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What’s the difference between being pre-qualified and pre-approved for a mortgage?
Typically you will first pre-qualify for a mortgage, then get pre-approved before you have found the specific home you wish to purchase. What is the difference?
Pre-qualification: An informal determination by a lender or mortgage broker stating how much mortgage you can afford.
Pre-approval: A guarantee in writing by a lender to grant you a loan up to a specified amount.
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How do I get the real scoop on homes I am looking at?
Home inspections, seller disclosure requirements and the agent`s experience will help. Disclosure laws vary by state, but in some states, the law requires the seller to complete a real estate transfer disclosure statement. Here is a summary of the things you could expect to see in a disclosure form:
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* In the kitchen -- a range, oven, microwave, dishwasher, garbage disposal, trash compactor.
* Safety features such as burglar and fire alarms, smoke detectors, sprinklers, security gate, window screens and intercom.
* The presence of a TV antenna or satellite dish, carport or garage, automatic garage door opener, rain gutters, sump pump.
* Amenities such as a pool or spa, patio or deck, built-in barbeque and fireplaces.
* Type of heating, condition of electrical wiring, gas supply and presence of any external power source, such as solar panels.
* The type of water heater, water supply, sewer system or septic tank also should be disclosed.
Sellers also are required to indicate any significant defects or malfunctions existing in the home`s major systems. A checklist specifies interior and exterior walls, ceilings, roof, insulation, windows, fences, driveway, sidewalks, floors, doors, foundation, as well as the electrical and plumbing systems.
The form also asks sellers to note the presence of environmental hazards, walls or fences shared with adjoining landowners, any encroachments or easements, room additions or repairs made without the necessary permits or not in compliance with building codes, zoning violations, citations against the property and lawsuits against the seller affecting the property.
Also look for, or ask about, settling, sliding or soil problems, flooding or drainage problems and any major damage resulting from earthquakes, floods or landslides.
People buying a condominium must be told about covenants, codes and restrictions or other deed restrictions.
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How much house can I afford?
When evaluating how much you can afford for your home and mortgage, lenders usually use two rules of thumb:
1. Your maximum monthly mortgage payment should not exceed 28 percent of your gross (pre-tax) income.
2. Your maximum debt load, including your mortgage payment, should not exceed 30 percent of your gross income.
These ratios are typical of those required to secure a conventional mortgage. Lenders will be able to supply details about other types of mortgages, such as FHA or VA loans, which offer more flexible qualification standards. There are many types of mortgages and financial tools available that provide flexibility in interest rates, terms, and down payment requirements.
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What are the advantages of being pre-approved?
There are two advantages of being pre-approved for a loan as early as possible in your home-buying process:
1. Sellers will find any offer you make more attractive if you are pre-approved for a mortgage.
2. The length of time before closing can be shorter if you’ve completed the steps to securing mortgage approval prior to signing a contract on a property.
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Can you help me with homes for sale by owner?
Yes! Home owners selling their own homes are usually very happy when a real estate agent brings them a buyer. In addition, we can provide you with invaluable assistance in negotiating the price and terms of the sale and helping you through a process that can sometimes be confusing. It`s always best to have a buyer’s agent looking out for your interests. Just contact us with the address and phone number of the owner and we’ll take it from there!
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Can you help me buy a new home from a builder?
You Bet! Anyone considering the purchase of a new construction home should work with a realtor that can represent you in negotiations with the home builder. Remember, the sales agents in the model homes work for the builder and represent his interests. We can protect your interests. There`s no cost to you for this service (the builder pays our commission fees). For more info on assistance with new homes and new home builders, including incentives that are available, please contact me.
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The question most often asked is... How`s the market?
What market are you in? Buying? Selling? Investing? Residential or Commercial?
Each of these markets is completely different. For accurate and detailed information on your specific real estate market consult with us at ITG Realty. For beachside real estate, including but not limited to Cocoa Beach, Satellite Beach, Indian Harbour Beach, Indialantic, Melbourne Beach & Merritt Island please fill out our contact form and Vedrana or Dylan will call or email you to schedule your consultation. For the mainland including Viera, Rockledge, Melbourne, Palm Bay and surrounding areas please fill out the form on our contact page and Harold "Rusty" Melle will be pleased to set up a consultation with you.
Our goal at ITG Realty is to acheive our clients the best financial return possible whether buying or selling real estate.
