A: These are all common real estate terms you may see to describe its listing when you are trying to buy a home. Under contract is when a buyer and a seller have agreed to certain terms, but the deal is still in the early stages. You can still make an offer on a home under contract. A contingent property is when a buyer has made an offer and the seller has accepted it but the contract is conditional based on something else happening before closing (i.e. home inspection, qualifying for a mortgage, appraisal, or even a home sale). Oftentimes, home sellers will not accept contingencies when a housing inventory is tight. A pending property is when there is a contract in place, all contingencies (if allowed) have been addressed and the deal is close to being completed. The deal can still fall through at this stage due to financing or home inspection problems.

A: First look at how the investment property will be used (i.e. vacation spot, fixer upper, rental unit for students on a college campus, etc.) It is important to know your goals for your investment property before you start the home loan process. When buying an investment property, you will have access to a lot of the same mortgage private programs as those who are buying their primary homes. Interest rates and terms available will vary based on the property, the loan amount, and your personal financial information. Click here for more information.

A: Some common mistakes people make when selling their home are: incorrect pricing, not showcasing the home properly, mistaking “lookers” for buyers, and working with a Realtor for the wrong reasons (or just choosing the wrong Realtor). Click here to find out why these mistakes can lead to a bigger problem when selling a home.

A: It is always important to make a good first impression and to show off a home’s best qualities. Click here for 11 tips for getting the most bang for your buck when staging a home, or here to see 3 home staging mistakes to avoid.

A: Real estate agents had to get creative during the coronavirus pandemic to continue to sell homes without physically showing properties in person. Although virtual tours have been around for years the pandemic really put pressure on Realtors to make the virtual experience better for both home buyers and sellers. We think these virtual tours and open houses are here to stay and does make things easier to sell your home quicker. Click here for more information.

A: Downsizing your home is something to think about if your home is too large to manage, you have too much maintenance and can’t handle it, if your monthly housing expenses are too much for you, or if your current home has features that no longer fit your lifestyle.

A: The best time to buy a house usually does not coincide with the best time to sell a house, so it can be hard to balance the best of both worlds. Selling your home first makes it easier to get another mortgage since you will be paying off your original mortgage (and not acquiring additional debt) before you sign on the dotted line for a new home loan. It is also helpful not to have two mortgage payments at the same time if you house does not sell immediately. Click here for more information about what you need to know about buying and selling a house in today’s real estate market.

A: Yes. Because it will be a new loan, you will need to submit a new application. We do have your information already on file, so it makes the process smooth and streamlined. We also may have you update a few documents (i.e. pay stubs, bank statements etc.) to make sure we have the latest information on file. Thanks for choosing Churchill again!

A: No, it does not! We can help you refinance your current home loan no matter which lender you worked with prior to Churchill Mortgage. To make things quick, just be sure to hang on to your current monthly statement from your lender and we can use that as a guide to quickly get you started. We will discuss your home loan needs and objectives to help you reach your financial goals.