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Peoples State Bank

Pre-Approval is Key to a Fast Housing Market

The fast-paced home-buying market means you need to move quickly when the right house becomes available.
  • Mortgages
  • March 21, 2019
  • Jeffrey Saxton

Spring is considered a great time to buy or sell a home. But the fast-paced home-buying market means you need to move quickly when the right house becomes available. Getting pre-approved for a mortgage is one way you can be ready. If you wait to start the loan process until you’ve found a house, you might be too late. 

Pre-approval is important in today’s market,” said Jeff Saxton, Peoples State Bank vice president of mortgage lending. “Not only do you give yourself an edge in making an offer over someone who’s not pre-approved, but you’ll also have a great idea of how much house you can afford.” 

Pre-approved buyers are attractive to sellers because they know the financing is set, instead of selling to someone who may not be able to qualify for a loan. Here are other critical pieces to consider when buying a home:

  • Credit score – Helps determine what kind of mortgage loan you qualify for, and at what interest rate.

  • Down payment – How much you have saved can open your options for a new home.

  • Location, location, location – Look at the neighborhood, schools, shopping, parks, and whether the home you’re interested in compares favorably to others nearby.

  • Other expenses – Property taxes, insurance, and utilities should be factored into your financing.

  • Resale value – You might not be thinking about selling when you’re just buying. But most people don’t stay in the same house their entire life.

Finally, there are many financing options to consider. Peoples offers fixed- and adjustable-rate mortgages, Wisconsin Housing and Economic Development Authority (WHEDA), guaranteed rural housing, Federal Housing Administration (FHA) and Veterans Administration (VA) loans, along with construction and land purchase loans.

Jeffrey Saxton
  • Vice President, Mortgage Lending, NMLS# 524081
  • NMLS# 524081

Jeff leads Peoples State Bank’s mortgage team. He enjoys connecting customers to the right resources they need for the best home buying experience.