FAQ's

1. What is the first step in buying a home?

The first step in buying a home is to get pre-approved for a mortgage. This will give you an idea of how much money you can borrow and what your monthly payments will be.

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2. Why should I work with a Real Estate Agent?

There are plenty of reasons to having a Real Estate Agent represent you, here are a few:

- Real estate agents have access to the latest listings and can help you find the right home for your needs.

- Real estate agents can negotiate on your behalf and help you get the best possible price on your home.

- Real estate agents can guide you through the buying process and make sure that everything goes smoothly.

3. What are the different types of mortgages available?

There are many different types of mortgages available, including fixed-rate mortgages, adjustable-rate mortgages, and government-backed mortgages. Your mortgage advisor can help you choose the right mortgage for your needs.

4. What if I want to buy a new build, do I still need a real estate agent?

Yes, it is still a good idea to work with a real estate agent even if you are buying a new build. It's a wise choice to have someone represent you that does not work for the builder. Real estate agents can also help you understand the different options available to you and choose the right builder for your needs. They can also negotiate on your behalf and help you get the best possible deal on your new home.

5. What are the closing costs?

Closing costs are the fees associated with buying a home, such as title insurance, appraisal fees, and loan origination fees. Closing costs can vary depending on the purchase price of the home and other factors.

6. What are the things I should look for in a home inspection?

A home inspection is a professional assessment of the condition of a home. The inspector will look for any potential problems with the home, such as structural defects, electrical problems, or plumbing leaks.

7. What is the appraisal process?

An appraisal is an estimate of the value of a home. The lender will require an appraisal before they will approve your mortgage loan.

8. What happens if the appraisal comes in lower than the purchase price?

If the appraisal comes in lower than the purchase price, you may need to negotiate with the seller to lower the price of the home. You may also need to make a larger down payment in order to meet the lender's loan-to-value ratio requirements.

9. What is title insurance?

Title insurance protects you from financial losses due to problems with the title to the home. The title insurance company will research the title to the home to ensure that there are no liens or other encumbrances on the property.

10. What happens on closing day?

On closing day, you will sign the paperwork to finalize the purchase of your home. You will also need to bring the down payment and closing costs to closing.

11. What happens after I close on my home?

After you close on your home, you will need to set up utilities and insurance. You should also get in touch with your local homeowner's association to learn about any rules or regulations that you need to be aware of.

12. What are the tax implications of buying a home?

There are several tax benefits to owning a home. For example, you can deduct the interest on your mortgage loan from your taxable income. You can also deduct state and local property taxes from your taxable income.

13. What are the maintenance and repair costs associated with owning a home?

Owning a home comes with a certain amount of maintenance and repair costs. These costs can vary depending on the age and condition of your home. However, you should budget for at least 1% of the purchase price of your home each year for maintenance and repairs.

14. What are the benefits of owning a home?

There are many benefits to owning a home, including building equity, having a stable place to live, and being able to customize your home to your liking.

15. What is the down payment requirement?

The down payment requirement is the amount of money you need to pay upfront when you buy a home. There are programs available that allow borrowers to make a down payments of as little as 3%. Connect with a Mortgage Advisor to learn about First-Time Homebuyer Programs (you don't have to be "first-time homebuyer" to qualify for low down payment programs).