- August 22, 2019
Are You Truly Ready to Buy a House?
How much of a down payment is considered ideal for a conventional loan?
A 20% down payment is ideal since you can avoid paying an extra fee called private mortgage insurance (PMI). However, certain buyers can purchase a home with as little as 3.5% down with an FHA loan or 0% down with VA loan.
What does 'MLS' stand for?
"MLS" stands for the multiple listing service, a database of homes currently on the market.
What are 'comps'?
"Comps," or comparables, are the recent sales prices of homes similar to the one you're buying.
Mortgage pre-approval means...
Mortgage pre-approval is a process where lenders promise to loan you up to a certain amount to buy a house.
What is earnest money?
Earnest money is a deposit you make with your offer, typically amounting to 1% to 2% of the price of the house.
Before you officially close the deal, which safeguards should you consider?
A home inspection, appraisal, and title search can all help protect home buyers from potential problems.
What is appraised during a home appraisal?
A home appraisal determines if the house is worth the amount you've offered.
A home inspector can help you figure out...
Home inspectors check for any flaws in a home that could affect its value or lead to costly repairs down the road.
What happens at a home closing?
Signing paperwork, making a down payment, and (best of all) getting the keys are all part of the home closing.
How much money do buyers typically pay real estate agents for their services?
Home sellers typically pay the commission for both their own agent and the buyer's.
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