JOEL MISTRETTA | Clearwater Beach Real Estate, Seminole Real Estate, Clearwater Real Estate


While buying a home is a huge decision that should entail a lot of planning and preparation, applying for a mortgage can be surprisingly easy. Just like with other lenders and creditors, a mortgage lender will want to know that letting you borrow money will be a safe investment. Applying for a mortgage is all about ensuring just that.

In today’s post, we’re going to breakdown the home loan application process to help you have the best chances at a smooth and successful mortgage approval. We’ll also define some of the common terms used in mortgages that might leave you scratching your head so you have a better idea of what your options are.

Prequalification and Preapproval

Getting prequalified and preapproved for a mortgaged can both be helpful steps toward securing your home loan. The two terms mean two entirely different things, however.

In order to be prequalified for a mortgage, you typically need to only fill out a simple form (sometimes directly through a lender’s website). On this form, you won’t need to provide specifics or official documents.

Why is this process so simple? Well, that’s because getting prequalified for a loan doesn’t ensure that you’ll actually receive one. Rather, it is simply the first step toward finding out what type of mortgage and interest rates you could receive.

The next step after prequalification is preapproval. To get preapproved, you’ll have to fill out an official mortgage application. Your lender of choice will request a few pieces of information from you, including tax returns, proof of employment for the last two years, and a list of your debts. The lender will also perform a credit check to determine your loan eligibility.

Credit report

At this phase, lenders will also run your credit report. This is a type of “hard credit inquiry” that details your payment history, the number of accounts you have open, and other factors that help make up your credit score.

To secure the lowest interest rate possible, it helps to have a high credit score. So, in the years and months leading up to your mortgage application, focusing on building credit will pay off.

To increase your credit score, you’ll need to focus on paying your bills on time each month. You should also avoid opening new accounts within a few months of applying for a mortgage because this will count as a new credit inquiry. New credit inquiries--including applying for a mortgage--lower your score temporarily, so it’s best to avoid them when possible.

Additional paperwork required for mortgage applications

Not every mortgage application will be the same. Depending on the type of income you receive, you may need to provide different forms of income verification.

Each person will also have to claim different debts and assets. When buying a home with a spouse or partner, it’s important to consider your debts, assets, and credit scores to determine if it’s better to apply jointly or separately.


The home selling journey offers no guarantees, and as such, there is no assurance that you'll be able to enjoy a fast, profitable home selling experience. Lucky for you, we're here to offer insights into the home seller's perspective and ensure you can reap the benefits of a successful home selling journey.

Now, let's take a look at three tips to help you become a smart home seller.

1. Analyze Your House's Strengths and Weaknesses

Although you've allocated significant time and resources to keep your house looking great over the years, your home soon may be just one of many houses that is available to property buyers. But if you analyze your residence's strengths and weaknesses, you may be able to identify opportunities to improve your house and differentiate it from others in a competitive real estate market.

Oftentimes, it helps to conduct a house inspection before you list a residence. This inspection will enable you to receive a comprehensive analysis of your house from a property expert. Then, you can use an inspection report to prioritize home improvement projects and upgrade your house accordingly.

2. Set an Aggressive Initial Asking Price

What you initially paid for your house is unlikely to match your home's present value. However, if you analyze the real estate market, you may be better equipped than ever before to establish an aggressive initial asking price for your residence.

Take a look at the prices of available houses in your city or town that are comparable to your own residence. By doing so, you can narrow the price range for homes in your region.

Furthermore, a home appraisal may prove to be exceedingly valuable. An appraisal enables you to receive a property valuation based on your house's condition, age and the current state of the real estate sector. With this appraisal in hand, you can set an asking price for your house that will hit the mark with many potential buyers.

3. Collaborate with a Real Estate Agent

Even a home seller who is persistent and intelligent may require additional help to achieve the optimal results. Fortunately, real estate agents are available who can make it simple for a home seller to maximize his or her home sale earnings.

A real estate agent is a housing market expert who is unafraid to be honest with a home seller. This housing market professional will offer unbiased feedback about a residence's condition and provide recommendations to help a home seller improve his or her property. Plus, a real estate agent is happy to respond to a home seller's concerns and questions. This means a home seller can receive extensive housing market insights from his or her real estate agent and make informed decisions throughout the home selling journey.

When it comes to selling a home, there is no need to leave anything to chance. Take advantage of the aforementioned tips, and anyone can enter the real estate market as a smart home seller.



This listing recently sold for $148,000.

8186 TERRACE GARDEN DR N #506, ST PETERSBURG, FL 33709  

Residential
$148,000
Price
$148,000
Sale Price
2
Bedrooms
2
Baths
Welcome home to Five Towns, a beautifully maintained 55+ active community in the heart of St. Petersburg! Located on the 5th floor of the Syracuse Building overlooking the serene Cross Bayou with views of the water and preserve. With over 1,400 square feet including a spacious living and dining room combo, eat-in kitchen, two bedrooms and two bathrooms, there’s plenty of room to relax or entertain. The kitchen features a refrigerator, gas cooktop, oven, dishwasher and built-in microwave along with ample countertop space. Laminate flooring and plush carpet throughout as well as excellent storage space. Private screened lanai access from the master bedroom accommodates outdoor furniture where you can enjoy those fabulous Gulf Coast sunsets. Countless activities available right on property from shuffleboard and tennis to relaxing by the pool or taking a walk along any of the natural pathways. Public barbecues offer the ability to grill day or night for family and friends. Large laundry room inside the unit is a huge convenience. The Syracuse Building allows for pets and these units typically sell out quickly. Close to nearby Madeira Beach, Bay Pines VA hospital, and numerous golf courses. Don’t hesitate, call today to schedule your private viewing.


Want to buy a house? If you plan ahead for the homebuying journey, you may be better equipped than ever before to reap the benefits of a seamless homebuying experience.

Now, let's take a look at three tips to help you prepare for the homebuying journey.

1. Figure Out Where You Want to Live

Do you prefer the hustle and bustle of the big city? Or, would you like to reside in a small town? Think about where you want to live, and you may be able to speed up the homebuying journey.

A homebuyer who narrows his or her search to houses in a set number of cities and towns may be able to quickly discover the ideal residence. Thus, if you know where you want to go, you can act fast to pursue your dream house. And once you find your dream home, it may be only a few weeks before you can finalize a home sale.

2. Obtain a Mortgage

A mortgage generally is a must-have for a homebuyer, regardless of where he or she decides to live. If you submit a mortgage application before you embark on the homebuying journey, you can enter the real estate market with a budget in hand.

Oftentimes, it won't take long to get pre-approved for a mortgage. You can meet with a variety of banks and credit unions, and these financial institutions can teach you about a wide array of mortgage options. Next, you can select a mortgage that satisfies your personal requirements.

When you meet with banks and credit unions, don't hesitate to ask plenty of questions, either. If you receive expert mortgage insights, you can make an informed mortgage decision that likely will serve you well for years to come.

3. Consult with a Real Estate Agent

Let's face it – pursuing a home should be a quick, easy process, but problems may arise that prevent you from buying your ideal residence. Thankfully, real estate agents are available in cities and towns nationwide, and these housing market professionals can help you make your homeownership dreams come true.

A real estate agent is a housing market expert who can teach you how to discover a terrific house at a budget-friendly price. This housing market professional can explain the differences between a buyer's and seller's market and help you map out a successful homebuying journey. That way, you may be able to improve your chances of acquiring a superb residence if you hire a reliable real estate agent.

In addition, a real estate agent will serve as your guide along the homebuying journey. He or she will keep you up to date about new residences that become available, set up home showings and help you submit homebuying proposals. And if you ever have homebuying concerns or questions, a real estate agent is available to respond to them.

Achieve the best-possible results during the homebuying journey – use the aforementioned tips, and you can plan ahead to acquire your ideal residence.


Ready to purchase a high-quality residence for the first time? Ultimately, a first-time homebuyer will want to do everything possible to learn about the real estate market. By doing so, this property buyer can improve his or her chances of submitting a strong offer on a dream house, thereby increasing the likelihood of a quick, easy home sale.

Submitting a strong initial offer on a home can be simple – here are three tips to help a first-time homebuyer do just that.

1. Study the Current Housing Market Closely

A first-time homebuyer should allocate the necessary time and resources to learn about both buyer's and seller's markets. That way, a homebuyer can identify an opportunity to secure a terrific residence in any housing market and submit a competitive offer right away.

To analyze the real estate market, spend some time looking at the prices of homes that were recently sold in your city or town. This housing market data may help you differentiate between a buyer's and seller's market and map out your homebuying journey accordingly.

Furthermore, don't forget to check out the prices of houses that are currently available. With this housing market data in hand, you can better understand what it means to submit a strong offer that matches or exceeds a home seller's initial asking price.

2. Get a Mortgage in Advance

A first-time homebuyer definitely should get pre-approved for a mortgage. This will enable a homebuyer to enter the housing market with a budget that he or she can use to narrow a home search.

To obtain a mortgage, a homebuyer only needs to meet with banks and credit unions in his or her area. Each lender meeting is exceedingly valuable, as it enables a homebuyer to learn about assorted mortgage options and receive answers to any mortgage questions.

In addition, those who are pre-approved for a mortgage will know exactly how much money they can spend on a house. And as a result, these homebuyers can submit a competitive offer on a residence from the get-go, improving their chances of securing a first-rate residence in no time at all.

3. Collaborate with a Real Estate Agent

A real estate agent is a must-hire for a first-time homebuyer, and perhaps it is easy to understand why.

Thanks to a real estate agent, a first-time homebuyer can differentiate between a strong offer and a "lowball" one. In fact, a real estate agent will go above and beyond the call of duty to ensure a homebuyer can get the best price on a house, regardless of whether this property buyer is operating in a buyer's or seller's market.

Perhaps best of all, a real estate agent is happy to offer honest, unbiased homebuying recommendations. He or she can provide expert insights to help a homebuyer determine exactly how much to offer to acquire his or her dream residence.

When it comes to buying a house for the first time, there's no need to leave anything to chance. Instead, use these tips, and a first-time homebuyer can submit a strong offer and move one step closer to purchasing a home that matches or exceeds his or her expectations.




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