Realty FAQs
FAQs Related to Nationwide Realty, Real Estate Professionals,
Agents and Brokers
Frequently asked questions can help with real estate ideas
and the FAQs may prepare
you for a conversation with a local realty professional agent
or broker.
Click here to Find
USA Real Estate Agent in your area
Why should I buy, instead of rent?
A home is an investment. When you rent, you write your monthly
check and that money is gone forever. But when you own your
home, you can deduct the cost of your mortgage loan interest
from your federal income taxes, and usually from your state
taxes. This will save you a lot each year, because the interest
you pay will make up most of your monthly payment for most
of the years of your mortgage.
Should I use a real estate agent?
Using a real estate agent is a very good idea. All
the details involved in home buying, particularly the financial
ones, can be mind-boggling. A good real estate professional
can guide you through the entire process and make the experience
much easier. A real estate agent will be well-acquainted
with all the important things you'll want to know about a
neighborhood you may be considering...the quality of schools,
the number of children in the area, the safety of the neighborhood,
traffic volume, and more.
So what will happen at closing?
You'll sit at a table with your broker, the broker for the
seller, probably the seller, and a closing agent. The closing
agent will have a stack of papers for you and the seller
to sign. While he or she will give you a basic explanation
of each paper, you may want to take the time to read each
one and/or consult with your agent to make sure you know
exactly what you're signing.
How do I know if I’m ready to buy a home?
You can find out by asking yourself some questions:
1. Do I have a steady source of income?
2. Have I been employed on a regular basis for the last 2-3
years?
3. Is my current income reliable?
4. Do I have a good record of paying my bills?
5. Do I have few outstanding long-term debts, like car payments?
6. Do I have money saved for a down payment?
7. Do I have the ability to pay a mortgage every month, plus
additional costs?
What Is PMI?
PMI stands for Private Mortgage Insurance or Insurer. These
are privately-owned companies that provide mortgage insurance.
They offer both standard and special affordable programs
for borrowers.
What Is Mortgage Insurance?
Mortgage insurance is a policy that protects lenders against
some or most of the losses that result from defaults on home
mortgages. It's required primarily for borrowers making a
down payment of less than 20%.
What Do I Get At Closing?
1. Settlement Statement
2. Truth-in-Lending Statement
3. Mortgage Note
4. Mortgage or Deed of Trust
5. Binding Sales Contract (prepared by the seller; your lawyer
should review it)
6. Keys to your new home
What is a good faith estimate, and how does it help
me?
It's an estimate that lists all fees paid before closing,
all closing costs, and any escrow costs you will encounter
when purchasing a home. The lender must supply it within
three days of your application so that you can make accurate
judgments when shopping for a loan.
Click
here to Find USA Real Estate Agent in
your area
|
