Frequently Asked Questions
Am I Ready to Be a Homeowner?
If you think you are prepared to take the leap from renter to homeowner, then it is important to take a financial inventory of your lifestyle, debts and assets. Are you gainfully and reliably employed? Lenders look for those who will pay their loans payments on time, and consistent income is a must to qualify. Do you have enough money saved to put up a down payment? The down payment should be a minimum of five to 10 percent of the real estate property purchase price. Your credit score should be in at least fair to good shape and only contain a few outstanding debts that can be easily resolved. Your payment history should show a good record of payments being made on time.
Is Renting or Buying Better?
That depends on your situation. Buying a home is a very solid investment, but you will want to maintain ownership for at least 3-5 years to get your return. So if you think you may be moving in a couple years and would have to sell the home, renting is a better option. But if you do expect to be in the area for at least 3 years, buying a home may be cheaper then you think, and very cost effective. The federal government has set up generous tax laws to make homes more affordable for potential homeowners. For instance, if you have a retirement account, you may draw from that tax free (regardless of age) to use as funds for a first-time home purchase. And on a $300,000 home, you may need as little as $9,000 to complete the purchase (down payment and closing costs). Further, the interest you pay on your monthly mortgage (if you get a loan to finance the purchase), as well as your property taxes, are tax deductible.
What Do I Look for in Homes?
Before you ever set foot inside, check out what’s happening on top. Does the roof look relatively new or is it caving in? A newer roof, on the other hand, could mean a lower homeowners insurance rate. Likewise, a roof made of an especially sturdy material is better equipped to defend against wind and hail (and can save you from a potential claim).
What Should I Expect at Closing?
Expect the closing to last for about an hour. The length of time the appointment will take may vary based on the complexity of the transaction and the availability of funds. Both parties will be required to sign off on several different documents during the appointment.
The closing agent will be available to explain the details of all the documents you are signing and answer any questions.
What Is Pre-approval?
A pre-approved mortgage is like a promise from a lender that when you find a home you want to buy, you’ll be able to borrow a pre-determined amount of money. You’re not making a commitment to the lender, but the lender is making a commitment to potential sellers that you’re financially capable of borrowing a mortgage. You can go through the pre-approval process, browse listings and even bid on a home, but if you eventually decide not to buy, you can, with no repercussions.
Am I Ready to Rent?
Although you may feel ready to get out on your own, or get back out on your own, make sure your finances are in order before you take the leap. Take a look at some rental listings in the areas in which you are interested in living and get an idea of how much
What Should I Offer?
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Can I Ask You for Advice?
our agent are here to help you with anything you will like to ask that is why we are one of the best in Real Estate business, that is why our goal is to build STARS in our nation and the STARS to become greater.
Let's Find You Together the Place You Deserve
LET’S FIND YOU TOGETHER THE PLACE YOU DESERVE