Short answer…yes.

Let’s face it, searching for a home has changed drastically over the past decade. Sites like Zillow and Realtor.com have made it possible to view listings virtually as they hit the market. We no longer rely on agents to send us a list of homes that fit our ‘criteria’, because we can set our own filters online. With the emergence of these new platforms, homebuyers may be asking themselves Do I even need to use a real estate agent to find a home? We’re here to tell you that as tempting as it may be to forego an agent and try to find a home on your own, you’d be doing yourself a major disservice. Real estate agents are still imperative to a smooth home buying process and here are the reasons why…

Agents Are Experienced

The home buying process is confusing and frustrating, but an agent can alleviate some stress. They are well educated, experienced and ready to assist you in finding the perfect fit.

Agents Know The Area

Want to buy a house in an established, family-friendly neighborhood? Great schools and close to parks? Agents specialize in listening to your needs and finding the right homes in the best locations. They do the research, you reap the rewards.

Agents Handle The Paperwork

Titles, deeds, contracts, escrow accounts- the paperwork can add up fast. Instead of trying to decipher what you need, let an agent take care of it for you. All you need to do is sign the papers and move in!

Agents Are Mediators

Your schedule is already busy, so with trying to schedule home tours, price comparisons, market analysis, writing contracts, coordinating closings, and much more; who has the time? Your agent will do all these things and much more, so you can focus on what really matters.

Agents Are Pricing Gurus

Not sure how much house you can get for your price range? Agents are excellent at knowing the markets and helping guide you in discovering what you can get for the price you can afford. But be sure to get a pre-qualification from your lender! Not only will you know how much you can qualify for, but sellers will know you are serious and will be willing to negotiate!

Agents Are Master Negotiators

How much should you offer the seller? How low should you start? What do you think they would actually accept? Agents will work with the sellers to get the best possible deal, making sure the house you love is at a price you can afford.

Agents Are Up-To-Date On Market Trends

Is now the right time to buy? Agents keep a watchful eye on the housing market and will let you know the very best time to take action.

Agents Care About Finding You The Perfect Home

This is actually the most important reason to get an agent. They have made a career out of assisting people in one of life’s biggest purchases- they care about getting you in a home!

At Southern Trust Mortgage, our Loan Officers work closely with experienced Real Estate Agents every day. We value these partnerships and would love to recommend the perfect agent for your unique home buying situation. Get in touch with us today and we will get you started on the path to home ownership!

One of the most crucial pieces of information you will submit when applying for a loan are your bank statements.

This is because they give your lender the clearest picture of your financial situation and spending habits, which is needed to ensure you will be able to make a new monthly payment on a home. When submitting account printouts, it’s important to provide documents that contain pertinent information for identity and underwriting purposes. This is essential to the review of the loan process.

These days, the easiest and most common way to submit your bank statements is to simply print them directly off your bank’s online banking platform. If you choose to do this, be sure that the 5 elements listed below are present on every page or click here for a more visual reference!

Make Sure These 5 Things Are Present On All Bank Account Printouts

1. Name & Address

Your full, legal name and verified address should match all other documentation provided in your application.

2. Account Number

At least the last 4 digits of the account number.

3. Account Activity

We require the account activity (transaction history) from the last statement date through the current date.

4. Website URL

URL needs to be included on all pages.

5. Page Numbers

Page numbers should be indicated- please include all pages.

Warning Signs That Stand Out To Lenders On Bank Statements

Mortgage underwriters are trained to spot inconsistencies and any indicators of financial mismanagement. Before submitting bank statements, look them over for yourself and be ready to explain any of the following:

Large Deposits

When a bank statement has large lump sum or sporadic deposits, it can be a red flag to underwriters. Be sure that you can verify the source of these deposits and prove that they are coming from legal, acceptable places.

Overdraft Charges

When evaluating your statements, lenders will typically request the last 2 months of transaction history. If several overdraft charges are present, it can, unfortunately, suggest that someone may be an unreliable borrower.

Monthly Payments To Individuals

Recurring payments to non-banking accounts can confuse lenders and make it look like you’ve taken out loans from family members or have undisclosed credit elsewhere. Ultimately this would change your debt ratio and can affect your loan.

When you are aware of your finances and bank account transactions in the initial phases of your home loan journey, it can make the mortgage process a lot easier and hassle-free.  Remember: Underwriters review your accounts once more, just prior to closing. So, be sure to maintain clear and consistent transactions throughout the closing process as well. Contact any of our experienced mortgage loan officers to get started today!