Kim Decanini: Frequent real estate questions

Review my Frequently Asked Questions for answers to a few of the questions I've received from buyers.

1. Should we get pre-qualified for a mortgage?

Yes, It is best to know if you can obtain a mortgage, and if so how much the bank is willing to lend you.

2. How do banks qualify me?

All lenders look at your income and measure it against your current monthly debt payments to see how much you can afford. They also obtain a credit report to see how timely and consistently you pay your debts. These are the factors that will determine if they will grant you a mortgage.

3. What information do banks require to qualify me?

A recent pay stub
Eventually a letter from your employer stating:
- length of employment
- full or part time employee
Your social security number
Your date of birth
Details regarding:
- outstanding loans
- credit cards
- debt
  - The present balance of the loan and the monthly payment.
Bank account numbers and names of the branches where each account is held.
Any details of prior bankruptcy if you've declared bankruptcy in the past.

3. Do you have any tips to help me prepare my house for selling?

Yard area
- Shrubs and trees should be clean, neat, and trimmed.
- Decorate entries with colorful flowers.
- Pick up toys, garden tools, and other objects in the lawn.
- Keep pool/spa are clean
Exterior
- Fresh paint if necessary, especially around the trim and entry door.
- Attract brightness with clean windows and screens.
- Make sure all outside lights are working.
- Clean concrete and fix cracks.
Interior
- Clean or replace carpet and flooring.
- Make sure walls are clean and scratch free.
- Good ventilation through the house
- Make sure fixtures in the kitchen and bathrooms are shiny and clean.
- Make sure all animal or other smells are eliminated
- Neat and organized are always pluses.