Frequently Asked Questions

Am I Ready to Be a Homeowner?

Homeownership can be a rewarding endeavor. With proper planning and help from your trusted real estate agent. Owning a home will provide you with the freedom to make decisions that affect your life without having to check in with a landlord. Check with your real estate agent to better understand the pros and cons of home ownership

Is Renting or Buying Better?

Buying a home lends itself to being a good long term investment. Putting your money towards something you own rather than renting can be a good strategy depending on your situation. 

What Is the Lender's Formula?

Lender’s use many different formulas to determine home ownership eligibility. The main considerations are: credit score, down payment, debt-to-income ratio, assets as well as many other factors. Speak with a mortgage specialist to learn more about your specific circumstances. 

What Do I Look for in Homes?

Each person will have their own criteria for choosing a home. The aesthetic of a home is a personal choice, whereas the technical aspects should be discussed with your real estate agent as well as financial considerations with your mortgage lender.  

Do I Need a Home Warranty?

Home warranties can serve a valuable purpose. Just like with car warranties, you never know when a big ticket repair needs taken care of. Home warranties can offer a piece of mind and are a relatively low expenditure compared to the out of pocket expenses that can occur. 

What Should I Expect at Closing?

There are several costs associated with closing depending on whether you are the buyer or seller. Check with your loan officer, title company, and/or real estate agent for more detailed information specific to your situation. 

What Is Pre-approval?

A mortgage pre-approval means a lender has looked at your income, debt, credit, and assets in order to determine what loan amount you may be given for a home. It is helpful when looking for a home to have your pre-approval settled beforehand so you can narrow your home search to ones within your budget. 

Am I Ready to Rent?

Are you ready for the cost of living alone or possibly with a roomate? Don’t forget that aside from the monthly rent, you will likely be responsible for other fees associated with living alone. You also want to make sure that your landlord is a good fit. All to often unforseen problems can arise between tenant and landlord so make sure the fit is right. Don’t be distracted by the beautiful new home or apartment, make sure the working relationship is one you can handle. 

What Should I Offer?

This is a case by case decision that is best discussed with your real estate agent as each home is different. Make sure that what you do offer is something you are comfortable with. Just remember that you are going to be the one living in the home and you must be physically, emotionally and financially at ease with what you will be responsible for once you move in. 

Can I Ask You for Advice?

Of Course. Asking your real estate agent for advice is encouraged! Don’t be afraid to ask questions, that is how we all learn. 

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