FAQ
FAQ
Frequently Asked Questions
Am I Ready to Be a Homeowner?
If you have at least a 10 percent down payment saved outside of your savings and emergency fund totals, you are ready to buy a house. If you want to put even more down like 15 percent or 20 percent, then it’s even better because you can avoid the PMI (private mortgage insurance) requirement.
Is Renting or Buying Better?
While buying a home can involve some serious saving and commitment, renting can help you maintain your flexibility and lifestyle. … With renting, you’re not tied to the property long-term, and you’re also less responsible for saving for repairs, paying for taxes and insurance, and keeping up with other expenses.
What Is the Lender's Formula?
Interest is one of the primary ways that lenders, banks and credit card … You can use the following formula to figure out the cost of financing
What Do I Look for in Homes?
- The Location. They say that the three most important things to think about when buying are home are location, location, location. …
- The Site. Beyond location, look at the site of the home. …
- The Neighborhood. …
- The Size and the Floor Plan. …
- The Bedrooms and Bathrooms. …
- The Kitchen. …
- The Closets and Storage.
Do I Need a Home Warranty?
A home warranty is worth it if: A home warranty isn’t worth it: You have limited access expected repair or replacement expenses. The warranty covers only the least expensive solution to the problem, which could be recurring the repairs.
What Should I Expect at Closing?
You’re so close to becoming a homeowner. If you have everything in order, your closing process should be simple.
What Is Pre-approval?
A pre–approval is a preliminary evaluation of a potential borrower by a lender to determine whether they can be given a pre-qualification offer.
What Should I Offer?
How much should you offer on a house? Here’s how to tell whether to come in high or low against the list price of your dream home.
Can I Ask You for Advice?
When you ask for advice, you‘re making connections with people who could help … and respect that the person you are asking will share with you as much as …
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