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MORTGAGE
How do I know it’s time to rent or buy?
If you know where you want to live, have a steady and secure income, and are ready for the responsibilities that come with homeownership, then it’s a great time to invest in a property.
How much do I need to save up for a down payment?
A conventional loan down payment is usually around 20% of the sales price; however, there are other types of financing that require as little as 3.5% to 15%. A mortgage lender can help you decide which loans you qualify for.
How do I know if I qualify for a loan and how much I can afford?
Contact a mortgage lender to get pre-approval for a loan. The lender will ask you some basic questions about your income and debts and can tell you what amount you can be approved for, and how much your mortgage payments will be. I will be more than happy to make you recommendations for a lender – just ask!
What does the lender need from me to give me a loan?
Usually, you asked to provide your last two tax returns to show proof of income. You should also provide recent bank and credit card statements and proof of your current pay rate. You will also be asked for your social security number so that they can run a credit check.
What’s the different between pre-approved and pre-qualified?
While often used interchangeably, these terms don’t mean the same thing. Pre-qualification is an estimate of what you may be approved for based only on the verbal information you provide. On the other hand, pre-approval means the lender has verified your income and debt information and run a credit check.
How do I know which mortgage option is right for me?
Your mortgage lender is the best person to advise you on this question. Their products and qualifications change from time to time, so they would know best what products are available to meet your needs.
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THE SEARCH
What should I do when I see a house online that I like?
Call your buyer’s agent; the agent you are working with to find your home (hopefully that person would be me!). It’s best that you work with one real estate agent throughout your search because that person learns what you like and dislike and will invest a lot of time vetting properties for you. That person also represents your best interests only. When you call the agent advertising the home, you are dealing with the seller’s agent, so, while they can assist you, they are also trying to get the best price for the seller.
Can you show me a house if it’s not your listing?
Absolutely! As a buyer’s agent, I can show you any house listed in our MLS system, and I will contact FSBO sellers on your behalf. As mentioned above, working with me as your buyer’s agent ensures that your interests are protected.
How do we write an offer?
When you find the property you want to make an offer on, I will run a Comparative Market Analysis (CMA) to help you determine a fair offer amount. I will also guide you through the additional terms of the contract, such as the escrow amount, closing date, and any additional terms you want to be added to the offer. I will write the offer on a contract form and submit it to the seller’s agent.
When is my offer binding? What if I want to back out of a contract?
Until the contracts are signed by both parties, nothing is legally binding and everything is considered verbal. Once the contract is signed, this is when your offer becomes binding. You always have the right to back out of the purchase, but you may lose your escrow deposit.
What happens if there are other offers on the house I love?
If a seller receives multiple offers on their home, usually their agent will inform the buyer’s that multiple offers have been received and the buyers have another opportunity to alter their original offer to present their “highest and best” offer. They will not counter each offer they ask the buyers to submit their best offer and will make a decision. Keep in mind that many factors may influence the seller in addition to the offer price, such as the down payment amount, type of mortgage, and closing date.
What happens when my offer gets accepted?
Once both parties have agreed on all terms, you will conduct your home inspection. Upon inspection completion and any issues negotiated, the seller’s agent will send contracts to the buyer’s agent and your escrow deposit must be made. Your lender will receive a copy of the contract and will begin processing your mortgage application.
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UNDER CONTRACT
What does “under contract” mean?
Under contract means that all parties have agreed on terms, have signed the contract, and the signed contract has been delivered to both buyer and seller.
What is escrow?
The escrow money, escrow deposit, contract money or earnest money is money held in an escrow account for the seller until closing. At the time of closing, it will be applied towards your closing costs. Because you forfeit this deposit if you back out of the purchase for any reason not allowed for in the contract, the larger the escrow deposit, the more seriously your offer is taken.
Do I need an inspection?
We always recommend that you have a home inspection done. In the scheme of things, paying a few hundred dollars to have a peace of mind that there are no hidden dangers or problems is well worth the money.
How much are inspections?
The cost of the home inspection depends on the size of the house and additional inspections requested, such as swimming pool, septic tank, termites, insurance four-point (HVAC, plumbing, roof, and electrical), wind mitigation, and radon.
What if my moan doesn’t get approved?
If you have gone through the pre-approval process and have been forthcoming with all the information requested by your lender, it’s unlikely you will be turned down, but it does happen. Make sure you do not change jobs, purchase big-ticket items on credit, take out a car or boat loan, or open any other new credit accounts while your mortgage is being processed. F your loan does fall through, talk with your lender about changing to a different loan type.
When can I start moving?
When you have the keys! When you are financing your purchase, it takes about 30-45 days for your loan to be processed. Once the lender the all-clear, closing is scheduled. You will sign your loan documents and both parties will sign documents transferring ownership to you. Unless other arrangements have been agreed upon by both parties, the seller should have completely vacated the home when they sign the closing papers. You can have your belongings ready to move, and a moving company scheduled before you go to closing. At closing, you will receive the documentation you need to provide utility companies with proof of your new residence.
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