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Mortgage Prequal v/s PreApproval - all the same....right?

by Christie Cannon

Here is a question that we do get from time to time.... from both Sellers & Buyers:

A Mortgage PreQualification or PreApproval - pretty much same thing... right?

..... So we asked Derek Altoonian of the Marcel Deitrich Team with WR Starkey for their explanation....

So… what’s the difference between a Pre-Approval versus a Pre-Qualification and why does it matter?  In simply terms, the main difference between a pre-approval and a pre-qualification:  income and asset documentation.

A pre-approval means that the loan officer has pulled credit, and collected enough information to fill out a mortgage application to form the details of the loan to purchase a new home. Additionally, a buyer has furnished paystubs, tax returns, and asset statements that show their viability to be approved for a mortgage. We have even gone so far as to underwrite the borrower without a potential address to make sure that there are no “surprises” when the borrower’s “dream home” is found.

A pre-qualification is when a loan officer pulls credit to see if the buyer has a qualifying credit score, and gathers enough information through a verbal interview with the buyer to fill out a mortgage application to see how much buying power your client has. There is often zero documentation with a pre-qualification.

We believe the Pre-Approval is, obviously, much more meaningful to sellers in today's marketplace.  The more thorough analysis of the buyer’s income, assets and credit ensures the greatest chance that the pre-approved buyer will fund on the purchase. 

- The Deitrich Team - 972-672-3246 - www.marceldeitrich.com - WR STARKEY MORTGAGE, LLP NMLSR#2146

Thank you to Marcel & Derek. 

The "Take Away" - as a Buyer seeking every advantage in this low-inventory & competitive market, the extra work to achieve a Pre-Approval v/s a Pre-Approval may make all the difference to a savy Seller reviewing multiple offers!

- Christie Cannon

D Magazine Best Real Estate Agents 2014

by Christie Cannon

Thank you to our clients, colleagues, & staff!

Christie Cannon & our Team was once again chosen by D Magazine for the Best Real Estate Agent list in 2014.  Christie Cannon & Kevin Cannon were also chosen as a  D Magazine Top Residential Real Estate Producers.

A special Congratulations to  Sandy Stewart - Lead Buyers Agent for the Christie Cannon Team - who was again chosen for this prestigious award!

We owe a special "thank you" to the Real Estate Community for their recognition, our staff and agents, & most importantly, to our clients for their confidence & support.  

Christie Cannon's D Magazine article can be viewed here at D Magazine.

AWARDS

House Prices.. Stabilizing...?

by Christie Cannon

Not Likely Yet.......... 

 

According to the latest Case-Shiller Report, last month, Dallas has seen the lowest gains since last fall. That said, it is not yet time to cry out that the sky is falling....we are still hovering at about a 1.8 month supply of homes in Frisco, 2.1 in McKinney, 2.4 in Little Elm, & 4.1 in Prosper  (2.1 in Collin County & 2.6 in Denton County)!  This inventory demand continues to fuel unprecedented (at least for our area) price competition....  We are starting to see some areas with days on market slowing ticking up; likely as sellers over estimate values based on the pace of the market, but until we see great balance in demand, an end to this run is not likely.  
- Christie Cannon

Foreclosure Inventory

by Christie Cannon

I am often asked about the foreclosure market here in North Texas.  A great tool in understanding how much change we have seen over the last 18-months in regards to foreclosures is CoreLogic's National Foreclosure Report.  According to CoreLogic's May report, foreclosures are on 31 months of consecutive year-over-year decline. In simply terms, May 2014 represents a 37% decline compared to May 2013 - and 9.4% year-over-year decline.    While it is true that TX is represented in the top 5 states of foreclosure volume in the last 12 months, we are also among the lowest by percentage of inventory.  TX's foreclosure inventory represents .07% versus a national average of 1.7%.

Does this mean the "foreclosure" market is in permanent decline?..  I would be very hesitant to say such...  many factors affect real estate, both in the short term & long term.  And while in TX (a non-judicial foreclosure state) our inventory has moved quickly, there remains a "backlog" of inventory in many parts of the country.  Likewise, in many areas, we can still see Mortgage Delinquency Rates (a "precursor" to foreclosures) remain higher than historical averages.

All that said, at least in the North TX market, a buyer offering that they "just want to look at foreclosures" may have (as we say in TX) some very slim pickins'.

 - Christie Cannon

Real Trends Magazine - Best Real Estate Agents in America

by Christie Cannon

I just wanted to take a minute and to offer my sincere appreciation & gratitude to our clients - and my thanks to the staff & agents here at the Christie Cannon Team!

Once again this year Real Trends (a leadership in Real Estate data) named us - The Christie Cannon Team - among Real Trends Best Real Estate Agents in America!

Thank you again to all those who helped make our success possible!

- Christie Cannon

 

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Christie Cannon
Keller Williams Realty
4783 Preston Road #300
Frisco TX 75034
972-215-7747
Fax: 214-853-4774
Keller Williams Frisco - The Christie Cannon Team - http://www.christiecannon.com

 

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