Troy is joined by Jeff Farnham of JTS & Co.Mortgage Professionals who gives great tips on how to navigate through home buying during the pandemic.
For any of your mortgage needs call JTS at 662-329-9090.
Troy thompson: welcome to on the beat, everyone.
I'm troy thompson.
Joining me today is the man himself, mr. jeff farnham, of course from jts & co.
Mortgage professionals.
How are you my friend?
Jeff farnham: i'm doing well.
How are you?
Troy thompson: i am fantastic.
Now of course we're talking all about the housing market today, and especially in this covid-19 situation that we have here in america, what do you see with supply and demand out there in the marketplace right now?
Jeff farnham: it's really been interesting to watch, coming through this covid-19 issue because the demand for homes was already very high and the inventory was very low.
And we're continuing to see that trend and the number of people buying homes has actually increased throughout this time period.
Pipelines are double what they normally are, so that means the inventory's gone down.
What's available out there is less.
And when things hit the market, they're moving very quickly.
Troy thompson: well, what does this mean for people who want to pull the trigger?
Jeff farnham: well really, they need to be prepared they need to be ready as they get ready to start looking.
What we've seen and heard stories of, is people go out there, start looking, look at a house, they like it and before they can get an offer in, somebody else has already made an offer on that home.
We know of one home that sold two days on the market the other day, so things are moving very, very quickly.
Troy thompson: that's amazing.
Okay.
Well, all the important question.
Is it important to be pre-qualified before you start looking?
Jeff farnham: absolutely.
You need to know what you can afford.
You need to know what loan type you're going into.
You need to know how much money you're going to need to close.
You need to make sure that the payment is in the range of what you can budget and afford.
There's lots of things that need to be done before you ever go out there, start looking.
What we see is, people go out there, they start looking, they fall in love with a house, just to find out they didn't qualify for that home for whatever reason might be.
Troy thompson: how do we know what we need to have to be pre- qualified?
And how do we go about that?
Jeff farnham: well, that's the easiest part.
All that is, is a phone call.
Call us, we'll walk you through every step.
We're going to ask you a series of questions about your income, where you work, your credit, your assets, those kinds of things, what your goals are, what you hope to achieve with this home.
We're going to walk through all of that.
And it's a very low-stressed process.
It's very easy to do.
It gets a lot of the questions out of the way.
And then, when you go out there and you start looking for home, you can look with confidence, not worried and fretting over, "am i going to be able to do this?"
Troy thompson: do you really feel it's wise to be pre- qualified if, now and when i say if, in the back of your mind, you would like to start looking, but maybe not ready for maybe six months or so.
Should you still get pre- qualified?
Jeff farnham: yeah, absolutely.
And actually that's probably even better, right?
Because a lot of time we see people, they get pre- qualified and they jump out there right quick and sometimes make an emotional decision, rather than a good business decision.
So planning and tracking things out, six months gives you a lot of time to prepare yourself and makes your process a lot easier.
Not to say that somebody can't do it, get pre- qualified today and write a contract tomorrow, that happens all the time.
And that's not bad either, but if you're thinking, "hey, i'm six months out, nine months out, or even next year," we have those conversations all the time.
And that's somebody that's very wise, they're planning things out and they're just looking at their situation.
Troy thompson: i went to a development and a developer and they insisted that i had to do my pre- qualification through their lending team.
And i didn't particularly want to do that, i wanted to go through my banking institution.
Why is that?
Why would of they been implying that i needed to do that?
Jeff farnham: you need to be very wary of those kind of things.
And that's an issue across the country that we're seeing.
And there's been some legislation things written about this prior, to take effect in that regard.
But sometimes there's incentives for going through their lender.
Some developers own their own financing companies or mortgage companies.
There's lots of different scenarios of why that could be.
So if that's the case, it's not to say that that's a bad thing, but you need to ask a lot of questions and make sure you're comfortable.
But they cannot force you to go through their lending institution.
Troy thompson: so your advice is basically, ask all the right questions to begin with?
Jeff farnham: absolutely.
Make sure you're very, very comfortable.
Again, it's not that it's necessarily bad, every company is doing it wrong.
But it's just, you want to be very cautious.
Troy thompson: well jeff, as always, you give us great information.
We appreciate you.
Jeff farnham: yeah.
Glad to do it.
Troy thompson: if you want to find out more information, there it all is up on the screen for you, jts & co.
Mortgage professionals.
Take caring of all your future housing needs.
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Troy is joined by Jeff Farnham of JTS & Co.Mortgage Professionals who gives great tips on how to navigate through home buying..