FAQ
Frequently Asked Real Estate Questions
Am I Ready to Be a Homeowner?
It is always best to put yourself in the position of becoming a homeowner as soon as possible. It is one of the most important investments one can make in a lifetime. Owning a home is a forced savings that has many benefits especially in a possible equity gain. In addition, one has the freedom of taking responsibility of the care and maintenance of their investment.
Is Renting or Buying Better?
This is a common question for most people. Buying is always better and is an important goal simply because one has the chance of equity gain. Renting is a good option only if it is a short approach to home ownership. Renting is usually a good idea if you’re moving to a new area as it gives one a chance to familiarize themselves with the new community.
What Is the Lender's Formula?
Lender’s formula for preapproval is to obtain documentation which will include bank statements, pay stubs, social security/pension benefits, W-2’s and tax returns. Also, a credit report is needed as well as landlord references, etc.
What Do I Look for in Homes?
- Location, location, location.
- Price and mortgage payment
- Function and size of the home for you and the family
- Schools in the area
- Transportation
- Condition and age of the home
Do I Need a Home Warranty?
A home warranty is recommended. It serves as an insurance policy, especially if something major needs to be repaired or replaced.
What Should I Expect at Closing?
At closing, all final documents will be presented for final signatures by a Title Company or a bank qualified Signer that will be sent to your home. Documents are then sent back to the lender by the Title Company or Signer for underwriting and final approval. The next step is recordation by the Title Company in the County. At that point, the property is yours!
What Is Pre-approval?
Once the lender has obtained pertinent information along with the credit report, they will issue a letter. This letter will be based on the initial information given and will give the potential buyer a preliminary pre-approval of the loan amount.
What Should I Offer?
When you get to the stage of making an offer on a home or property, your realtor will present a Current Market Analysis for you. The Current Market Analysis will include information about the Active, Pending and Closed sales in the area that the you are interested in. The Current Market Analysis, interest rate, housing availability and the economy will help you to decide what to offer for the home or property. (Keep in mind that this is one of the most emotional purchases that you will making in a lifetime.)
Can I Ask You for Advice?
Always! I’d be happy to lead you through the process in a very professional manner to achieve Homeownership.
Real Estate Questions
