Mike Westphalen, Realtor
RE/MAX Advantage Plus
Helping sellers and buyers in the Twin Cities and surrounding areas since 2002
Joel Lobb (NMLS#57916)
Senior Loan Officer
Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
Best Regards, Kevin
For most people we need the "Net proceeds", or basically what we are going to profit from the sale of the home, to use as a down payment for the next one you plan on buying. It sounds like you will be a classic move-up buyer as well.
A Realtor will need to provide a market analysis of the home and give a estimated NET to the loan officer for this reason. The majority of home buyers choose a Realtor first, because the financing realm can be complicated. Most people don't know the differences between banks, brokers, or correspondent lenders. Since Realtors work with these types of lenders all the time with our own buyers we tend to have the best referrals!
You can think of a Realtor as the go-to person for everything you will need to do for selling the home and buying another one. We take care of everything, and will be there with you every step of the way. It may be too late, but if you do choose to interview Realtors I would certainly love the opportunity. If you are interested check out my profile and testimonials from past clients!
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
I would talk with an agent 1st to see if you can realistically get the price that your wanting to sell your home for. I assume if you don't sell your current home, you're not going to want to buy another one? Also, consider the time of year now. The market is still great for selling but it does slow during the winter. Also think about moving during the winter. Give me a call now and we can put a plan together to sell the property this spring.
SP real estate
Congratulations and best wishes on your way.
I would do both, however when it comes to talking to a mortgage company most Americans spend more time shopping for a TV then shopping for their mortgage, which is a big mistake. Below are some links to a few mortgage calculators that will help you make a more informed decision. They have features like doing a cost benefit analysis on whether it is better to do single premium mortgage insurance or spread it out monthly. You can also do a side by side comparison of up to 8 loans including VA, FHA 10-30 year loans, conventional 10-30 year loans and 5 to 7 year arm loans. Knowing your different options and choosing the right loan can make a big difference in your payment, term or interest rate. Most lenders will not go over the different options these calculators show.
If you would like my recommendation for a great local lender check out Charles Dailey with iloan. I have worked with hundreds lenders or loan officers and he is the most knowledgeable. He has done my loans and about 90% of my clients aswell, this guy is the sh** He will go over all your options unlike most lenders that only care about a commission check. You may want to talk to him about a recast option which may work well for you when it comes to selling. Here is a link to his site http://www.CharlesDailey.com if you would like to find out more about him and iloan, or use this link to apply online https://charlesdailey.secure-loancenter.com/WebApp/FullAppLo and see how these options apply to you. I guarantee you will not regret taking a few minutes and talking with him.
Click on the links below to use each different calculator.
I hope these help,
The Duckwall Team of Realtors
Your Referrals Are Greatly Appreciated
Tune in to our Twin Cities Real Estate Radio Show Sundays at Noon on KTNF
I would recommend speaking to a real estate agent and a loan officer simultaneously. A real estate agent can prepare a comparative market analysis on your home to find the current market value. They can also provide an estimated net sheet of the costs involved with selling so you will get an idea of your proceeds from the sale. It would be a good idea to speak with a loan officer as well so they can help you determine what you can qualify for on your next home. I have a few loan officers I can recommend for you if you are interested. I am happy to help you out! Please let me know if you have further questions.
This is a great time to make the switch, rates are still relatively low and the market is good.