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Buyers’ Corner Red Arrow Real Estate Answers 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. What things should I consider when buying a home? Whether you’re a first-time home buyer or you consider yourself a veteran of the property-purchase process, knowing as much as possible about that process is an important step to take before you begin your search for the perfect home. Some key questions to ask yourself:
Ultimately, your answer to the last question reflects your personal preference and your knowledge of the real estate market. Even buyers who’ve purchased many homes admit that the process can be intimidating, especially with changes in market conditions and new real estate laws being enacted each year. Red Arrow REALTORS® are specially trained to help you understand the purchase process; streamline your search for a new home; help you manage the significant amount of paperwork involved in real estate transactions; and negotiate on your behalf for the best possible transaction. How can I save money on my home loan?
Everyone wants the best possible interest rate for a home loan, but there are other costs to consider. Not all lenders charge the same amount for loan services. 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:
The cost for these services can range from as low as $800 to as high as $3,000 or more, so it’s well worth your time to research your options. Whether you’re shopping for a new home loan or refinancing your existing loan, we can refer you to a reputable loan company. Am I required to hire a professional home inspector before I close on my property? Take your time viewing the property. The inspection period is your opportunity to fully explore the home. Things that may be of concern to you can be investigated further by your home inspector and other appropriate professionals. It’s also crucial to understand all your options when addressing any repair issues. 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! |
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