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When purchasing a home, what does it mean to get prequalified?

Getting prequalified for a home loan is an initial step in the mortgage process where a lender evaluates your financial situation and provides an estimate of how much you may be able to borrow. This typically involves a basic assessment of your income, assets, debts, and credit score. Prequalification gives you an idea of what price range of homes you can afford and can be helpful when you start house hunting. However, it’s important to note that prequalification is not a guarantee of a loan; it’s simply an initial evaluation based on the information provided. To obtain a prequalification, you usually don’t need to provide extensive documentation, and it’s a relatively quick and straightforward process.

What documents do you have to provide when getting a loan?

When applying for a mortgage loan, you typically need to provide various documents to the lender to verify your financial situation and ensure you meet the requirements for borrowing. These documents may include:

  1. Proof of income: This can include recent pay stubs, W-2 forms, or tax returns if you’re self-employed. Lenders want to verify your employment and income stability.
  2. Proof of assets: This may include bank statements, investment account statements, and documentation of any other assets you own, such as real estate or vehicles.
  3. Identification: You’ll need to provide a government-issued photo ID, such as a driver’s license or passport, to verify your identity.
  4. Employment verification: Lenders may contact your employer directly to verify your employment status and income.
  5. Credit history: Lenders will obtain your credit report to assess your creditworthiness. You don’t need to provide this yourself, but you’ll need to authorize the lender to access it.
  6. Debt information: You may need to disclose any outstanding debts, such as credit card balances, auto loans, student loans, or other mortgages.
  7. Property information: If you’re refinancing or purchasing a property, you’ll need to provide details about the property, including its address and value.
  8. Additional documentation: Depending on your financial situation and the specific requirements of the lender, you may need to provide additional documentation. This could include divorce decrees, child support documentation, or explanations for any unusual financial transactions.

It’s essential to work closely with your lender and provide all requested documents promptly to ensure a smooth loan application process.

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Discrimination is Illegal

We have many problems in society, discrimination shouldn’t be one of them. Discrimination is illegal and wrong. In 1968, congress passed a bill prohibiting people from refusing housing based on a protected class. Those providing housing can’t refuse housing on a protected classes. These include: race, color, sex, religion, national origin, disability, source of income, familial status, sexual orientation, or gender identity

Anyone providing housing, renting or selling, must be fair to all parties. We can not discriminate to individuals included in any of these classes.

Most property management companies or real estate professionals understand fair housing and avoid discrimination. We understand why and how to avoid discrimination because of our required education. We also experience opportunities to discriminate on a regular basis.

More than once, I’ve been showing investment properties to clients when I hear them say they can discriminate. One person said “I don’t want to rent to any polygamists”. Another person said “I don’t want to rent to anyone who is gay”. After explaining that these are forms of discrimination and violations of Fair Housing Act, I explained that it’s wrong and advised them of the Fair Housing Act. One person refused to hire me to manage their property. The other appreciated the education and said they wouldn’t discriminate.

Another client told me that owners who manage their own properties don’t have to follow the same rules. He said, “I can choose who I rent to. You can’t because you’re a professional.” If you are a property owner and represent yourself in your transactions, you must be knowledgeable of the Fair Housing Act. Just because you are unaware of the Fair Housing Act, doesn’t preclude you from committing a violation. Also, just because you don’t have a realtor license, doesn’t preclude you from the law. Consequences for anyone who has violated the Fair Housing Act can be serious. Penalties for can include $16,000 – $65,000 fines.

Experienced Discrimination?

Discrimination is illegal so when you experience discrimination, report it! Claims can be filed at U.S. Department of Housing and Urban Development. On the Utah Labor Commission website, it says you have up to 365 days to file a claim. “In most situations, a complaint must be filed within 365 days of the date of the discrimination. UALD will investigate claims that are filed within 180 days of the discrimination.”

Keep good records and note as soon as possible including dates, time, and details of the occurrence to help support your claim. File the claim as soon as possible after the violation.

I recently viewed this article by the History Channel. It is very insightful and I highly recommend. History Channel – Fair Housing Act.

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Hiring a Property Management Company

There are several opinions about why you should or should not hire a property management company. We play a crucial role in the investment opportunities of our clients and recognize they have better experiences while participating in real estate investing. We know that you will have the same enjoyment.

Hire a property manager

Here are 10 reasons why hiring a property management company is important to property owners and real estate investors:

  1. Tenant Screening: One of the most important functions of any property management company is tenant screening. This ensures that you get reliable and trustworthy renters who pay their rent on time. This can also reduce damage to your property.
  2. Marketing and Advertising: Property managers have experience in advertising and marketing rental properties. We can ensure that your rental property receives maximum exposure and reaches potential renters efficiently.
  3. Rent Collection: Property managers are responsible for collecting rent from tenants. They ensure that rent is paid on time and deal with late payments and delinquencies. This helps to ensure a steady stream of income from your rental property.
  4. Maintenance and Repairs: Handling maintenance and repair issues promptly is key. Your property is kept in good condition and minimizing potential damage or liability issues. We also have established relationships with reliable and affordable contractors.
  5. Legal Compliance: A property management company can help you comply with state and local regulations, ensuring that you are operating legally and avoiding costly fines and penalties.
  6. Handling Emergencies: Property management companies are available 24/7 to deal with any emergencies that may arise. Issues such as plumbing or electrical, tenant disputes, or security deposits are just a few.
  7. Avoiding Vacancies: This can help you minimize vacancy periods by quickly finding new tenants when a property becomes available.
  8. Knowledge of the Market: Property management companies have knowledge of the local rental market, allowing them to set competitive rents that maximize your income while remaining attractive to tenants.
  9. Financial Management: We can handle financial matters such as rent collection, security deposits, and accounting. This ensures that your income and expenses are properly recorded and accounted for.
  10. Peace of Mind: Knowing that your investment is being properly managed and protected is comforting because it removes the stress and time commitment of managing the property yourself. This can ultimately save you money by minimizing potential costly mistakes and stress-related health issues.

In Summary

Property managers can provide a range of valuable services that help to ensure the smooth operation and profitability of your rental property. Here at Stratum Real Estate Property Management, we can handle many of the day-to-day tasks involved. We’ll help free up your time and providing peace of mind knowing that your investment is being properly managed.

To see a list of the available by Stratum Real Estate Property Management, please click here. is another source of information if you’re still hesitant. There are several cost benefits mentioned in this article that claim you can’t afford not to hire a property management company. Click here to read article

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You should be doing these in an adjusting market.

Iron County, Cedar City Real Estate
real estate what to do in an adjusting market

When the real estate market is adjusting, it can be challenging to know what to do. Here are some tips to help you navigate an adjusting real estate market:

  1. Stay informed: Keep up to date on the latest trends and data for your local real estate market. This will help you make informed decisions when it comes to buying or selling property.
  2. Price your property correctly: In an adjusting market, pricing your property correctly is crucial. Overpricing can lead to longer marketing times and less interest from buyers. While underpricing can result in leaving money on the table. It’s essential to work with an experienced real estate agent who can help you price your property accurately.
  3. Be flexible: In an adjusting market, being flexible can give you a competitive edge. This might mean being open to negotiation on the price, terms, or other aspects of the deal.
  4. Focus on curb appeal: When selling a property, curb appeal is more important than ever in an adjusting market. Making your property look its best can help it stand out in a crowded market and attract more interest from potential buyers.
  5. Consider investing: An adjusting real estate market can provide unique investment opportunities. If you have the means, consider investing in properties that have the potential to appreciate in value.
  6. Don’t panic: Finally, it’s important not to panic in an adjusting real estate market. While it can be tempting to make impulsive decisions, it’s essential to take a measured approach and make informed choices based on the latest data and trends.

For a free consultation, contact me. I can help you determine your current value as well as prepare for the future market. Contact me here or read my bio or contact one of my associates within Stratum Real Estate.

You can also visit my website at to start searching for all real estate in Iron County.

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Kelsea Burton

Kelsea Burton is a Las Vegas native and has lived in Cedar City for almost six years with her husband and three boys. She has been involved with Stratum Real Estate for several years, starting as an assistant then later getting her Utah State realtor’s license in May 2018. Prior to real estate, she worked in customer service covering many different capacities since 1999. Her motto is “Real-Life Real Estate” highlighting her effort to simplify the process of buying or selling a home by taking a potentially daunting life step and turning it into a realistic and positive one. Kelsea realizes the general aspects of real estate can tend to be analytical in nature and her goals are to A: bring more attention to “feeling” with each client she deals with and B: make lifelong friendships with those clients in hopes they may become return-clients in the future. Kelsea also offers additional services such as home staging, interior design and “ready-to-list” consulting including listing photographs and videos. Outside of real estate, Kelsea is heavily involved with the performing arts community and enjoys singing, traveling and naps.

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226 N Pine Tree Way #D4, Brian Head, UT 84719 ~ Scott Bird

See the MLS here

Ski In/Ski out…the perfect getaway condo in Brian Head. Close to the top of Navajo Ski Run you can enjoy the day on the slopes, tubing hill, cross country skiing and then relax in front of the fireplace in the evening. Enjoy the views and scenery from the deck. Three bedrooms and the loft provide room for family and friends to enjoy beautiful Brian Head and surrounding areas.

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406 W Ridge View, Brian Head, UT 84719 ~ Scott Bird

See the MLS here

The perfect getaway cabin in Brian Head. Close to the top of Navajo Ski Run (Chair 4) you can enjoy the day on the slopes, tubing hill, cross country skiing and then relax in front of the fireplace in the evening. Enjoy the views and scenery from the two decks. Three bedrooms and the loft provide room for family and friends to enjoy beautiful Brian Head and surrounding areas. The basement 2-car garage has extra room for storing toys and ski gear.

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647 Cross Hollow, Cedar City, UT 84720 ~ Steve Nelson

See The MLS here

This is the perfect building for any party, event, or get together! The over 4,000 sqft building includes office space, a warming kitchen, storage room, a bridal room, bathrooms, and open event area! Features include high ceilings, acoustical panels to reduce echoing, wainscoting, amazing chandeliers, and a patio out back covered by an awning. The fully fenced backyard creates outdoor privacy and has lighting accents mixed into the landscaping, making it absolutely stunning. The flooring is stamped, sealed, and glazed concrete that is durable and low maintenance, yet elegant and fitting. There are so many other touches: can and wall-scone lighting, multiple sets of exterior double doors, a stone accented double-sided fireplace, exposed beams, and of course a sound system!

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Stratum Real Estate ~ Amy Smith 3D Tour

Beautiful home with lots of upgrades. Open kitchen with granite countertops, stainless appliances , tons of cabinets with built in desk area and wood floors. Large Laundry Room with lots of cabinets, granite counter tops and storage. Large master suite with walk-in closet, master bath with jacuzzi tub, walk-in shower, double sinks, tile flooring and marble countertops.

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Stratum Real Estate ~ Tyler Finch

Enjoy the upgrades in this beautiful home. The pride of ownership shows in this home. Inside you’ll find granite counter-tops, Tile flooring, Santa-Fe wall texturing, and stained alder cabinets. Funiture included in the sale

What Our Customers Are Saying

Great experience with Kelsea Burton

Kelsea helped us buy and sell our homes this summer. It was our first time selling so we had a million questions about the process and she answered them all with patience. Answered calls every time and always kept us updated. We got great deals on...

whitney bladen
Kelsea went above and beyond

Kelsea Burton went above and beyond to help us not only sell our home but also find our dream home! She handled any and all bumps in the road (that come with the process) with ease and because of that it was smooth sailing! (Or smooth selling! ;))...

Kylie Burton
Amazing Realtor

Kelsea is wonderful to work with. I would highly recommend her. She is sweet and knowledgeable and there when I need her.

Michelle Harrington
Thank you Shelby

Attn. Shelby Smith,

First, my son, Jim, and I wish to express our sincere gratitude for your counsel and information regarding inquiry of properties of the Cedar City area. We appreciated the personal friendliness and helpfulness of our vis...

james melching
Realtor Extraordinaire!!

We recently sold our home with the help of Marilyn Teed. She made the process very easy for us. She went above and beyond anything we expected from a realtor. As we were busy getting settled in our new place, she took care of many incidental thing...

Rick and Dianne Hadlock
Knowledgeable, Reliable, Trustworthy

Kelly Adams is an amazing Real Estate Agent. He is professional, trustworthy, patient, and extremely knowledgeable about housing options in the area. We were moving across country and he worked tirelessly with us. We ultimately felt very comfortab...

Sarah Brock
Excellent Experience!

We bought our home with Jason Spencer and had an excellent experience! Jason was very helpful through the entire process! He was always available which was very helpful as we were moving from out of state. We would definitely recommend Jason and S...

Travis and Keli Allen
Kelly Adams

Kelly did a great job helping us purchase some real estate!
He was prompt with good follow through for our
questions and concerns.

Eric Muller
Steve Barnes answered all our questions

Steve Barnes was extremely instrumental in us finding and buying our home! We were moving across the country and only had a few days to find our forever home. Before we came out to look at homes Steve answered all our questions and would hunt down...

Sarah Black
Honest and hard-working

Kelly Adams has been an amazing realtor! He is honest and hard-working. I know he had several other clients while he was selling our house, but it felt like we were his only client. He was very attentive. He respected our privacy and gave plenty o...

Tyree Jensen

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