Buyers

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Buyers

buyersYou can trust us to help you purchase your dream home. One of the keys to making the home-buying process easier and more understandable for you is having the available resources to make an informed decision. We give you those resources and knowledge, and assist you at each step of the buying process:

Do you know what you want? Whether you are a first-time home buyer, entering the market as a repeat buyer, or an investor, you need to ask why you want to buy. Are you planning to move to a new community due to a lifestyle change? What would you like in a home that you don’t have now? Do you have a purchasing time frame? Are you looking for investment properties to cushion your retirement fund? We can give you detailed knowledge on the real estate market, and help you define your goals.

Can you get financing? If you’re not purchasing a home with cash, you will need to secure financing (the difference between the purchase price and the down payment, commonly referred to as the mortgage). We can refer you to a lender to discuss your current financial situation to determine exactly what price home you can purchase. They will be able to issue you a “pre-approval letter” which you will need to make an offer on a home. The good news is that over the years, lenders have introduced new and innovative loan programs, some requiring less than 5% down! Visit our finances page to learn more!

Viewing Homes and Selecting the One. As your REALTOR, we have access to all homes on the MLS that are for sale. We can schedule showings at multiple homes over multiple days that are listed by multiple brokers, until you find THE ONE! We can help you notice things you might miss, provide you with an expert analysis, and act as an impartial sounding board on each home you view. We also work with new home builders, helping you work through this process – from lot and plan choice, contract, and design center…to slab inspection, drywall walk-through, and closing!

A fun and easy way to check property in a certain area is to get set up on the MLS automatic email system.  The Multiple Listing Service is what all real estate professionals use to look up property.  When a new listing comes on the market, it will automatically be sent to your email address. This way you don’t have to search different web sites thinking you are missing something.  Its the best link you have for information because there are no delays. Let us know if you would like to set up MLS access today!

Make an Offer and Negotiate with the Seller. Once the contract is agreed upon by both parties (executed), you will finalize your mortgage details with your chosen lender. We are there to help you understand this process. Next step is your home inspection, where we help you through making any repair requests. Up next is the appraisal, which your lender will order. Then, it’s closing time! This experience of taking ownership should be a positive joy with no surprises, and you can trust us to make that happen.

 

Frequently Asked Buyer Questions:

 

How long is the mortgage application process?

It usually takes 30 to 60 days to process an application, although it can take as few as seven days and as long as 90 days for some transactions. The actual time depends on how quickly the lender can obtain a credit report, verification of employment and bank accounts, and an appraisal of the property.

What documents will I have to provide?

Be prepared to provide verification of income (including a pay stub and recent tax returns), bank account numbers and details on your long-term debt (credit cards, auto loans, child support, etc.). If you’re self-employed, you may also be required to provide financial statements for your business. In recent years, lenders have been required to obtain more specific information from borrowers in order to package and sell loans to investors.

Could anything delay approval of my loan?

If you provide the lender with complete, accurate information, everything should go smoothly. You may face a delay if the lender discovers credit problems or if personal or financial status changes have occurred between the time you submit an application and closing. There may also be delays associated with the appraisal.

What’s included in my house payment?

Principal and interest on your loan. Depending on the terms of your loan, the payment may also include hazard (homeowners) insurance, mortgage insurance and property taxes.

Can I pay those other things separately?

Not if it’s an FHA or VA-insured loan. With most other loans, you can pay your own taxes and insurance if you borrowed no more than 80% of the purchase price or appraised value of your home. Check with your lender to be sure.

What do the closing costs include?

Closing costs cover processing and administration of your loan. In addition to a loan fee, you’ll usually be asked to prepay interest charges to cover the partial month in which you close, and you may be required to deposit monies into an escrow account for property taxes, hazard insurance and mortgage insurance. These are called “Reserves”.

When do my mortgage payments start?

Usually about 45 to 60 days after closing. The actual date of your first payment will be included in your closing documents.

 

FINANCING

Make sure to read our Finances page for useful information as you begin your home-buying journey.