What do lenders look for in borrowers?
I’m shopping for my first home, and looking at various lenders and what they have to offer. But what are they looking for in me, the borrower?
Should I ask for a home inspection before I buy?
When buying a home, leave yourself the option to get a second opinion. Consider putting a contingency clause in your offer that allows you to get a home inspection and cancel the sale if the results of the inspection are unsatisfactory. If there are serious problems, a home inspection can prevent some serious hassles.
Click on “Ask Your Own Questions” for answers to other questions you might have about contract negotiation.
What are the types of agency and who does a real estate agent really work for?
Many beginning home buyers and sellers are confused about who real estate agents represent. Don’t worry, they’re not trying to disguise themselves. Here is a quick look at the various types of agency:
We like new homes, but what are some mistakes we should take care to avoid?
Buying a new home built to your specifications can be exciting. But there are a few pitfalls that can make a home hard to resell when you are relocated.
Here are some keys to a smart selection:
I’ve found the home I want, but it needs a lot of repair. Can I borrow money for both the mortgage and the repair?
You love the home, but it needs work, and all your cash is going toward the down payment. Now, with a special government program, you can apply for a buy-and-repair loan to borrow enough to fix up the property as well as buy it. The program, which is the Federal Housing Administration’s (FHA) 203(k) loan, rolls the cost of repairs into the mortgage.
When we work with you, your concerns are our concerns. If we don’t have the answers you need, we’ll find them. Call or e-mail us, then get ready for a productive partnership.
If we contract to buy a home for a higher price than the appraisal, can we get our deposit money back if the loan falls through?
Consider adding a clause in your purchase offer that makes your offer contingent upon obtaining acceptable financing. Then, if financing is unavailable to cover your purchase offer because of a low appraisal, you can renegotiate your offer with the seller to meet the appraised price, or find another home.
Timing seems to be critical. Should I wait until interest rates drop?
Every home buyer wants to buy when interest rates are at their lowest. When interest rates are at near-record lows, potential buyers or homeowners looking to move up are asking themselves if the time is right to act.
No one can predict with certainty where rates are headed at any particular time. But time is money and waiting for a bottoming out may instead provide time for rates to rise. This chart shows how rises in interest rates can have a dramatic effect on monthly payments.
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Can you afford to wait? For information specific to your needs, call or e-mail us today. We’ll be happy to answer your questions.
What do I do if I can’t move into my new home for quite some time?
When several weeks of temporary housing are part of the relocation plan, many transferees opt for furnished extended stay hotels. Roomier than hotel accommodations, extended-stay facilities often offer transferees many of the comforts of home, while saving money over the cost of hotel beds and restaurant meals. Extended-stay suites, like a typical apartment, offer kitchens, dining and sitting areas as well as sleeping quarters. Many also offer hotel amenities like housekeeping service.
We have answers to your relocation questions. Call or e-mail us, and we’ll be happy to talk to you about your special situation.