THE IMPORTANCE OF A HOME INSPECTION
So you’ve found a house you love. Great backyard, gleaming hardwood, and the kitchen of your dreams. But what about the furnace? The wiring? Leaks in the basement? Before you buy, have the home inspected; no matter how experienced you are as a homeowner, it’s the best way to make sure you really know what you’re getting into
A home inspection will give you the information you need to make an informed decision. The inspector will determine the condition of the house you’re thinking about buying, and let you know if there are any problems. (And the great thing is, the inspector doesn’t care if you buy the house or not, so you can be sure he or she is being objective, even if you’re not.) If you have to make an offer before having a home inspection, make it conditional on a satisfactory inspection.
If there are any problems, you have three options:
- Walk away.
- Use the results to negotiate a better price.
- Give the seller a chance to fix the problem.
CONTACT MEHUL DESAI TODAY!
HOW MUCH DOES IT COST?
Most inspections cost between $250 and $500. Think of it this way: a few hundred bucks could save you thousands in home repairs. It’s a pretty small price to pay for significant peace of mind.
HOW DO I FIND A GOOD INSPECTOR?
Look for a reputable, qualified company that has been in business for a while, can provide references from previous customers, is fully insured and offers guaranteed inspections. Inspectors should be licensed in building-related fields such as contracting, architecture or structural engineering. Your REALTOR® can recommend a reputable, objective inspector at your request, or you can find one by asking friends or by looking in the phone book.
When you’ve fallen in love with a house, it’s hard to see any faults on your own. Make sure the decision is a good one, and get it inspected so you can be sure you stay in love – for years to come.
FIND YOUR DREAM HOMEMORTGAGE INFORMATION
MORTGAGE SHOPPING MADE EASY
If you’re like most people, you probably feel like shopping for a mortgage can be about as much fun as getting a root canal. But it doesn’t have to be that way. Here are some basic steps you can take to ensure that you find a mortgage that works for you.
CHECK YOUR CREDIT
Get a copy of your credit report from Equifax.com (or a similar service). Double-check every item listed and if there are any errors or omissions, contact your credit bureau to change them. How’s your score? One way to improve your rating is to pay off any outstanding credit card debt.
DO THE MATH
Now that you have an idea of how much you owe, gather up all of your information on your assets (your current home, investments, stocks, bonds, other properties) and add them up. Hint: it’s best when you own more than you owe. There are plenty of calculators online that will help you make sense of the numbers and give you a preliminary idea of the mortgage amount you qualify for.
PREQUALIFY
Meet with a bank or lender. They’ll ask you some questions that may point out some things you missed in your initial estimate, like liabilities – or assets you didn’t realize you had. Using all this information, they’ll give you a rough estimate of how much you can borrow. However, this informal process isn’t a guarantee or a pre-approval. It’s simply a way to help you gauge the properties you can afford and figure out if you’re ready to make this type of financial commitment.
LEARN THE LINGO
Familiarize yourself with mortgage terms and options by doing your homework. Talk to your REALTOR®, ask friends and family and check out all the websites and articles that have this info about amortization periods, the benefits of fixed or variable rates and more – there are lots of them.
CHOOSE A LENDER
A mortgage is one of the biggest financial commitments you can make, so it pays to shop around. Even if you have an excellent relationship with your bank, there’s no harm in exploring the option of obtaining financing from another company.
Many homebuyers have found financing online, whether it’s through a mortgage finding service or a bricks-and-mortar institution. You don’t have to leave your home to do it, and you can shop 24/7. The downside of doing it online is that lacks a personal touch – you may miss out on an option that you might have come across by talking to someone in person.
If you’re pressed for time, a mortgage broker can do your “shopping around” for you, and find the best rate available. Before choosing a broker, make sure he or she isn’t affiliated with a specific bank or lending institution.
GET PRE-APPROVED
Getting mortgage pre-approval is similar to pre-qualifying, but the result is an approval from a lender for a specific amount, locked into an interest rate for a period of time (normally 90 to 120 days).
So there you have it—the simple steps to get you closer to a mortgage that not only works for you but also gets you into the home of your dreams.
Calculators