Doug: Hi, this is Doug Hoover with Counselor Realty of Bemidji and the Doug and Melissa Hoover Group. Today I’m at First National Bank of Bemidji doing a “Lender Spotlight.” I’m here with Tracy Appel from First National Bank… a Retail Loan Officer.
Tracy, what advice do you have for first-time homebuyers?
Tracy: I think the most important component is to work with a lender and get prequalified. It’s a competitive market out there right now. It's best to be armed with that prequalified letter, to know what your buying power is.
When you see that home that you like, you’re able to jump on it and put that offer in!
Doug: Thank you Tracy. Again, this is Doug Hoover with Counselor Realty of Bemidji here at First National Bank of Bemidji. Stay tuned for future Lender Spotlights!
Doug: Hi. This is Doug Hoover with the Doug and Melissa Hoover Group and Counselor Realty of Bemidji. Today I’m at First National Bank Bemidji and I’m here with Tracy Appel, a Retail Loan Officer.
Tracy, what advice do you have for the time frame between writing a purchase agreement and the actual closing date?
Tracy: It’s a very exciting time and you’re gearing up for this new home. You might be inclined to go shopping, buy some new furniture to fill up that home. But you have to remember, when you submitted that application, you portrayed your financial picture as it is today. That’s the information that’s going to be shared with the underwriter.
If you go shopping — whether it be to buy a new car in that time frame or spending that money on furniture —that is new debt you’ve taken on, there could be a new payment associated with it, and that could change your financial picture which could possibly impact that qualifying status. So, you just want to let that credit lay low, don’t incur any extra debts between now and closing, so it doesn’t hinder or cause any delays in the underwriting process.
Doug: Thank you Tracy. Again, this is Doug Hoover with Counselor Realty of Bemidji. I’m here at First National Bank of Bemidji. Stay tuned for future Lender Spotlights.