THE BUYING PROCESS
Our agents take away the pressure of purchasing real estate. We work with you to get the best price without the hassle.
WHY GET PREQUALIFIED?
• It’s Easy & FREE
• Offers estimate of loan amount
• Directs buyer to the proper price range
• Provides faster closing time
• 2 most recent W-2 tax forms
• 2 most recent tax returns
(Personal & Business)
• 2 most recent bank statements
• Most recent pay stub
• Most recent 401K or other investment statements
Your loan officer will run your credit report.
Tips for first time home buyers
Change jobs, become self employed, or quit.
Buy a car, truck, or van.
Spend money you set aside for closing.
Make large bank deposits without checking with your loan officer.
Use credit cards excessively or let current accounts fall behind.
Omit debts or liabilities from loan application.
Originate inquiries into your credit or apply for credit.
Change bank accounts.
Co-Sign for any loan.
FREQUENTLY ASKED QUESTIONS
Do I need to be prequalified to buy a property?
In today’s market, being prepared with a prequalified letter from your lender allows you to make an offer on the UP North property of your dreams and not risk the chance of losing it to another ready and able buyer because you haven’t gotten prequalified.
What is the difference between a Home Inspection & an Appraisal?
A Home Inspection is conducted by either a licensed inspector or someone that is qualified to make statements of the property’s condition. It is meant to give the buyer more information about the workings of the house and identify potential repairs that may need to be completed within the future years. An Appraisal is an inspection of a home or property for the purpose of establishing a value. It is conducted by a state licensed appraiser who is generally hired by a bank unless a cash buyer decides to require an appraisal.
How long will it take to close?
Cash buyers can close in as little as two weeks. Buyers that use financing need a longer period of time to close due to Federal regulation, the type of mortgage the buyer qualifies for, and the contingencies that need to be met prior to closing. Some mortgages could take as little as 35 days to close and others as long as 60-90 days. It is important to discuss your timeline to close with both your REALTOR and lender prior to writing your offer.
What is earnest money?
Earnest money refers to the good faith money that you include with your offer either when it is submitted or when it is accepted. It shows the seller that you are a serious buyer and is used towards the purchase of the property at closing.
What is a contingency?
A contingency is anything that is written in to an offer to purchase that must happen in order for the Buyer to close. Typical contingencies are financing, inspection, and appraisal. This means, if one of the contingencies aren’t satisfactory, the Buyer would not have to follow through with the purchase of the property and their earnest money would be returned.
What are closing costs?
There are closing costs for both Buyers and Sellers. The Buyer’s closing costs can be broken down into two categories; real estate closing costs and mortgage closing costs. Typically, the Buyer’s real estate closing costs are the recording of the deed, insurance, and prorated taxes and utilities from the closing date on. Mortgage closing costs only apply when a Buyer borrows money to purchase their property. These closing costs vary between types of loans, the Buyer’s credit scores, and percentage of money saved by the Buyer for the down payment. If you using financing, ask your lender about your closing costs. A common example of a mortgage closing cost is the cost of an appraisal.