Buyers, we can answer your frequently asked questions
Shopping for a new home can be an exciting and emotional time as prospective buyers search to find that perfect home in the right location for the right price. You can avoid "after the purchase" headaches by knowing exactly what to look for when buying a home.
What things should I consider when buying a home?
Some key questions to ask yourself:
- Why do I want to move?
- What am I looking for? (neighborhood, house style, price)
- Are my finances in good order?
- When I find the right house, can I afford it?
- Should I work directly with a seller or should I work with a REALTOR®?
How can I save money on my home loan?
If you obtain your loan through a broker, the broker will "shop" a variety of loan sources to find the rate and terms that best meet your needs. If you choose a broker, expect to pay an origination fee, which is actually the broker's commission.
If you choose a direct lender (such as a bank or mortgage company), you won't pay an origination fee. The amount you save by obtaining your loan from a direct lender varies depending on the points you're charged for originating the loan (1 point = 1% of the loan amount).
The broker commission or the direct-lender origination fee can be costly, but there are additional fees that you’ll pay during the transaction. To avoid loan "sticker shock", the smart way to shop for a loan is to obtain a Good Faith Estimate. This estimate, which describes the loan rate and terms, is a line-by-line breakdown of all the charges you'll pay at the close of escrow. Fees you should compare among the different loans you consider include:
- broker commission or loan origination
- credit report
- tax service
- flood certification
- document preparation
- loan processing
Whether you're shopping for a new home loan or refinancing your existing loan, we can refer you to a reputable loan company.
HOME INSPECTION: Am I required to hire a professional home inspector before I close on my property?
The bottom line is... hiring a reputable home inspector before you complete your purchase, can make all the difference between enjoying a worry free home or being stuck with a money pit for years to come!
So when you're ready to buy property, contact a professional at Red Arrow Real Estate. They'll lead you through the process, step by step, so you're confident in your decision to buy or not to buy.