Q.
How many homes should I plan to view and how should
I make the final decision?
A. While exploring your needs and wants, viewing
a number of homes will help you become familiar with
what you can expect to get for your money. When you
find a home you really like, it's a good idea to go
back and look at it at a different time of day. This
will give you greater insight into what it will be
like living in the home full time.
Q. How can I check my credit rating before
I apply for a mortgage?
A. Your credit rating is based on a combined score
generated from three credit bureaus who look at your
credit history, amount of credit available, and recent
inquiries to determine what's called your FICO score.
For a small fee, you can get your score or review
your credit report by going online to www.myfico.com
or contacting the credit bureaus directly at:
Equifax: (800) 685-1111
Experian: (888) 397-3742
TransUnion: (800) 916-8800
Q. Why should I consider buying down interest
rates?
A. Buyers often choose to pay points in exchange
for a lower interest rate. Usually paid at closing,
each "point" costs 1% of the mortgage amount,
or $2,000 on a $200,000 loan. The lower rate reduces
the monthly mortgage payment, and points paid in conjunction
with the purchase of a home are generally tax-deductible
in the year they're paid. Monthly savings will often
exceed what was paid in points in just a few years'
time.
Q. What is title insurance and why do I need
it?
A. Title insurance assures that you have clear title
to the home you're purchasing. A title search is the
primary component of "due diligence," a
process that will be started either by your attorney,
if you are using one, or by the title company you
choose. The title search determines whether the seller
actually owns the property and if there are any claims
against it.
Q. What happens if the house I want to purchase
does not appraise at the amount expected?
A. If the house doesn't appraise at the amount expected,
other alternatives are typically found. A second appraisal
may be sought, the buyer may be willing to put more
money down, the seller may offer other concessions,
or the two sides may negotiate new contract terms
and/or price.
Q. Who can best assist you in negotiating
the sometimes "slippery slopes" of the home
buying process?
A. TNT Properties REALTOR® of course. Contact one
today at info@tntproperties.com
