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

Buyer Consultations are ALWAYS Complimentary

Fill out the form to get in touch with one of our expert buyer agents to gain more guidance on the process.

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