Learn About Buying a Home
Real Estate is one of the most time proven investments over the centuries. Buying a house is the largest purchase most people make in their lifetime. Whether you are purchasing your first home, buying a rental property, or buying a second home we can provide guidance and options for you.
A mortgage is so much more than a rate. There are so many variables to consider that speaking to an expert who deals in mortgages every day is essential.
Every one of our clients has their own situation, so it’s very important that you meet with a qualified mortgage associate well before you decide to purchase your home or refinance.
We are true believers in an informed client, We want you to make an educated decision. Please remember this information only scratches the surface of the financing landscape, but rest assured one of our professionals will guide you to a decision that is the right fit for your situation.
How much Does it Cost?
We don’t get paid until your mortgage funds. It really is that simple. Our Services are no charge to you. Lender’s pay us on the volume we send them. We work for you.
Where Do I Begin. Here is some basic information on the steps it may take to help you purchase your home:
What do you require for a downpayment?
According to federal legislation, a lending institution cannot lend more than 80% of the value of a property without mortgage loan insurance. Mortgage loan insurance allows for the general public to borrow up to 95% of the value of their home by way of a mortgage. So that means you need a minimum of 5% down. The insurance premium is added to your mortgage so you don’t have to come up with a lump sum payment.
Find a Mortgage Broker
A Mortgage Broker can arrange a pre-approval at no cost or obligation and will help protect you from rising interest rates with a guaranteed rate hold period. Your broker will collect all supporting documents and submit everything to the appropriate financial institution on your behalf. Once you know how much you can spend on a home you can start the process of looking for a house.
Find a Realtor
They will help you identify your housing needs and will find you a suitable home to match your needs. A real estate agent may be invaluably helpful in finding a home that fits your lifestyle and budget. They have all the current listings at their fingertips through the MLS (Multiple Listings Service) and can quickly narrow it down by number of rooms, age of the home, amenities, neighborhood and price. You can also scan newspapers and real estate booklets for a home that catches your eye. Keep in mind that a home’s asking price is not necessarily the same as its selling price. If your budget allows a maximum of a $200,000 home and you find your dream home for $210,000, it may be possible to talk the seller down to your ideal price. Your real estate agent can help you accomplish this.
Make an Offer
When you find the home of your dreams, your real estate agent will help you make an offer on the house. Your written offer contains more than how much you want to pay for the property. You must also consider home inspection contingencies that require the seller to fix the problems found in pre-buying inspections before the deal closes. You must list concessions (things you want the seller to pay for) and conveyances (things you want left behind for your use). You may be required to put down earnest money at this time.
Do you want a Home Inspection?
This can ensure that you know exactly what your are purchasing; the good with the bad. Your main concern is the possibility of structural damage. This can come from water damage, shifting ground, or poor construction when the house was built.
Don’t sweat the small stuff. It’s the inspector’s job to mark everything discovered no matter how large or small. The inspectors report may be long, but, things that are easily fixed can be overlooked for the time being.
If you have a big problem show up in your inspection report, you should bring in a specialist and if the worst-case scenario turns out to be true, you might want to walk away from the purchase.
Even if your home passes inspection, you’ll still need to buy a home owner’s insurance policy that protects you against loss or damage to the property itself and against liability in case someone sustains an injury while on your property.
Will make sure the transaction closes smoothly and that your interests are protected.
If the seller accepts your offer, it becomes a contract and you can close on the house. This process culminates in a closing meeting between the buyer, seller, real estate agents for both parties and a closing agent. Before signing final documents, you’ll be allowed to walk through the house a final time to make sure it’s in acceptable condition. You’ll carefully review the legal documents and sign numerous papers. The lawyer will ensure the $ are transferred for you.
Once this meeting is done, you are a home owner and are free to move in to your new property.
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