Understand your Loan
Understanding the type of loan you have will dictate the type of home you will be eligible to purchase. FHA and VA loans have additional inspection rigor vs. a Conventional Loan a. VA loans are mortgages guaranteed by the U.S.…
What does Purchasing an AS-IS property mean
The term "AS-IS" in real estate indicates that the home is being sold in it’s existing condition. The homeowner will not be making repairs nor offer credits for problems the property may have. The sellers still need to disclose what…
Seller does Not Pay for Buyers Closing Costs
In some cases the seller will grant the buyer a Closing Credit which can be applied to closing costs, however please note that the Closing Credit is negotiated alongside the purchase price and terms. Closing Costs are often between 3%-5%…
Budget for Closing Costs
Closing costs are the fees and expenses associated with the closing transaction of the home. Closing costs for homebuyers typically ranging from 3% to 5% of the purchase price. As a buyer, your closing costs may include, but are not…
Factors that Make-Up Your Mortgage Payment
a. Principle - is the amount of money you borrowed b. Interest - is the fee the bank/lender charges for the use of their money/loan c. Taxes - apply to the property itself and are based on the rates the…
Make Sure Property is not on a Flood Zone
Understand where your property is located and whether or not it’s on a flood zone/plain. Homes in flood zones will require flood insurance which is an additional monthly expense outside of your regular home insurance.
Don’t Make Major Purchases During the Home Buying Process
If you have been pre-approved or you have applied for a home loan DO NOT make any major purchases (such as a car, appliances, furniture) during the home buying process as it may change your debt-to-income ratios which can disqualify…
What are Tax Exemptions
Tax exemptions allow the homeowner a certain dollar amount or percentage of the home value from property taxes. Types of exceptions include: - Homestead/Homeowner – apply to primary residences, not rental properties or investment properties. - Senior Citizen - provides…
Real Estate Taxes Matter
Make sure to fully understand the tax history of the property as well as what you will be expected to pay once purchasing the home. The home you are looking to purchase may have tax exemptions that you may not…
Use a Trusted Realtor… in Most Cases the Buyer doesn’t Pay a Commission
In most cases the buyer does not pay their realtor a commission, the realtor gets paid by the seller at the time the home closes. The seller in essence is paying a buyers realtor to bring them a buyer that…