. . . or you are an experienced home buyer, finding and financing your new
home is a very exciting time. However, with a bit
of preparation, you can help prevent the experience from becoming
overwhelming or even disappointing. Before you start searching, the
first question you'll want answered is . . .
You can find out the
answer to this as well as enhance your buying power by getting Pre-Approved or
Pre-Qualified. What's the difference?
Pre-Qualification is an informal
discussion between you and the lender. The lender estimates the amount
that you can borrow based solely on what you tell them about your
income and assets. The information you give the lender is not
verified by them and therefore, there is no guarantee that you will be
approved by them for the loan amount. However, it will give you and
your realtor a good idea of what your general price range probably is.
Pre-Approval requires that the lender
verify your financial information and serves as a commitment
to lend a specified amount based on that verified information. This gives
you significant buying power with a seller who recognizes that you will be
approved for a loan. If a seller knows that your financing is secure,
your offer is stronger.
To get an estimate of what your monthly
mortgage payments would be based on interest
rate and term length, try this
mortgage calculator.
Here are some articles that you may find
helpful as you start to think seriously about buying a new home ...
Resale Homes
New Homes
Good Neighborhoods
Making An Offer
Mortgage Payments
Closing Costs
It used to be that when a realtor would work
with a buyer, that buyer automatically assumed that the agent was working
in his or her best interests. In the course of looking at homes together,
agent and buyer would spend hours, weeks and sometimes even months working
together, usually giving the buyer the impression that the agent was
working solely on his or her behalf. In the course of all this time
together, confidential information regarding the buyer's private finances,
family matters and more would often be disclosed.
The truth, however, was
that until recently, the buyer rarely knew that, by law, the agent always
automatically represents the SELLER in any transaction. Theoretically, the agent
was obligated to share any useful information learned from the
buyer to the SELLER and to negotiate in the SELLER'S best interests.
But now, with the Buyer Agency
relationship, an agent is required by law to disclose to a
customer that he or she works for the SELLER, unless and until the buyer
agrees to have that agent represent them. This can be a temporary
oral agreement, if the buyer is not sure yet if they want to work
exclusively with that agent.
But once you are settled on which agent
you'd like to work with, it is highly recommended that you and the agent
sign a written buyer's representation agreement. In this
contract, the agent agrees to represent ONLY your interests, and he or she
is forbidden from disclosing any information about you to the seller or
anyone else. An agent, also, is not allowed to submit an offer from a buyer
without first having a signed
Buyer Agency Agreement
with them.
If you would like help with
your buying needs, please feel free to call me at 704-363-5977 (cell) or
704 821-2804 (office).
Or you can give me a little information about yourself by filling in and
sending me the form below, and I'll get back to you promptly.
All information
is kept confidential and will
never be shared with any third parties.
