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Celebrating Women in Real Estate
Happy Women’s History Month! Did you know that women make up 62% of the National Association of Realtors? Since the first woman was admitted to the NAR in 1910, the number of women practicing real estate has continued to grow, leading to a rise in female-led real estate start-ups and an increase in female leadership. There is still a long way to go in the name of gender equality in real estate, but today we celebrate the amazing strides women have made in this industry by sharing the wisdom of those we are lucky to have as part of the WBC team!
Tammie Lowery on Mentorship
Getting involved & raising your hand pays off in so many ways. Find a mentor – Be a mentor. Ask for help and share your knowledge and experience with others. I had the privilege of having several take me under their wing as I started out. From day one 25 years ago I have received encouragement, training, mentoring, partnership opportunities, extensions of Real Estate including being a trainer and mentor in the office. All these experiences benefited me in addition to others.
I was concerned about stepping into the ‘sales’ industry thinking it could be a cutthroat atmosphere and found it to be just the opposite. I have never experienced competition, only collaboration and community in this office. I am grateful to be a part of Bellevue Commons. I want to commend and thank the team at WBC for all they do to support us.
Learn more about Tammie here!
Nicole Mangina on Connection
Being a woman in real estate is a powerful thing. The ability to learn, grow, impact the lives of others and create an amazing life for my family is something I will forever be grateful for. The connections I’ve made both with clients, but also with the friendships I’ve formed with other agents have shaped my life in so many positive ways.
Real estate tends to be something you end up in. It’s rarely the initial goal, and yet once you get here – you realize it’s the absolute best and you wouldn’t trade it for the world.
Learn more about Nicole here!
Marla Groves on Finding Your Path
I think it is amazing being a woman in real estate. Coming from the male-dominated world of institutional finance, real estate is a place where women have an equal voice and often lead the field. Real Estate; it is a great way to combine my financial/investment background, love of service, love of design and creating home into a rewarding career. What could be better than that? The helpful and collaborative spirit at WBC is the icing on the cake.
Learn more about Marla here!
Erin Hoppe on Caring For Yourself & Others
I’ve been extremely lucky to have connected with some amazing mentors over the years, so find a mentor you can trust and respect! The words of wisdom I live by are…
* Start with gratitude in every area of life.
* Have a servant’s heart.
* Have boundaries with yourself & other people.
* Control what you can control, let the rest go.
* You aren’t everyone’s cup of tea and that’s ok!
* You deserve everything that you want. And you can have what you want, its on the other side of fear so go through it.
Learn more about Erin here!
Lynn Eng-Lei on Balance
To be a woman in the real estate industry gives me so much flexibility with my schedule. When I had my two kids, I could make my own working schedule and it has been such an amazing career. Although it can be stressful, at the same time, it is so much fun and rewarding. For those new to the industry, my advice is to hire a very good mentor, have some savings & maybe a part-time job in case your first paycheck takes a little longer.
Learn more about Lynn here!
Linda Peffer on Finding Success
“Success is liking yourself, liking what you do, and liking how you do it.” – Maya Angelou
I love this quote regarding success; it is a good daily check-in with yourself to make sure you are on the right path. When it comes to your clients, my words of advice are that regardless of whether someone is buying a $10 million home or an $80,000 home, their needs and emotions are the same – so treat them the same. Give them the same consistent level of service, counsel, and care.
Learn more about Linda here!
Happy Women’s History Month from Windermere Bellevue Commons!
A First-Time Buyer’s Guide to Mortgages
Mortgages can seem daunting for many first-time home buyers. While becoming a homeowner is exciting, it can be intimidating to embark on an investment of this magnitude. We sat down with WBC’s resident loan officer, Jim Murphy of Movement Mortgage to get the best tips for first-time buyers who are navigating the mortgage loan process.
What is a mortgage?
Mortgages are secured loans, where the “borrower promises collateral to the lender in the event that they stop making payments”, with the home itself being the collateral. There are different programs available depending on the financial situation, occupation, and credit score of the borrower. To better understand your options, you will need to meet with a lender to ascertain what you can afford.
The Pre-Qualification Process
Before meeting with a lender, you will need to make sure all the relevant documents are in order. This is known as pre-qualification and helps determine what type of loan you might qualify for. Financial documents that most lenders want to see include:
- Recent pay stubs
- Copies of your tax returns
- W2 forms
- Bank statements for checking, saving, and retirement/investment accounts
- Credit card bills
- Lease agreement, if applicable
- Student loan deferment letters/agreements, if applicable
Once you have all the necessary paperwork, it’s time to set up an appointment with a mortgage company to discuss your options. Some loan programs will offer lower interest rates based on your credit score, while others will offer a lower down payment in exchange for paying insurance premiums.
WBC: What are some of the most important questions a first-time buyer should ask when they meet with a lender?
Jim Murphy: I think one of the biggest questions a client should ask is “How do I make myself as strong of a buyer as possible”. Completing an application and providing all the documents that [a lender] requires to get a To-Be-Determined (TBD) underwritten loan will basically clear any pitfalls outside of an appraisal. This will show that you have been approved up to a certain loan ceiling and from there, we just need to find a property!
The Pre-Approval Process
Mortgage pre-approval is an offer by the lender to loan you a certain amount under specific terms, but it is not a guarantee that you will receive a final approval. It is simply verification that you qualify for the amount that you have applied for based on your credit history, income and assets, etc. This step involves a deeper dive into the documents you submitted during the prequalification process.
WBC: Do you have any tips for first-time buyers to ensure a smooth pre-approval process?
JM: The best thing a client and lender can do is have a clear and open communication about their financing goals and the outcomes a lender can deliver. Clients have a budget in mind, both in the monthly payment and down payment they can comfortably afford, but sometimes [they] can qualify for much more. [Keeping an] open dialogue between the lender and client are imperative for success.
The Final Loan Approval
After obtaining a pre-approval document from your lender, you are ready to start looking for your new home! Lenders will offer you a loan estimate based on the estimated interest rate, monthly payment and total closing costs for the loan. Your mortgage application will then be assessed by underwriters who will determine “if the funds from the sale of the property are enough to cover the amount you will be lent in your mortgage.”
If your application is approved, you now have the green light to close on the property!
WBC: What is one final piece of advice you have for first-time home buyers?
JM: Don’t be afraid to buy something that needs a little work to be a really nice home. There are loan products available, like a renovation loan, that does not require a large down payment but can make the home that needs some renovation feel like your own!
Understanding the role of mortgages in your homeowner journey may seem overwhelming, but with the support of knowledgeable Windermere agents and our amazing partners at Movement Mortgage, finding the home of your dreams can become a reality! Get in touch with the WBC team today to start your home search and don’t forget to check out the WBC Tik Tok account for the full-length interview, Mortgages 101 with Jim Murphy, here.
Written by Makena Schoene
Top 5 Reasons to Hire a Real Estate Professional When Buying or Selling!
BUYING OR SELLING A HOME?
See how hiring a Real Estate Professional can benefit you.
Whether you are buying or selling a home it can be quite the adventure, which is why you need an experienced real estate professional to guide you on the path to achieving your ultimate goal. But in this world of instant gratification and internet searches, many sellers think that they can ‘For Sale by Owner’ or ‘FSBO.’
The 5 reasons you NEED a real estate professional in your corner haven’t changed but have rather been strengthened by the projections of higher mortgage interest rates & home prices as the market continues to pick up steam.
1. What do you do with all this paperwork?
Each state has different regulations regarding the contracts required for a successful sale, and these regulations are constantly changing. A true real estate professional is an expert in his or her market and can guide you through the stacks of paperwork necessary to make your dream a reality.
2. Ok, so you found your dream house, now what?
There are over 180 possible steps that need to take place during every successful real estate transaction. Don’t you want someone who has been there before, someone who knows what these actions are, to make sure that you achieve your dream?
3. Are you a good negotiator?
So maybe you’re not convinced that you need an agent to sell your home. After looking at the list of parties that you will need to be prepared to negotiate with, you’ll soon realize the value in selecting a real estate professional. From the buyers (who want the best deals possible), to the home inspection companies, all the way to the appraisers, there are at least 11 different people who you will need to be knowledgeable of, and answer to, during the process.
4. What is the home you’re buying/selling really worth?
It is important for your home to be priced correctly from the start to attract the right buyers and shorten the amount of time that it’s on the market. You need someone who is not emotionally connected to your home to give you the truth as to your home’s value. According to a study by Collateral Analytics, FSBOs achieve prices significantly lower than those from similar properties sold by real estate agents:
“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.”
Get the most out of your transaction by hiring a professional.
5. Do you know what’s really going on in the market?
There is so much information out there on the news and on the internet about home sales, prices, and mortgage rates; how do you know what’s going on specifically in your area? Who do you turn to in order to competitively and correctly price your home at the beginning of the selling process? How do you know what to offer on your dream home without paying too much, or offending the seller with a lowball offer?
Dave Ramsey, the financial guru, advises:
“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”
Hiring an agent who has his or her finger on the pulse of the market will make your buying or selling experience an educated one. You need someone who is going to tell you the truth, not just what they think you want to hear.
Bottom Line
You wouldn’t replace the engine in your car without a trusted mechanic, so why would you make one of the most important financial decisions of your life without hiring a real estate professional?
