Frequently Asked Questions
Am I Ready to Be a Homeowner?
Taking the leap from renting to owning is an important milestone in many people’s lives. Not only does it signify that your financial affairs are in order, but it also means you’re finally ready. You’re ready to be a homeowner when you have enough money for a down payment, are prepared to take care of a home, willing to stay in one area for a long period of time and you have good credit. Reach out to us and we can help you determine if you’re ready!
Is Renting or Buying Better?
There is no easy answer to this question as it depends on your personal situation and preferences. Your lifestyle, finances and personal goals are all factors in which is the right decision for you. If you’re looking for low maintenance, renting may be your ticket while if you want full control, buying is the better option.
What Is the Lender's Formula?
Lenders consider many factors when determining your credit worthiness – payment history, income, debt-to-income ratio are just some of the factors that play a role in their formula. If you’re considering taking the next step, we can refer you to lenders with lots of experience.
What Do I Look for in Homes?
Location, size, decor, features. It’s all about personal preference. We prefer homes that are well maintained, in good locations and with appropriate space for our clients.
Do I Need a Home Warranty?
A home warranty reassures a homebuyer that any unforeseen issues are covered. It reassures the seller that there is a measure of protection against complaints about defects in the home. Ultimately, it is up to you. We sometimes negotiate that the seller pays for a warranty as a part of the deal.
What Should I Expect at Closing?
On closing day, the property and its ownership is transferred to the buyer. You’ll transfer funds from escrow, provide mortgage and title fees and the deed of the house will be updated to your name.
What Is Pre-approval?
Pre-approval is a preliminary evaluation of a borrower by a lender to determine whether they can be given a pre-qualification offer. It typically gives you an idea of what you can afford without running a credit check.
Am I Ready to Rent?
If you’re looking to move out or you want more control of your living space, you may be ready to rent. It’s important to consider the financial impacts – you should target properties where the total rent is approximately 30% of your monthly income.
What Should I Offer?
Part of this question can only be answered by you – how badly do you want this property? If you’re indifferent, offer the asking price or slightly below. If you really want it, be prepared to offer above ask and possibly include an appraisal clause. The market will also guide this decision – if demand is high, be prepared to pay more than what they’re asking.
Can I Ask You for Advice?
Of course! Reach out today and we can answer your questions to the best of our ability.
Let's Find You The Place You Deserve
Contact us to start your home buying journey