Purchasing a home is often the biggest financial decision someone makes in their lifetime. While it’s an exciting milestone, the process can also be complicated and stressful if you don’t have knowledgeable professionals guiding you.
In this rebroadcast episode of The Health & Wealth Power Hour, host Harlon Pickett had an in-depth discussion with mortgage expert Stephen Jackson about best practices for navigating the homebuying journey.
They kicked off the conversation by talking about the state of the current housing market. While inventory is still low in many areas, Jackson noted that demand remains high across Texas metro areas like Dallas, Houston, Austin, and San Antonio. As a result, bidding wars are common and buyers often have to go well above asking price to have their offers accepted.
Pickett asked Jackson about the value of getting pre-approved before house hunting. As Jackson explained, this involves much more detailed financial documentation and review compared to just being pre-qualified. Once a buyer is fully pre-approved, the lending team has vetted that they can afford a certain loan amount based on income, assets, and credit. Having this pre-approval letter already in hand when making an offer demonstrates the buyer has the financing lined up and is a serious, qualified purchaser.
The discussion then turned to working with the right real estate agent. Jackson emphasized that in today’s competitive market, agents need to leverage their relationships with listing agents to give their buyers an edge. For example, putting in a call or sending a video to the listing agent as soon as they get word of their client’s intent to make an offer. This extra step can provide key intel on what terms or escalation clauses may make their buyer’s bid stand out from the rest.
For securing the right lending partner, Pickett and Jackson both advised choosing a local lender over an online-only company. There are several benefits to working with someone in your community who will take the time to understand your unique financial situation. For instance, an experienced lender can walk through options like cash-out refinancing to tap equity and make a stronger cash offer. Or they may steer clients away from overextending if their dream home isn’t truly within reach. Having a knowledgeable lender to educate and counsel home buyers throughout the process reduces stress and helps set them up for long-term success.
At the end of the day, Pickett and Jackson agreed that surrounding yourself with the right real estate and lending experts—your trusted home buying team—can make the difference between a frustrating experience and smooth sailing to the closing table.
Jackson and Pickett unpacked even more essential tips for homebuyers in the full episode. If you want actionable insights to help you land your dream home, be sure to listen to their discussion by clicking play on the episode above.
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