Home Buyers FAQ's
Q. I'm thinking about buying a home. What are some of the things I need to think about first?
Buying a home is one of the biggest purchases you will make, but it shouldn't be a daunting task. One of the very first things you'll want to do is to get your finances in order. Doing this shows your lender that you're serious about buying and that you've thought out your decision to purchase.
You'll want to contact your lender and first see what you will qualify for,
and he'll need:
- Your annual income
- Your down payment amount
- Any other home loans you currently carry
- The balance(s) on your credit card(s)
- Any other loan balances, i.e., auto, home equity, etc.
- Anything else that might affect your income, such as tax payments, etc.
Q. Everyone is telling me that I should get pre-qualified. What does that mean and should I do it?
Getting pre-qualified for a mortgage is an excellent idea! You'll visit with your lender who will ask you about your income and your debts. Based on the info you give him, he'll give you a letter which says how much of a mortgage he thinks you'll qualify for. Having this letter will give you buying power, it shows you're serious about purchasing a home, and in the end, it will save time and decrease the hassle for the seller.
Q. How much does it cost to get pre-qualified?
There is absolutely no cost to getting pre-qualified with your lender. They will do this for you for free as a service to you and because they want your business when it comes time to your getting a mortgage.
Q. Does being pre-qualified mean I'm approved for a mortgage loan?
Actually, this is one of the mistakes many people make when they're new to the home buying process. When you get pre-qualified, your lender has not run a credit check or verified any of the information you've provided to him. He has simply made an assessment based on the information you gave to him. When you start the formal loan application process, it's important to remember that your lender may find things on your credit report that are wrong or that may inhibit your loan process or amount.
Q. What if I find a home that I want to see but it's not listed by you? Can I still see it?
Yes! I can show you any home that's listed by any company or agent.
Q. If I find a home I really love and I want to make an offer, will you be able to represent me?
Of course; it would be my pleasure, and it would be in your best interest. Being your buyer's agent means I can work exclusively on your behalf, and I'm paid by the seller, so it's at no cost to you!
Q. Wouldn't it be better for me to work with several REALTORS ® and not just you?
No, because as your buyer's agent, we have your best interests in mind. With my own team of experts, you're assured of the best advice and the most professional experience behind you. And, as stated above, we're paid by the seller.
Q. Can you give me a quick rundown of the buying process once I find a house I like?
Certainly! You can relax in knowing we'll take care of the details for you and answer your questions along the way.
After you find a home that you like, we'll present an Offer to Purchase to the seller. At this point, you'll need check for the earnest money; this goes along with the offer. Once the seller reviews the offer, he can accept it, reject it, or make a counteroffer. Whatever negotiations take place, I'll be there on your behalf. When the seller accepts your offer, you will have a binding offer, and we'll proceed to closing!
If I didn't answer your question or you need assistance, submit your question or comment in the form below.