In a real estate market that proves to be highly competitive, we encourage our clients to work with lenders that provide high quality service and efficient results. One of our favorite lenders is Patrick Averill of Thompson Kane. Averill has proven himself as a lender who consistently puts his clients' needs first, and who ensures they understand the lending process from start to finish.
"I take what I do very seriously. This is my clients' largest purchase, and often their largest asset. I do everything I can to make the process go as smoothly and stress-free as possible," he says. Averill is familiar with the competition many buyers face to get their offers accepted. He educates his clients on their financial options, their approved purchase range, and the variety of loan options that meet their needs. With this knowledge in hand, his buyers can make an offer as soon as they find the right home. In this market, it's crucial to be able to do this, as many homes sell overnight. "This gives buyers the competitive advantage. If they know their numbers, they can make their offer on the spot," he says.
But before you even make the offer, there are several steps a buyer can take, to make sure their process is seamless:
- Pay all current debts and loans on time
- Save money to cover a down payment and related expenses
- Avoid opening any new lines of credit
Doing these three things will boost your credit score, and prepare you to buy a home. And for those with a property to sell, Averill offers financing to make the transition to the next home smooth. In the current market, bridge loans can be an effective tool for getting your offer accepted. By using one, you remove the contingency to sell your current home, and you take on an interest-only payment for both properties until your first property sells. Once it does, you refinance your mortgage on your current home, and get it into a fixed interest rate.
Averill enjoys explaining the options to his clients, and making sure they have the best plan possible for their purchase. Between down payment options, escrow possibilities, and the pre-approval process, there are many details to consider. If clients understand the process up front, they'll be well-equipped to succeed in this tight market. Even so, interest rates are still historically low, and likely to climb. Now is as good a time as ever to purchase a home in Dane County. You can learn more about Averill's services here.
