1.
When do you run your credit? Preapproval?
When you contact a lender, they will ask
you personal questions such as your social security number, paystubs, monthly
expenses, and tax filings. They will also ask you (they SHOULD ask you) whether
they are allowed to run your credit. It is your choice to give them permission.
Sometimes you do not need to run your credit. Trust the lender you are working
with. This is critical!
2.
What is a mortgage rate?
Simply put, a mortgage rate is the
percentage you pay the bank for every dollar you borrow. It is a little more
complicated, but there is a very easy calculation you can do IN YOUR HEAD,
without a calculator! Once you know this calculation, you are set forever.
These rules do not change. *Note* Your interest rate is a customized number
based on #1 above.
3.
What are the Buyer steps, simplified?
The first 4 crucial steps.
a.
Get Preapproved – know what you can afford and
stay UNDER that budget.
b.
Find a property and tour it TWICE.
c.
Choose an Attorney
d.
Choose a Home Inspector
4.
What if the property does not appraise?
If the home does not appraise, you have the
following options
a.
Seller lowers the price to the appraised value
b.
Seller and Buyer renegotiate
c. The buyer accepts the under appraisal and brings the
difference to closing
d.
Seller and/or Buyer walk away
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