher than last year, there has also been a significant increase in the number of rentals since December of 2016. This increase in demand for rental homes could have influenced the change in rental prices.
The Soss Mortgage Team uses information like what you have just read, in combination with the knowledge they have gained throughout their years of experience in the industry, to ensure that you are getting the best possible financing options for the purchase of your home!
Andrew Soss and his Newport mortgage lender team are proud to always put their clients first and are here to answer any questions you may have! Give them a call at (949) 258-9555, if you are interested in more information or getting started on your mortgage process today!
Newport Home Loans – What’s the Difference Between a Pre-Approval and a Pre-Qualification?
While they seem incredibly similar, a pre-approval and a pre-qualification are in fact two very different things and when it comes to getting Newport home loans, it is important that you know the difference!
Being able to make the distinction between getting pre-approved and pre-qualified can save you a great deal of time and patience in the long run. The mortgage professional you are working with should explain the difference to you up front, but The Soss Mortgage Team knows not everyone is aware of this important difference from the beginning. Because of this, they want everyone to know, as soon as possible, how and why it is important to distinguish between the two!
The main difference between a pre-qualification and a pre-approval is that the former is only an initial assessment while the latter goes into further detail about your finances and will provide you, and those you will be working with, more definitive information about what mortgage options you can afford.
A pre-qualification does not guarantee that you will get approved for the rate, term and options you are qualified for. It simply gives you an idea as to what you could potentially be working with.
A pre-approval is the closest you can get to a guarantee, without completing the application process, and greatly increases your odds of securing the mortgage you want when you make the decision to purchase a home.
Getting pre-approved is where the entire home buying process should start. By starting the process here, you will be aware of any possible credit issues you need to take care of right away. A pre-approval also makes searching for your home easier because it provides you with a more accurate price range and monthly payment plan and increases your bargaining power with sellers.
The Soss Mortgage Team urges everyone to get pre-approved for their Newport home loans before beginning, or continuing, the search for their home.
Call Andrew Soss and his experienced team today at (949) 258-9555 to find out what you need to get pre-approved!
Orange County Mortgage - Tips for Getting Your Loan Approved
The process of obtaining an Orange County Mortgage is often seen as an intimidating and overwhelming process. As a reputable part of the Benchmark Mortgage family, The Soss Mortgage Team is determined to see that this is not how our clients describe their experience as we help them through the process of obtaining their mortgage.
A large part of ensuring that our clients feel stress-free and comfortable throughout the mortgage process, is making sure they are prepared ahead of time. We are proud to provide educational information to anyone looking for a mortgage in the Orange County area, starting with a few tips on how to get your loan approved.
Your credit score has a profound impact on the approval or denial of your mortgage application. That is why it is so important to know your credit score ahead of time. If you check your score as soon as you start to consider the purchase of a home, you will have more time to correct any issues that are negatively affecting your credit and could prevent you from getting the mortgage you need down the road.
This is also a great time to consider what credit score is required for the loan you think you will need. Having a solid number to aim for, rather than just a need to improve your credit in general, can help you plan your strategy and keep you motivated to reach that score.
In addition to having a certain credit score, having a decent amount of cash is another way to ensure your Orange County mortgage application will get approved. The more cash you have available to use for your down payment, the lower you loan amount can be and the more likely you are to get approved for the loan you need.
This next tip, may seem obvious, but it is worth mentioning. Do not leave your job when you are in the process of applying for your mortgage. Regardless of your current financial situation, you will need to have an established source of income to be approved for your loan. Quitting your job is not a great way to show how financially stable you are likely to be should you get approved for your loan.
The tips above should provide you with a great start towards getting approved for your mortgage, but it is also important for you to avoid new debts and to keep in mind what you can comfortably afford while you are going through the mortgage process.
Our team of trusted mortgage professionals have years of experience in the industry and are familiar with a variety of financial situations. Keeping these tips in mind, we will work with you to make sure you get approved for the mortgage that fits best with your current financial needs and future homeownership goals. Call us to set up your consultation today!