Frequently Asked Questions

Am I Ready to Be a Homeowner?

Taking the leap from renting to owning is an important milestone in. If you think your financial affairs are in order, and it also means you’re finally ready to settle down in one place. Owning a home comes with a tremendous of benefits, The drawbacks to consider, include the fact that homeowners have a big financial responsibility. Despite these financial responsibilities, many homeowners say that there’s nothing quite like owning your own home. 

Is Renting or Buying Better?

Homeowners can capitalize on their home’s appreciation and equity, which accumulates over time. There are also tax deductions on mortgage interest payments and other homeowner expenses. If house is paid off you can enjoy better financial worry free lifestyle. 

What Is the Lender's Formula?

Most lenders base their home loan qualification on both your total monthly gross income and your monthly expenses. These monthly expenses include property taxes, PMI, association dues, insurance, and credit card payments. Also your credit score plays a big role in getting a mortgage

What Do I Look for in Homes?
Here’s some factors to look for when buying a home.
  • The Location. They say the three most important things to think about when buying a home are location, location, location. …
  • The Neighborhood. Be sure the neighborhood, and not just the house, meets your expectations. …
  • The Kitchen. …
  • The Closets and Storage. …
  • The Windows and Lighting.
Do I Need a Home Warranty?

While homeowners are often required to get homeowners insurance along with their mortgage, home warranties are a fully optional purchase. Basic coverage starts at about $300 and goes up to $600 for more comprehensive plans. Some homeowners want piece of mind and some take risk. You have to be careful in selecting the warranty company and see their reviews and reputation.

What Should I Expect at Closing?

Closing costs can make up about 3 – 6% of the loan amount. This means that if you take out a mortgage worth $200,000, you can expect closing costs to be about $6,000 – $12,000.

What Is Pre-approval?

Preapproval is as close as you can get to confirming your creditworthiness without having a purchase contract in place. You will complete a mortgage application and the lender will verify the information you provide. They’ll also perform a credit check.

Am I Ready to Rent?
6 things you need to consider before renting a property
  • Can you afford the property?
  • What are the charges? 
  • What’s the condition? 
  • How long is the tenancy agreement? 
  • Does it have everything I need? 
  • Can I make changes to the property
What Should I Offer?
How to determine what to offer on a house
  1. What have similar homes sold for? That's right! ...
  2. How long has the home been on the market? The amount of time a home has been on the market is a factor you should consider when setting your offer price. ...
  3. What's the condition of the home? ...
  4. How flexible are you on price?
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