The challenge of owning a house can be extremely overwhelming, whether you’ve done so before or not. With hundreds of options, it’s tempting to go with the first location that comes within your price range. To help you simplify the process and make the best of your investment, we have provided you with a set of real estate tools and resources to help you get started, narrow down your choices, get a mortgage, and purchase the best home that checks all your requirements.
Home Buyer FAQ’s
Should I buy a home or continue renting a home?
Home ownership is an investment for your future. In many instances, the cost of a monthly mortgage may be the same or less than what you’d pay for a rental property. Over time, the value of your home is likely to increase, and as you pay off your mortgage you build equity in your home, which increases your wealth.
Do I need a Realtor or Real Estate Agent to buy a home?
Purchasing a home is exciting, yet a little intimidating especially for first time home buyers not knowing what lies ahead. Most buyers are vulnerable not understanding the complexities of a real estate transaction.They can put themselves in harm’s way. The listing agent represents the seller’s best interest, you need a buyer’s agent looking after yours! Your real estate agent will walk you through the process at no cost to you!
What is a Buyer Brokerage Agreement?
A Buyer Brokerage Agreement is a contract between a buyer and the brokerage that your Realtor or Real Estate Agent works for, which states that during the duration of the contract you, the buyer, will work exclusively with the brokerage that the Realtor or Real Estate Agent is employed by. This agreement is a reflection of the buyers serious intent to purchase a home and work with a trusted agent in doing so.
Are there multiple mortgage options available to me?
Yes, there are various loan options available depending upon the amount of money you would like to put down on your home, your credit score, how many years you would like to take out a mortgage, etc. Your Real Estate Agent can refer you to a trusted Lender who can guide you through the loan application process.
What are the key factors I should consider when buying a home?
You should consider a myriad of factors including what area you’d like to live in, the quality of the school system in that area if you have kids, what kind of home you’d like (condo, duplex, one-story or two-story home, etc), how many bedrooms and bathrooms you’d require, and which factors are negotiable and non-negotiable for you.
How long does it take to purchase a home?
Typically it takes 4-6 weeks to process a loan to close on a house.
How much will my monthly mortgage be if I buy a home?
Your monthly mortgage payment depends on many different factors, the purchase price, how much you put down, what your interest rate is, the term of your loan, if you are required to have private mortgage insurance, taxes & insurance. Speaking with a qualified mortgage lender will help you determine how much of a home you can afford and what your mortgage payment will be.
What is earnest money?
Earnest money is like a security deposit and it shows the seller that you’re serious about buying the home; it’s a measure of good faith regarding your interest in purchasing the property.
What if my offer is rejected?
A Realtor or Real Estate Agent is required to present any offer you make to the seller. If the seller rejects your offer, you may present another offer.
I already own a home, can I buy another home before selling my current home?
It would depend on your income and your debt to income ratio and some other determining factors. A qualified mortgage lender can answer this question for you.
For other questions related to buying a home, click here to contact our expert team for a free consultation or call 770-539-4224. Be sure to tell them that Wealthy Property Owners referred you!
