Debbie Martin Realty, Inc.
Real Estate With A Personal Touch!!
Question & Answer Page
No! Different lenders have different requirements. Some may require your credit score to be higher than other lenders may require. You can check your credit once a year for free at www.annualcreditreport.com to see what your credit looks like. Then check with different lenders to see what they require. Be careful of letting each lender pull your credit. Inquiries on your credit report can lower your score.
That depends on your lender. There are a number of things that have to occur in order for the home to close. Most lenders require a property appraisal, termite inspection, and a few other items. Once all the reports are completed and sent to the lender it will be sent to underwriting for final approval. This process typically takes thirty (30) days. Some lenders may take a little longer. Sixty (60) to Ninety (90) days is not out of the normal range.
There are a lot of lending institutions out there. You can contact a local bank, maybe one you have done business with in the past. USDA is a good government program that has a 100% loan program for low-income families. There are also companies that are called Mortgage Brokers. A mortgage broker will shop different lenders to get you financed. There are different fees and cost associated with each financing option. Your Realtor can help you get an idea of what lender option is best for you. The Realtor can also help you decipher the fees involved in each program.
Your down payment amount is often determined by your lender, your credit score and the loan program you qualify for. You can qualify for as little a 0% down or as much as 20% down. Your lender will discuss the amount with you in the beginning of the loan process.
Your closing cost are also determined by your lender, your credit score and the loan program you qualify for. The closing amount is also determined by the closing agent you use. Different closing agents charge different amounts. This is where your Realtor really useful. Your Realtor will know which closing agent is the cheapest and will do the best job for you.
You will need to pay for your homeowner's insurance prior to the closing so it will be in effect immediately. You will need to shop around for the cheapest insurance premium. Your Realtor can also help you with this task. They can suggest an insurance company that may be cheaper than others.
If you want a home inspection you can expect to pay for this out-of-pocket, also. A home inspection can be of benefit to the Buyer by exposing any unseen problems that aren't visible at a walk-thru of the home.
Your payment is determined by several factors - how much financed, length of financing, interest rate . You will need to talk with your lender about this once you determine how much you are able to finance and the terms of the financing.
A Realtor can listen to what you're looking for in a home and help you narrow your search. Realtors are experts in their field and know where the available homes are, where you can get the best price on your closing cost and insurance. They can talk with your lender and take care of the necessary items in order to help your home close as soon as possible. Your Realtor can also help answer any questions that you may have about the process of buying a home. The most important thing is to find a Realtor that is right for you. One that you feel will listen to your needs.
When you find a home that you are interested in purchasing you can begin negotiating the price. You start the process by making a verbal offer, through your Realtor, to the homeowner. At this point the Seller can either accept your offer or make a counteroffer. Once the price is agreed on by both parties, your Realtor will get the contract ready to sign by both the you the Buyer & the Seller. Your Realtor plays an important part in this process. The Realtor can answer any questions you may have regarding this process.
So everything has been completed and you have completed the closing, what next? Typically you will receive the keys to your new home at the closing. Unless, you and the Seller have made other arrangements you are able to move in the day of closing. You'll need to call E-911 to confirm the address and that you are the new owner. After calling E-911 you are ready to call the utility companies to have your utilities connected. If you are relocating to the area this is another example of how your Realtor can be of service to you by giving you a list of the numbers to call.
You can now enjoy all of the benefits of being a new homeowner.
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Debbie Martin Realty 846 Fort Dale Road Greenville, AL 36037 (334) 382-6832 |
Copyright © 2001 Debbie Martin Realty |