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What is a Mortgage Pre-Approval?

  • Lainie Eilenberger

A mortgage pre-approval should be your 1st step to buying a home. It lets you know how much a mortgage lender is willing to give you to purchase a West Texas home.


Ask your local West Texas realtor for a list of trusted local mortgage lenders in your area. Most realtors will advise you to work with a local West Texas lender, because they’re more personable and dedicated than national lenders and if problems arise, they can be handled face-to-face.


Your lender will review your employment income, credit history, and debt-to-income ratio to determine your maximum allowable purchase price, anticipated interest rate and estimated monthly payment. Be prepared during your pre-approval meeting to provide the following: bank statements, W-2 statements, pay stubs and proof of deposits, federal tax returns and student loan payments.


Your pre-approval will last for 90 days, but it can be made invalid due to any of the following: changing jobs, changing residences, separation/divorce, income changes, increase in debt and reduced credit score. Your credit score will drop if you buy a car or spend a considerable amount of money on credit, so don’t do it before you buy the home. I know it sounds silly, but it’s something that home buyer’s do all the time and it ends up making them ineligible for a mortgage.


To recap, the best time to get pre-approved is when you start thinking about buying a home. Your pre-approval establishes how much home you can afford by reviewing your income, credit and debt. If you're not satisfied with how much home your lender is willing to give you for a home, then the pre-approval will let you know what you need to work on, so you can afford your dream home.

Lastly, I’m an expert in residential real estate and I love working with home buyers, so give me a call when you’re ready to start your home buying journey.


NOTE - If you’re planning on selling and are in the market for a top agent to make it happen, I would love to help!


We provide real estate services to these West Texas cities - Abernathy, Brownfield, Buffalo Springs, Crosbyton, Denver City, Farwell, Floydada, Idalou, Hale Center, Lamesa, Levelland, Littlefield, Lubbock, Muleshoe, New Deal, New Home, Olton, Plains, Plainview, Post, Ralls, Ransom Canyon, Seagraves, Seminole, Shallowater, Spur, Sudan, Sundown, Tahoka, Tulia and Wolfforth.


We provide real estate services to these counties - Bailey County, Briscoe County, Castro County, Crosby County, Dawson County, Dickens County, Floyd County, Gaines County, Garza County, Hale County, Hockley County, Kent County, Lamb County, Lubbock County, Lynn County, Parmer County, Scurry County, Swisher County, Terry County and Yoakum County.


-Turn the Key to your clean Slate-


Lainie Eilenberger, REALTOR

Key and Slate Real Estate Grou

Keller Williams Realty

806-928-4453

Licensed Realtor in Texas



Sincerely,

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Lainie Eilenberger Realtor, Key & Slate Real Estate Group






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Summer Home Maintenance Checklist For Your West Texas Home

  • Lainie Eilenberger

No matter what you hear, there’s no such thing as a maintenance-free home in West Texas. Your home is manageable to maintain when you break it down month by month.


To help, here’s your July Home Maintenance Checklist.


1. Wipe down porch lights, replace blown-out bulbs, and use glass cleaner to freshen up your home’s exterior entryway.


2. Get rid of washer build-up with a cup of diluted bleach or white vinegar in the drum. For the dryer, remove and wash the lint screen—especially if you use dryer sheets.


3. Wipe down and clean baseboards, doors, and light switches.


4. Clean garbage disposal by sprinkling a half-cup of baking soda and one cup of white vinegar in the disposal. Allow it to sit for 10 minutes before flushing it down the drain.


5. Drain your water heater to flush out any sediment that could be affecting your heater’s

performance.


6. Wash pet beds, pet toys, travel carriers, etc.


7. Replace worn-out or dirty entry rugs.


8. Inspect fencing and gates around your home and make repairs as needed.


9. Plan your fall vegetable garden. My recommendations? Root vegetables and pumpkins!


Remember, home maintenance doesn’t have to be overwhelming! Just do a little bit each month, be proud of yourself, then move on to bigger and better things!



NOTE - If you’re planning on selling and are in the market for a top agent to make it happen, I would love to help!


We provide real estate services to these West Texas cities - Abernathy, Brownfield, Buffalo Springs, Crosbyton, Denver City, Farwell, Floydada, Idalou, Hale Center, Lamesa, Levelland, Littlefield, Lubbock, Muleshoe, New Deal, New Home, Olton, Plains, Plainview, Post, Ralls, Ransom Canyon, Seagraves, Seminole, Shallowater, Spur, Sudan, Sundown, Tahoka, Tulia and Wolfforth.


We provide real estate services to these counties - Bailey County, Briscoe County, Castro County, Crosby County, Dawson County, Dickens County, Floyd County, Gaines County, Garza County, Hale County, Hockley County, Kent County, Lamb County, Lubbock County, Lynn County, Parmer County, Scurry County, Swisher County, Terry County and Yoakum County.


-Turn the Key to your clean Slate-


Lainie Eilenberger, REALTOR

Key and Slate Real Estate Group

Keller Williams Realty

806-928-4453

Licensed Realtor in Texas

WEST TEXAS HOUSING MARKET FORECASTS FOR THE 2nd HALF OF THE 2022

  • Lainie Eilenberger

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The housing market in West Texas is at a turning point, and if you’re thinking of buying or selling a home, it may leave you wondering if it’s still a good time to buy a home. To help answer those questions, let’s turn to the experts for projections on what the 2nd half of the year holds for residential real estate.


Where Mortgage Rates are Expected to Go Depends on Inflation


While one of the biggest questions on all buyers’ minds is where will mortgage rates go in the months ahead. What housing market experts know for sure is that the record-low mortgage rates during the pandemic were an outlier, not the norm. This year, rates have climbed over 2% due to the Federal Reserve’s response to rising inflation. If inflation continues to rise, it’s likely that mortgage rates will respond. Whether you’re buying your first home or selling your current house, today’s mortgage rate is an important factor to consider. When rates rise, they impact affordability and your purchasing power. That’s why it’s crucial to work with a team of professionals, so you have expert advice to help you make an informed decision about your best move.


The Supply of West Texas Homes for Sale is Projected to Rise


This year the number of homes for sale has grown. That’s partly due to more homeowner’s listing their houses, but also because higher mortgage rates have helped ease the intensity of buyer demand. Moderating buyer demand slows down the pace of home sales, which in turn helps inventory rise. Experts say that growth will continue. Recently, realtor.com updated their 2022 inventory forecast. In the latest release, they increased their projections for inventory gains, going from a 0.3% increase at the beginning of the year to a 15.0% jump by the end of 2022. More homes to choose from is great news if you’re craving more options for your home search – just know that there isn’t a sudden surplus of inventory on the horizon. Housing supply is still low, so you’ll need to partner with an agent to stay on top of what’s available in your market and move fast when you find the one. It’s not going to be easy to find a home, but it certainly won’t be as difficult as it has been over the past 2 years.


West Texas Home Price Forecasts Show Ongoing Appreciation


Due to the imbalance between the number of homes for sale and the number of buyers looking to make a purchase, the pandemic led to record-breaking increases in home prices. According to CoreLogic, homes appreciated by 15% in 2021, and they’ve continued to rise this year. Housing supply is increasing today, because there are still more buyers than there are homes for sale, and that’s maintaining the upward pressure on home prices. Experts aren’t calling for prices to decline, rather they’re forecasting they’ll continue to climb. On average, homes are projected to appreciate by about 8.5% in 2022. For current homeowners looking to sell, know your home’s value isn’t projected to fall, but waiting to make your purchase does mean your next home could cost more as home prices continue to appreciate. So, if you’re thinking about buying your first home or you’re ready to make a move, it makes sense to do so now before prices climb higher. Once you buy a home, that price appreciation will help grow the value of your investment. Whether you’re a homebuyer or seller, you need to know what’s happening in the housing market, so you can make the most informed decision possible. Connect with a real estate advisor to discuss your goals and what lies ahead, so you can determine the best plan for your move.


NOTE- If you’re planning on selling and are in the market for a top agent to make it happen, I would love to help!


We provide real estate services to these West Texas cities - Abernathy, Brownfield, Buffalo Springs, Crosbyton, Denver City, Farwell, Floydada, Idalou, Hale Center, Lamesa, Levelland, Littlefield, Lubbock, Muleshoe, New Deal, New Home, Olton, Plains, Plainview, Post, Ralls, Ransom Canyon, Seagraves, Seminole, Shallowater, Spur, Sudan, Sundown, Tahoka, Tulia and Wolfforth.


We provide real estate services to these counties - Bailey County, Briscoe County, Castro County, Crosby County, Dawson County, Dickens County, Floyd County, Gaines County, Garza County, Hale County, Hockley County, Kent County, Lamb County, Lubbock County, Lynn County, Parmer County, Scurry County, Swisher County, Terry County and Yoakum County.


-Turn the Key to your clean Slate-


Lainie Eilenberger, REALTOR

Key and Slate Real Estate Group

Keller Williams Realty

806-928-4453

Licensed Realtor in Texas



Sincerely,


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Lainie Eilenberger Realtor, Key & Slate Real Estate Group


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