Home Buyer Advice

Posted on Posted in Home Buyer Guide

 

Determine What You Can Afford

What you can afford depends on your income, credit rating, current monthly expenses, down payment and the interest rate. Providing the information below will allow you to calculate how much you can afford to spend on a home.

Why get pre-approved?
A pre-approval lets you know how much home you can afford, and lets the seller know that your financing is in process with a lender. This will minimize anxiety and stress on both sides of the negotiation. Note: A letter from a lender as part of the pre-approval process says that the borrower’s credit, bank references and employment have been verified. The letter is not binding on the lender because it is subject to other conditions such as an appraisal of the property.

Find the right loan for you.
Part of our personal touch is to make sure your loan program is right for your current financial situation. Whether you are a first time home buyer or seasoned investor, we want to make sure you are comfortable with the payment and program we offer you.

Shopping for a home?

If you currently are not working with a realtor, we would be happy to provide you a referral list of Realtors in your area.

Home Inspections

Here is some information we hope will be valuable to you.  We highly recommend a home inspection for any property you have put an offer on.

Buying a home is one of the most important purchases you will make in your lifetime, so you should be sure that the home you want to buy is in good condition. A home inspection is an evaluation of a home’s condition by a trained expert. During a home inspection, a qualified inspector takes an in-depth and impartial look at the property you plan to buy.

The inspector will:

  • Evaluate the physical condition: the structure, construction and mechanical systems.
  • Identify items that should be repaired or replaced.
  • Estimate the remaining useful life of the major systems (such as electrical, plumbing, heating, air conditioning), equipment, structure and finishes.

The home inspector does not estimate the value of the home.

Homeowner’s Insurance

Homeowner’s insurance is required before you close your loan.

Closing

Each closing is unique and procedures can vary from state to state.  Make sure you have reviewed the HUD prior to closing.

East Side Real Estate