Like the video shows, “earnest money” is money you put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price though the amount can vary with local customs and conditions. If your offer is accepted the earnest […]
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Is An Older Home A Better Value Than A New One?
Well, as this story shows, there isn’t a definitive answer to this question. You should look at each home for its individual characteristics. Generally, older homes may be in more established neighborhoods offer more ambiance and have lower property tax rates. People who buy older homes, however shouldn’t mind maintaining their home and making […]
What Should I Look For When Walking Through A Home?
As we show you in this video, in addition to comparing the home to your minimum requirement and wish lists use the HUD Home Scorecard and consider the following: Is there enough room for both the present and the future? Are there enough bedrooms and bathrooms? Is the house structurally sound? Do the mechanical […]
What Questions Should I Ask When Looking At Homes?
As you’ll see in this video, many of your questions should focus on potential problems and maintenance issues. Does anything need to be replaced? What things require ongoing maintenance like paint, roof, heating and AC, appliances and carpet? Also ask about the house and neighborhood focusing on quality of life issues. Be sure the […]
How Can I Keep Track Of All The Homes I See?
There are some great tips in this video, like: if possible, take photographs of each house: the outside, the major rooms, the yard and extra features that you like or ones you see as potential problems. Write things down as you go. And don’t hesitate to return for a second look. Use the HUD […]
What Does A Home Inspector Do, And How Does An Inspection Figure In The Purchase Of A Home?
As we show you in this video, an inspector checks the safety of your potential new home. Home Inspectors focus especially on the structure, construction and mechanical systems of the house and will make you aware of only repairs that are needed. The Inspector does not evaluate whether or not you’re getting good value […]
What Is A Credit Bureau Score And How Do Lenders Use Them?
As we show you in this video, a credit bureau score, or “credit score” is a number based upon your credit history that represents the possibility that you will be unable to repay a loan. Lenders use it to determine your ability to qualify for a mortgage loan. The better the score, the better […]
How Can I Find Out Information About My Credit History?
Watch this video and take a few notes! There are three major credit reporting companies: Equifax – www.equifax.com 1-800-685-1111 Experian – www.experian.com 1-888-397-3742 Trans Union – www.transunion.com 1-800-916-8800 Obtaining your credit history is as easy as calling and requesting one. Once you receive the report, it’s important to verify its accuracy.
How Are Pre-Qualifying And Pre-Approval Different?
Watch this video and it’ll make sense. Pre-qualification is an informal way to see how much you maybe able to borrow. You can be ‘pre-qualified’ over the phone with no paperwork by telling a lender your income, your long-term debts and how large a down payment you can afford. Without any obligation, this helps […]
How Do I Begin The Process Of Buying A Home?
Remember these pointers from the video: start by thinking about your situation. Are you ready to buy a home? How much can you afford in a monthly mortgage payment? How much space do you need? What areas of town do you like? After you answer these questions, make a “To Do” list and start […]