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When buying a home, our most important concern is your needs. Finding a home that matches your requirements and your budget can be a challenge, however with our dedication and resources, we can get the job done.
Once we have found the right home for you, and entered into a purchase agreement with the seller, the closing process begins. This process, with its deadlines and terminology, can be overwhelming and confusing. Our job is to guide you through the process with care and manage any risks.
Below, find some of the terms and concepts that buyers will be confronted with. If you have questions about terms or processes, just ask, we love talking about real estate!
The first step to purchasing a home is arranging a form of payment. For the majority of homebuyers, that means applying for and securing a home loan. The process has never been easier. Today's banks, credit unions, and mortgage brokers all provide streamlined, online mortgage applications. Some lenders can provide you with a pre-approval in 1-2 days after receiving your application.
Talk with your current bank or credit union, or contact us for a referral to some of our regions best lenders.
The down payment - the toughest part of the process. If you have been able to save up a down payment for a home, congratulations are in order! Saving up a down payment on a home is a huge accomplishment.
Whether you have saved 20% or 0%, there are many lender programs out there to help people buy a home.
From 5% conventional loans, to 0% VA loans, we can help you shop around for a loan program that works best for you.
In addition to a down payment, buyers are generally responsible for a substantial amount of other, associated expenses, collectively referred to as closing costs.
Lender fees, title insurance premiums, pre-paid taxes, and a few other miscellaneous expenses can add up quickly. We can help you weigh these expenses against other terms of a loan, to help you make the best choice for your situation.
As a buyer, you have the right to have the home inspected by a professional. Home inspections can are important and the right should not be waived in most situations. A home inspector identifies potential problems, some of which can be very expensive to repair.
While rare, there are some instances where waiving an inspection can be appropriate; we can discuss this strategy with you and help you avoid unnecessary risk.
Your lender will request an appraisal of the property to ensure the home is worth what you are offering to pay. Appraisals benefit both the buyer and the buyer's lender, however they are not perfect. Appraisals are professional, but subjective opinions of price.
Though rare, sometimes appraisals must be challenged, as an appraiser may miss some details that affect the market value of the home. We have extensive experience in managing appraisals, and can guide you through this step of the process.
In addition to a mortgage payment, homeowners must pay taxes and insurance. Taxes are levied by the county where the property is located. Buyers choose an insurance company. Most buyers have their mortgage company bundle the tax and insurance payments into their monthly mortgage payment. This is convenient and makes the total monthly payment/cost clear.
Your lender will provide you with an estimated monthly payment that includes your taxes and insurance costs.