Buying a Home
Why use a Realtor?
Because it won't cost you a penny! Buyers Agents are normally paid by the seller. You use a professional for your health, legal and financial needs, so why gamble on an investment as large as the purchase of a home?
• Professional Guidance
• Access to more Homes
• Less Liability
• Less Paperwork
• Reduced risk of "Fall Out"
Buying a home, whether your first or fifth should be an exciting and enjoyable time. With all of the decisions to be made about what neighborhood to purchase in, which home is right for you, how large of a downpayment to make and what kind of loan to choose, there are substantial time, money and stress-saving benefits to be gained from working with an Agent.
As a representative for buyers I save time by creating both "wish" and "must-have" lists so you only see the homes which meet your specific needs. I can save you money by negotiating the best possible price for the home you choose and will protect you from unscrupulous agents and sellers. You'll rest easy knowing you have an experienced Realtor looking after your interests. Contact me >>
Get Pre-Approved for a Loan
A simple pre-qualification letter from a lender does not usually take into account your credit history or any precise financial figures and as a result many deals fall apart due to the buyers inability to obtain financing at the last moment. This situation can be avoided by obtaining Pre-Approval from a lender before you begin shopping for a home. Our in-house mortgage broker, B & A Funding can get you Pre-Approved for a home loan in a matter of minutes. Visit this page for more information.
What to avoid before Buying
Don't pay off your credit cards
Unless your lender specifically requests that you pay off certain bills in order to qualify for a loan, leave your accounts as they are. Do not pay off or close any existing lines of credit.
Don't buy a car
Try not to make any large purchases immediately before or after getting approved for a loan, especially if they require a withdrawal from your verified funds or if they will leave a "mark" on your credit, such as when you purchase a new car.
Don't change jobs
A job change can result in your loan being denied, particularly if you will earn less income or if the job is in a different field than your current occupation. Lenders may re-verify employment before funding your loan.
The Escrow Process
Escrow is the holding of funds or property by a neutral third-party until certain conditions are fulfilled. In buying a home, you do not pay the seller directly. The funds are giving to an escrow company who verifies that title is clear and all instructions in the contract have been met by both parties. The escrow company then records the transfer of ownership to the buyer and pays the seller.
Closing Costs
These are some of the typical closing costs associated with the purchase of a home.
Title Insurance
Provides coverage for certain losses due to defects in title that occurred prior to your ownership.
Homeowner's Insurance
Covers damages caused by fire, wind or other disasters.
Flood or Quake Insurance
Required coverage for homes located in designated hazard areas.
Private Mortgage Insurance
Required with a conventional loan when the LTV is greater than 80%
(when the buyer makes less than 20% down payment).
