Steps to Getting Pre-Approved for a Mortgage

For most homebuyers, securing a mortgage is an essential part of the process, with about 80% of buyers relying on financing, according to the National Association of Realtors. Getting pre-approved for a mortgage is one of the first and most important steps in your homebuying journey. It not only gives you an idea of how much house you can afford but also signals to sellers that you're a serious buyer with the financial backing to make a purchase. While obtaining a mortgage can seem complicated, with some organization and preparation, you can get pre-approved and begin your search for a new home.

The first step is to gather your financial documents. Lenders will need to assess your financial health before issuing pre-approval, so be ready to provide proof of income, employment history, assets, credit history, debts, and identification. Organizing these documents in advance—such as pay stubs, tax returns, bank statements, and a valid ID—can expedite the process. Most lenders now allow you to submit documents via email or a secure online portal, making it easier than ever to gather everything you need.

Next, you should assess your budget to ensure you have a clear picture of how much house you can afford. This step can include getting prequalified for a mortgage, which offers a rough estimate of your buying power. A solid budget helps narrow your home search, and once you're prequalified, you're better prepared for the official pre-approval process. Many buyers find that using a mortgage calculator before approaching a lender can give them valuable insight into what to expect.

After gathering your documents and setting a budget, you'll move on to the credit check portion of the pre-approval process. This step involves a hard inquiry on your credit report, which may temporarily lower your score, but rest assured, this is a normal part of the process. Lenders will evaluate your credit history to determine your loan eligibility and interest rate. Shopping around for different rates from various lenders within a 30- to 90-day window ensures that multiple inquiries only count as one, minimizing the impact on your credit score.

Getting pre-approved for a mortgage is a critical step that provides clarity on your buying power and demonstrates your seriousness as a buyer. With a little preparation and careful planning, you can streamline the process and move confidently toward purchasing your dream home.

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Top-Performing St. Tammany Parish Schools by 2024 LEAP Scores

As the 2024 school year begins, the latest LEAP test scores have been released, shedding light on the academic performance of schools across St. Tammany Parish. The LEAP tests, administered annually to students in grades three through high school, offer insights into how schools are helping students recover academically following the challenges brought on by the COVID-19 pandemic. This year's results highlight both overall top-performing schools and those that have excelled in overcoming economic disadvantages.

Among the high schools, Mandeville High School led the pack with 59% of its students scoring in the advanced or mastery levels, followed closely by Lakeshore High School at 56% and Northshore High School at 54%. In elementary and middle schools, Tchefuncte Middle and Mandeville Middle Schools tied for top honors in English performance, with 76% of their students reaching the highest categories. Special recognition was also given to schools excelling despite high numbers of economically disadvantaged students, such as Chahta-Ima Elementary, which saw 57% of its students achieve mastery or advanced in English.

In math, Tchefuncte Middle School again stood out, with 72% of students excelling, while E.E. Lyon Elementary made significant strides in supporting economically disadvantaged students, achieving a 48% proficiency rate. This year's rankings highlight the continued focus on academic growth and underscore the importance of targeted interventions in helping all students succeed. For a deeper dive into the scores of individual schools, readers can access a searchable database.

These results demonstrate a promising recovery from the learning losses seen during the pandemic, but the journey continues as schools work to further close the gaps and push for higher achievement across all demographics.

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July 2024 Sees Surge in New Home Sales Amid Market Recovery

July 2024 brought an unexpected boost to the new home market, with the U.S. Census Bureau reporting a seasonally adjusted annual rate of 739,000 new homes sold. This was the highest figure seen in fourteen months, significantly surpassing forecasts of 624,000 units. Although sales declined by 10.6% compared to a revised June figure, they were still 5.6% higher than the previous year. This spike follows a pattern of steady recovery since the start of 2023, after a two-year period of retraction following the pandemic-driven peak in late 2020.

Historically, new home sales have seen notable fluctuations, often mirroring broader economic trends. For instance, after the 1990 recession, sales accelerated, peaking during the housing bubble of 2005. A similar trend was observed starting in 2011, with steady growth until the 2020 peak. However, when population growth is factored in, today's new home sales are 30.2% below the level seen in 1963, despite being 25.0% higher in absolute terms. As of July 2024, the 30-year mortgage rate stood at 6.46%, which continues to challenge affordability for many prospective buyers.

The median price of a new home in July was $429,800, marking a 3.1% increase from the previous month. However, prices were 1.4% lower than in July 2023. When adjusted for inflation, the month-over-month increase stood at 3.0%, while the year-over-year drop extended to 4.2%. This underscores the persistent volatility in home pricing, as demand fluctuates in response to economic conditions and mortgage rate trends.

Despite the positive sales numbers, experts urge caution. The National Association of Home Builders (NAHB) pointed out discrepancies between the Census Bureau's optimistic sales figures and the NAHB/Wells Fargo Housing Market Index, which showed weakness in builder sentiment. The NAHB also highlighted that while mortgage rates dipped slightly in July, ongoing affordability issues and higher construction costs remain obstacles. There is optimism, however, that easing monetary policies and falling interest rates could drive further improvements in the homebuilding sector.

New home inventory in July decreased by 1.1% from the previous month, with 462,000 units available, translating to a 7.5-month supply at the current sales pace. This inventory level is above the typical balance point of six months but still reflects tight availability when considering both new and existing homes. Regionally, the Midwest experienced the largest year-to-date sales growth at 22.1%, followed by the West at 6.1% and the Northeast at 5.4%, while the South saw a 2.4% decline.

In summary, July 2024 marked a key turning point for new home sales, offering hope for continued recovery in the housing market despite persistent affordability challenges and volatility in builder sentiment.

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The Timeless Appeal of Butler’s Pantries: From Victorian Origins to Modern Functionality

What is a Butler's Pantry?

A butler's pantry, sometimes referred to as a scullery, is a small, transitional space between the kitchen and dining room. Traditionally found in larger homes, these rooms are gaining popularity among modern homeowners for their practicality and charm. Butler's pantries serve two primary functions: storage and staging. They are ideal for hiding kitchen items such as fine china, silverware, and small appliances that homeowners might want to keep out of sight, particularly in open-concept homes. Beyond pantry staples, butler's pantries can store table linens, wine glasses, and cooking supplies, creating an organized, clutter-free kitchen.

Additionally, the butler's pantry functions as a prep space for meal staging. Many butler's pantries are equipped with countertops, making them an ideal spot to prepare food or store dishes before serving. They help keep the main kitchen area free for cooking while minimizing foot traffic. Homeowners often use these spaces to house coffee makers, wine, and other beverage-making appliances, freeing up valuable counter space in the kitchen itself.

The Evolution and Modern Use of Butler's Pantries

The butler's pantry originated during the Victorian Era (mid-1800s to early 1900s) in England, when wealthy families employed butlers to manage their homes. The pantry was not only a storage area but also served as the butler's office, where they kept inventory of wine and other valuable items. This room allowed the butler to oversee the family's dining needs while having their own space near the kitchen and dining areas.

Today, butler's pantries remain popular even though most families no longer employ butlers. They have evolved to become a key feature in many modern homes, offering much-needed storage and counter space. With more than 60% of homebuyers expressing interest in this feature, it is clear that butler's pantries continue to meet the needs of modern households. They help reduce clutter, organize appliances, and enhance kitchen functionality. Homeowners are increasingly incorporating butler's pantries into their kitchen designs, recognizing the value of this timeless space.

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Navigating the Real Estate Closing Process

After your offer to purchase a home is accepted, the journey to becoming a homeowner enters the under-contract phase, leading up to the final real estate closing day. During this period, several crucial steps must be completed to ensure a smooth transfer of ownership from the seller to the buyer. While this process typically takes about a month, it can vary based on specific circumstances that may arise. Below is an overview of the steps involved, from the moment your offer is accepted to the day you receive the keys to your new home.

Understanding the Real Estate Closing

The real estate closing is the final stage of a home purchase, where all necessary tasks are completed to prepare the property for transfer. During this time, multiple inspections are conducted to assess the physical condition of the home and to ensure the financial and legal aspects of the transaction are in order.

Various factors can affect the timeline of your closing. Discoveries made during a home inspection, appraisal, or title review can lead to delays or, in some cases, the termination of the sale. For instance, if a lien is found on the property that the sale proceeds won't cover, the buyer may have the option to withdraw from the purchase without penalty, thanks to contingencies often included in real estate contracts.

The 9 Key Steps in the Real Estate Closing Process

While your real estate agent will handle most of the tasks during closing, as a buyer, it's essential to understand the steps involved:

1. Secure Escrow and Title Services The seller's real estate company typically sets up a neutral third-party escrow account to hold the buyer's earnest money, which is usually applied toward the down payment. Additionally, the buyer's agent will conduct a title search and obtain title insurance to ensure clear ownership of the property. If any issues arise, it may be necessary to consult a real estate attorney.
2. Understand and Negotiate Closing Costs Buyers should carefully review all closing documents, either independently or with the help of an attorney, to understand and potentially negotiate fees associated with inspections, appraisals, and other closing services. While there may be limited room for negotiation, being informed can help avoid unnecessary costs.
3. Perform Inspections and Appraisals Schedule a home inspection to identify any necessary repairs and an appraisal to determine the property's value. Depending on the inspector's findings, additional inspections, such as for pests, may be required. These inspections are critical in deciding whether to move forward with the purchase or renegotiate terms.
4. Lock in Your Interest Rate Buyers should contact their lender to secure a mortgage rate, protecting against potential fluctuations that could affect monthly payments. It's important to maintain financial stability during this period, as significant changes in your financial situation, like financing a new car, could impact your mortgage approval.
5. Remove Contingencies Once all inspections and disclosures are satisfactory, contingencies in the purchase offer can be removed. If issues are identified, negotiations may be necessary to settle on new terms before moving forward with the transaction.
6. Meet Funding Requirements Beyond the initial earnest money deposit, buyers need to secure the remaining funds required for closing, typically through a cashier's check from their bank. Timely completion of this step is crucial to avoid jeopardizing the deal.
7. Final Walk-Through Before closing, conduct a final walk-through of the property to ensure all agreed-upon repairs have been completed and that no new issues have arisen. This step is essential for removing final contingencies.
8. Review and Sign Closing Documents On closing day, the buyer will meet with a real estate closing agent to sign the necessary documents and officially take possession of the property. It's important to review all documents carefully and seek clarification if needed.
9. Receive the Keys Once everything is signed and finalized, the buyer will receive the keys to their new home, marking the end of the closing process and the beginning of the moving and unpacking phase.

Final Thoughts on Real Estate Closings

The real estate closing process can be lengthy and detailed, but with the guidance of an experienced real estate agent, it typically proceeds smoothly. By addressing issues as they arise and staying informed, you can ensure that you secure the best possible terms before closing day.

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New Inclusive Playgrounds Under Construction at Bogue Chitto and Fontainebleau State Parks

Construction has officially begun on new playground projects at Bogue Chitto and Fontainebleau state parks, marking a significant step toward creating inclusive play spaces for children of all ages and abilities. These specialized playgrounds are designed to offer multi-sensory play experiences, allowing children with diverse needs to play and interact together in a safe and engaging environment.

Lieutenant Governor Billy Nungesser expressed his enthusiasm for the project, noting the progress made so far. "While there is still much work to be done, we are one step closer to completing the new playgrounds now that the concrete has been poured at both sites," Nungesser said. "We're excited to bring these special playgrounds to reality for children of all abilities to enjoy and explore. We also hope to add projects such as these to our other 19 state parks."

Each playground will cover an area of approximately 7,200 to 7,300 square feet and will feature not only specialized play equipment but also shaded areas, benches, and picnic tables, ensuring a comfortable and accessible space for all visitors. The playgrounds are expected to be completed by October.

The funding for these projects was provided through a Land and Water Conservation Fund 50% cost-share grant, reflecting a commitment to enhancing public spaces and making them more inclusive for all community members.

These new playgrounds represent a significant advancement in creating accessible recreational spaces and set the stage for similar projects to be implemented across the state's park system in the future.

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The Rise of Slab Foundations in New Home Construction

In 2023, the construction landscape for new single-family homes saw a significant shift towards slab foundations, marking a clear trend in residential building practices. According to an analysis by the National Association of Home Builders (NAHB) based on data from the Survey of Construction (SOC), slab foundations became the dominant choice, with 72.4% of new homes built on this type of foundation. This represents a steady increase from 45.8% in 2000, highlighting a growing preference for slabs over the past two decades.

The most notable change occurred between 2022 and 2023, with the share of new homes built on slabs jumping by 3.9 percentage points—a significant rise compared to the average annual increase of 1.93 percentage points over the previous five years.

Decline in Basements and Crawl Spaces

As slab foundations gained popularity, the share of homes with full or partial basements continued to decline. In 2023, only 16.6% of new single-family homes were constructed with basements, down from 19.6% in 2022, marking a 3 percentage point decrease. Additionally, homes built with crawl spaces have become increasingly rare, with just 9.9% of new homes utilizing this foundation type in 2023.

Regional Preferences: Climate and Building Codes Drive Foundation Choices

The choice of foundation type is heavily influenced by regional climate and local building codes. In colder regions, where building codes require foundations to extend below the frost line, full or partial basements are the preferred choice. These basements not only comply with frost line requirements but also provide additional finished floor space at a relatively low additional cost. The regions with the highest percentage of new homes built with basements in 2023 include the West North Central (63.9%), New England (62.1%), Middle Atlantic (48.1%), and East North Central (48%) divisions.

In contrast, in warmer climates where the frost line is not a concern, slab foundations are favored for their cost-effectiveness and simplicity. Slab foundations are particularly prevalent in the West South Central (96.9%), Pacific (86.5%), South Atlantic (83.3%), and Mountain (52.9%) divisions.

The trend towards slab foundations in new home construction reflects broader changes in building practices, driven by factors such as climate, cost, and regional building codes. As these trends continue to evolve, slab foundations are likely to remain a popular choice, especially in warmer regions, while basements will continue to be favored in colder areas where they offer both practicality and added living space.

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