Waukesha County Home

March, 2018

Homes Plus

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C O N T E N T S Stop beating around the bush — and pick one (or more) Designing your own storm windows? Start with the material Remodel with your pets in mind A publication of the Waukesha Freeman and Oconomowoc Enterprise • MARCH 2018 By Catherine Jozwik Special to Waukesha County Home In today's competitive housing market, having a preapproval let- ter from a lending institution can mean the difference between buy- ing or missing out on the home of your dreams. "In today's market, it's absolute- ly essential," said Shelley Galla- more, a broker at Realty Execu- tives Southwest in Waukesha. Betty Feierstein, vice president of the mortgage department at Landmark Credit Union in New Berlin, said the housing market today is a seller's market — that is, there are more buyers than homes available, which makes having a preapproval letter neces- sary for beating the competition. Reasons for such a robust mar- ket include baby boomers' want- ing to downsize and move into smaller homes, and more couples in their 20s and 30s looking to pur- chase them, said Bethany Bradd, vice president of mortgage sales at Landmark Credit Union in New Berlin. "The stronger of a buyer you are, the better chance you have of having your offer accepted," said Feierstein, who noted that some buyers today must put in multiple offers before theirs is accepted. Bradd said some realtors won't even work with prospective home- buyers unless they have an approval letter. Difference between preapproval and prequalification Mortgage preapproval differs from prequalification, said Rob Helvey, vice president and manag- er of the mortgage lending depart- ment at Waukesha State Bank. Helvey and Bradd said prequali- fication is similar to an informal counseling session, where loan officers summarize loan options with potential buyers based on an overview of their assets and debt- to-income ratio. Preapproval 'absolutely essential' in today's real estate market Catherine Jozwik/Special to Waukesha County Home See PREAPPROVAL/Page 2 Homes are selling quickly in today's housing market in the Milwaukee metro area. Loan preapproval can help get a house in such a market. It can mean getting a home instead of missing out

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