Frequently Asked Questions
Buying a home is a major milestone in ones life. It is also a huge financial commitment that take time to prepare and a whole other set of questions to ask yourself if you are ready. 1,Do you have a strong credit score? 2.Do you have enough in your saving for a down payment? 3.Are you ready to settle down? 4.Do you have a stable employment? 5.Are you prepared to maintain a home?
The first thing to know that on average closing can take up to 41 days. Closing is when you become legal owners of the new home. You should expect on your closing date that you will be signing the entire time you will sign settlement statements, mortgage note, and Deed of Trust. You will also have to pay closing cost. The title company will register the new deed in your name. after closing you are the new home owner,
Homeowners association is a nonprofit association that manages the common areas of a condominium or “planned unit development” (PUD). Unit owners pay a fee to the association in order to maintain areas such as a pool or playground that are owned jointly.
These are similar terms thrown loosely around by many loan officers. They essentially mean that a mortgage professional has reviewed your qualification ability from a credit, income, debt obligations, and assets available for the purpose of getting a home mortgage.
A counteroffer is an offer made by one party that makes changes to the original or latest offer of the other party.
A debt-to-income ratio is the percentage of a person’s monthly earnings used to pay off all debt obligations.
Generally, real property never depreciates in value, or more so, it is not very common for property to depreciate. This is why it’s a great investment. Make sure you carefully consider location and community when choosing a home, it can effect the homes future value greatly.
If you are in a newly developed area, do some research on the construction of the surrounding areas being developed to determine if they may effect your homes value.
An offer can range from $500 to 10% of the agreed-upon price. You must also show proof you have the money to pay the seller. But that is why we are here, we are here to help with making an offer and competing with other offers.
Deciding if a home warranty is right for you, you have some factors to explore:
- What does it cover?
- Whats the cost?
- What service do they provide?
- Can it be transferred?
You can ask us anything you want we will be honest and transparent with you in all your realty needs. We are here to help you make the best financial decision for you.