Education Corner
Frequently Asked Questions
Buying a home can be one of the most exciting experiences of your life. This can be true whether you’ve purchased several homes or you’re preparing to buy for the first time. With the right support system and the help of a trusted RE/MAX® professional, you can make the most informed decisions.
What’s the right answer? The good news is that the answer is up to you. The bad news is that it’s easy to imagine yourself looking back and wishing you hadn’t spent so many years as a renter, or that you hadn’t bought your house – or perhaps that you’d done so at a different time in your life. So to avoid financial frustrations later, try to figure out as soon as possible whether you think it’s smarter to rent or buy a home.
This is the ratio of your total monthly debt payments to your total monthly income, in short also called as DTI. Debt includes home loan, auto loan, education loan and any other kind of loan you may have.
There are many things to consider when buying a home—price, location, condition, size, and schools are some of the first things you should consider.
WHAT IS THE MARKET LIKE?
When you work with us, you can be sure that you will have our knowledge, expertise and negotiating skills at work for you to arrive at the best market prices and terms. We will keep you up-to-date on what is happening in the marketplace and the price, financing, terms and conditions of competing properties. With us, you will know exactly how to price and when to sell your property.
What Should I Expect at Closing?
On closing day, the ownership of the property is transferred to you, the buyer. This day consists of transferring funds from escrow, providing mortgage and title fees, and updating the deed of the house to your name.
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. If you’re preapproved, you’ll receive a preapproval letter, which is an offer (but not a commitment) to lend you a specific amount, good for 90 days.
What is a pre-Qualification?
Prequalification is an early step in your homebuying journey. When you prequalify for a home loan, you’re getting an estimate of what you might be able to borrow, based on information you provide about your finances, as well as a credit check.
Prequalification is also an opportunity to learn about different mortgage options and work with your lender to identify the right fit for your needs and goals.
What Should I Offer?
Before determining how much to offer on a house, it’s helpful to have an understanding of what actually goes into a home’s value. Lots of factors are involved — and different housing markets will have their own unique quirks so speak with a Educators Realty Agent for more information.
Do I Need a Home Warranty?
Home warranties may look like an extra expense that you don’t need, but both during a sale of a home and later in home ownership, these tools can protect your investment and save you money.
Stay in the Know
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