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4 Reasons Delaware or Pennsylvania Lenders May Reject Your Mortgage Application

Thursday, January 17, 2019
by Katina Geralis

When you've found your dream home in Delaware or Pennsylvania, the next step will be meeting with your local lender to submit your mortgage application. Pending you've already been pre-approved, the rest of your home buying journey should be smooth and simple— however, there are a few reasons your application could end up in the rejection pile. 

Below are four reasons why a Delaware or Pennsylvania lender may reject your mortgage application this year:

You Changed Jobs
Lenders like to see at least two solid years of consistent employment before they will agree to approve your mortgage loan. And while you may not always be in charge of your career moves—IE. you were laid off—it is best to wait until after your closing to change jobs if you can help it.

You Don't Have Enough Credit
You may think credit cards are a no-go when it's time to buy a home in Delaware or Pennsylvania and you are entirely correct— for the most part. Your credit score and history are major factors that lenders will research in their decision process, but it's a lack of credit (not just poor credit!) that can be worrisome for them. If you haven't yet built up your credit history, remember that it is OK to carry some debt on your credit cards, so long as you pay them off on time. 

You Have Poor Credit
As mentioned above, lenders will be looking at your credit score to confirm you are capable of managing debt and paying your bills on time. However, if your credit score is too low, not only will you not qualify for favorable loan programs, but your application could end up rejected altogether. Take some time to research your own credit score and clean it up as much as possible before applying for a mortgage.

You Opened a New Credit Line
While we've established that it is important to have a credit history, you'll want to avoid opening anything new while you're in the process of buying a home in Delaware or Pennsylvania. New credit lines can signal a major red flag to lenders who want to see that you're responsible with debt management. Opening a new line of credit will drop your credit score and could imply that you're more of a spender than a saver.

Ready to start the home buying process in Delaware and Pennsylvania in 2019? Give the Kat Geralis Home Team a call today! 

We even offer FREE First-Time Homebuyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
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Staging Newark and Wilmington DE Real Estate to Sell

Thursday, May 1, 2014
by Katina Geralis

More homebuyers will be looking to the Wilmington real estate market this spring and summer. As a home seller, you would do well to highlight your Delaware home's best features. In many cases, staging can make all the difference! Some popular features a Wilmington DE homebuyer looks for are the number of bedrooms and bathrooms, storage space, and updated appliance, but they will be looking to see themselves in the home. Your home's overall flow, neutrality and ability to help the buyer feel comfortable are important— and much of this can be achieved by you, the home seller, with home staging. Below are a few staging tips to help you attract more homebuyers to the property:

Update the Spaces
It doesn't take much money to update the rooms in your Wilmington and Newark homes. For instance, a new coat of paint and shiny, upgraded hardware can all be done in a weekend, but really give the spaces a fresh, welcoming feel. To begin, make a great first impression and give your front door a fresh coat of paint. This little detail can help the potential buyer feel invited inside and give them a sunny outlook on the home overall.

Let There Be Light
Bright, airy homes are a must for many homebuyers in today's real estate market. And as a seller, you can add this factor yourself in your homes in Newark and Wilmington DE with updated light fixtures. But if adding in new or additional lighting is not an option in your home, simply swapping out low wattage light bulbs for high wattage bulbs can bring up the lighting factor with little effort. If you notice that updated light fixtures is one area where your home is lacking, replacing these is a great investment and can add charm to your home.

Bathroom/Kitchen Updates
Do you find that your kitchen is one of the areas of your home you spend the most time in? Homebuyers will notice that too! These are two areas where you'll want to focus your staging. You don't need a complete remodel, but updating appliances and fixtures here can peak homebuyer interest. At the very least, replacing the caulk and grout in these rooms is always a nice idea.

Curb Appeal
Again, first impression are everything when it comes to Wilmington, DE real estate. Take some time to amp up your landscaping, clean up the yard, replace railings and old outdoor hardware, make sure windows are clean and functioning— overall, take note that your home looks inviting from outside. Many homebuyers will begin their search online and if your home shows well in photos, it can bring them to your door!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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Kat Geralis— Best Real Estate Agent in Delaware

Friday, July 12, 2013
by Katina Geralis

REAL Trends recently released their list of America's Best Real Estate Agents to honor and rank real estate sales professionals and teams in all 50 states and metropolitan statistical areas— and our own Kat Geralis was chosen! Using the data from individuals who closed more than 50 sides or $20 million and sales teams with more than 75 closed sides or $30 million in closed sales volume, REAL Trends chose Kat Geralis as one of the Best Real Estate Agents in Delaware.

REAL Trends reached out to virtually every leading brokerage organization, all Realtor® associations and MLSs and a variety of other sources to compile their list. The final list consists of 1,000 real estate agents, named the "2013 Top 1,000 Real Estate Professionals in the United States."

A native Delawarean and U of D grad, Katina Geralis grew up in North Wilmington, and has lived in DE most of her life. Kat is an entrepreneur at heart with a true passion for Real Estate. She has hands-on experience in all areas of residential real estate including; Luxury Homes, Investment properties, New Construction, Active Adult 55+, Short Sales and Foreclosures. 

When clients choose Kat as their Realtor, they get the advantage of her wealth of knowledge, experience and creativity, which leads to a very successful formula. “It is very rewarding to make a difference, by working thru each client’s unique situation to make a lasting impact in their lives.” Kat’s ultimate goal is to create a positive real estate experience and her persistence, drive, and customer follow-up shines through her “whatever it takes” attitude!

As a Top Producer and now one of America's Best Real Estate Agents, Kat’s Multi-Million dollar portfolio consists of a balanced mix of Buyers, Sellers, Short Sales, Foreclosures, and Bank-Owned properties.

Want to work with Delaware's Best? Contact Kat Geralis and her team at the Wilmington Homes Group to discuss your real estate goals. Are you a first time home buyer? Learn more about the homebuying process with one of our free, first-time homebuyer seminars. 

 

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
 

Get Your Wilmington, DE Home Ready for Summer!

Thursday, July 11, 2013
by Katina Geralis

The curb appeal of your Wilmington, DE home is more important now than ever before. With housing inventory low and buyer demand high, you want to be sure your home is one piece of Delaware real estate that stands out in the crowd. By getting your home up to par this summer, you can be certain homebuyers in the market to purchase a home will take note of yours before they even step inside the door. Remember, first impressions are key!

Green Home, Smaller Bills

This summer, give your home an energy audit. Walk around with a notepad and notice any cracks or gaps in windows, doors, switch-plate covers, and the like. According to MSN Real Estate, experts say you can save up to 20% on your home heating and cooling bills by simply plugging leaks. You can even receive a rebate for home-energy audits performed by recommended auditors.

Insulate Pipes Now

It may seem like an odd time to talk about insulation, but ensuring your hot water pipes are insulated correctly now can save you on energy costs this coming winter. This can be done by purchasing flexible foam pipe insulation sleeves from a hardware store. Taking precautions now can save you money in the long run when you know your Wilmington home is utilizing energy and resources properly.

Clean Your Patio

Summer is a great time to get outside and enjoy the weather— that means your patio too. Remove your outdoor furniture cushions, cleaning them thoroughly, and spray down the frames with a soapy, bleach solution. A recipe to follow uses:

1/3 cup laundry soap powder

2/3 cup trisodium phosphate or TSP

A quart of bleach

Three quarts of warm water

Allow the furniture to dry and return the cushion covers while they are still damp to prevent shrinking.

Clean Your Deck and Concrete

Power washers are just the tool to clean concrete patios, driveways, and outdoor spaces in the summer. While your washing the concrete, keep an eye on the water direction to be sure it moves the water away from your Wilmington area home's foundation. If it does not, inspect the area, looking for cracks and flaws in the foundation. Next check the inside for water stains or wetness. If hiring an inspector to find a solution to the structural problem is not in the cards, installing a sump pump can often fix the water problem in these spaces.

Take Care of Your Deck and Planters

Outdoor plants add instant curb appeal to Delaware homes for sale and are sure to grab a homebuyer's attention. Just be sure that your planters and pots have feet placed underneath of them as standing water can cause your deck's wood to rot. Pot stands and even colorful bricks will also do the trick. 

Patch Cracks and Make Amends

One final way to add curb appeal to your property is to patch all cracks in the asphalt and concrete outside, as well as removing problem trees or pruning them for a polished look. Now is also the time to give shutters, doors, and fences a new coat of paint if their's has chipped or faded over the winter. Fix faulty locks or panels on your outdoor fence, especially if you have a garden or landscaped area, to keep out unwanted visitors and animals. 

The Final Step

Are you ready to put your home up for sale and invest in your next piece of Wilmington, DE real estate? Let me help you decide which type of property best fits your needs for homeownership. Together we will work to find the best home for both you and your family. You can also learn more about the buying process at our FREE first-time home buyer seminars! 

As always, feel welcome to contact me for more information about homes for sale in Wilmington and Newark. I am here to help you with your home ownership goals!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
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Displaying blog entries 11-14 of 14

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