Frequently Asked Questions


Frequently Asked Questions

Am I Ready to Be a Homeowner?

Purchasing your first home is a major milestone and not a decision to be taken lightly. It’s a huge financial commitment. You need Financial stability. It requires down payment to the range of 5% – 20%. And you need a steady source of income that can easily cover your mortgage payment.

What Should I Expect at Closing?

In simple terms, home closing is the last chapter of this long home buying process. At closing, significant events include:

  • A home’s title are transferred from seller to buyer;
  • The proceeds of the sale are distributed to the seller;
  • If the home is financed, the buyers sign the mortgage note.

The buyer and/or seller pay other fees, too. This may include real estate commissions, title insurance, and pro-rated property taxes.

Am I Ready to Buy a House?

Before you buy a house, you need to make sure your financial house is in order. That starts with getting out of debt. Next, save an emergency fund of 3–6 months of expenses, and after that, start saving for a down payment. 

What Is Pre-Approval?

Pre-approval is the pre-qualification for a loan or mortgage of a certain value range. Although, to a typical consumer, “you’re pre-approved” means “you already passed the approval process and therefore are guaranteed to be immediately granted the loan.

Is Renting Always Cheaper?

Renting an apartment is usually cheaper than buying a house. But renting a house instead of an apartment could cost more than the mortgage payment on that same house. A lot of it depends on location.

If you look at monthly costs alone though, homeownership usually tips the scale to the pricey side, since you pay for maintenance, taxes and homeowners insurance on top of your mortgage.

What Do I Look For In Homes?

House hunters are often primarily focused on the type of home they want. But consider that you’ll be making a long-term commitment to both your home and the geographic region. Pay attention to the home values in the neighborhood, the quality of schools, recreation options and any other priorities you might have.

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