Financing
What is the minimum credit score to qualify for a loan?
Generally you need at least a 580 score to qualify
What does a REALTOR do?
We can help you understand the market and find the right property, help you put together a strong offer, refer you to other professionals you might need, and help you overcome setbacks in the process.
During what period can you back out for any reason?
Due diligence which can range from 3-10 days
How long does it take to get prequalified?
Prequalification can take about 1-2 days but most of the time it can be done same day
What nonrefundable fees do you have to pay out of pocket?
Through the process you will pay for a home inspection (roughly $250-400) and an appraisal (typically $500)
What is earnest money?
These are funds you put down as a deposit on the home to show the seller you intend to purchase their home.
How do you determine what your monthly payment would be?
Your monthly payment consists of the loan (Principal and Interest), taxes, and homeowners insurance
How long does it take to purchase a home?
Purchasing a home takes anywhere from 25-45 days depending on the loan and how quickly you turn in paperwork to your lender
What is the amendment to address concerns?
After your inspection we will help you negotiate for the seller to make any major repairs or get you some additional funds to compensate for these items.
What is a 203K loan?
This is a home loan that allows you to bundle the costs of renovating into your mortgage payment.
How does my agent get paid?
The standard commission of 3% is generally paid by the seller.
What is the financing contingency?
Typically lenders are thorough when prequalifying you and very few loans fall through. In rare cases if you are not able to obtain financing, you will have the right to back out and get back your earnest money during this period
Should I sell my current home before buying a new one?
Check with your agent for a home evaluation, if you have a considerable amount of equity it may be best to sell. Another option is renting to cover or exceed your mortgage payment.
How many homes should I view before buying one?
It is not uncommon for buyers to find a home after only seeing a few for the first time. As agents we do our best to narrow down what we show you based on your needs and budget.
What is the appraisal period?
If for whatever reason the home doesn’t appraise for the offer amount, this period protects your earnest money if you choose to back out. Most of the time the seller will allow you to reduce the offer amount to that of the appraisal.