Copyright © 2006 - 2008 HomesByCharly.com
Homebuyer FAQs
How much money will I have to come up with to buy a home?
Well, that depends on a number of factors, including the cost of the house and the type of mortgage you get. In general, you need to
come up with enough money to cover three costs:
earnest money - the deposit you make on the home when you submit your offer to prove to the seller that you are serious about wanting
to buy the house
down payment - a percentage of the cost of the home that you must pay when you go to settlement
closing costs - the costs associated with processing the paperwork to buy a house
When you make an offer on a home, your real estate broker will put your earnest money into an escrow account. If the offer is accepted,
your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you.
The amount of your earnest money varies. If you buy a HUD home, for example, your deposit generally will range from $500 - $2,000.
The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10-20% of
the purchase price. That's why many first-time homebuyers turn to HUD's FHA for help. FHA loans require only 3% down - and
sometimes less.
Closing costs - which you will pay at settlement - average 3-4% of the price of your home. These costs cover various fees your lender
charges and other processing expenses. When you apply for your loan, your lender will give you an estimate of the closing costs, so you
won't be caught by surprise. If you buy a HUD home, HUD may pay many of your closing costs.
How do I know if I can get a loan?
Use our simple mortgage calculators to see how much mortgage you could pay - that's a good start. If the amount you can afford is
significantly less than the cost of homes that interest you, then you might want to wait awhile longer. But before you give up, give me a
call at 661.904.2188 or email homesbycharly@yahoo.com. I will refer you to a Mortgage Consultant who can help you evaluate your loan
potential.
The Mortgage Consultant will know what kinds of mortgages lenders are offering and can help you choose a lender with a program that
will be right for you. Another good idea is to get pre-approved for a loan. That means you go to a lender and apply for a mortgage before
you actually start looking for a home. Then you'll know exactly how much you can afford to spend, and it will speed the process once you
do find the home of your dreams.
How do I find a lender?
You can finance a home with a loan from a bank, a savings and loan, a credit union, a private mortgage company, or various state
government lenders. Shopping for a loan is like shopping for any other large purchase: you can save money if you take some time to
look around for the best prices. Different lenders can offer quite different interest rates and loan fees; and as you know, a lower interest
rate can make a big difference in how much home you can afford. Talk with several lenders before you decide. Most lenders need 3-6
weeks for the whole loan approval process. I can help you because I can refer you to a Mortgage Consultant that I use and trust.
Well, that depends on a number of factors, including the cost of the house and the type of mortgage you get. In general, you need to
come up with enough money to cover three costs:
earnest money - the deposit you make on the home when you submit your offer to prove to the seller that you are serious about wanting
to buy the house
down payment - a percentage of the cost of the home that you must pay when you go to settlement
closing costs - the costs associated with processing the paperwork to buy a house
When you make an offer on a home, your real estate broker will put your earnest money into an escrow account. If the offer is accepted,
your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you.
The amount of your earnest money varies. If you buy a HUD home, for example, your deposit generally will range from $500 - $2,000.
The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10-20% of
the purchase price. That's why many first-time homebuyers turn to HUD's FHA for help. FHA loans require only 3% down - and
sometimes less.
Closing costs - which you will pay at settlement - average 3-4% of the price of your home. These costs cover various fees your lender
charges and other processing expenses. When you apply for your loan, your lender will give you an estimate of the closing costs, so you
won't be caught by surprise. If you buy a HUD home, HUD may pay many of your closing costs.
How do I know if I can get a loan?
Use our simple mortgage calculators to see how much mortgage you could pay - that's a good start. If the amount you can afford is
significantly less than the cost of homes that interest you, then you might want to wait awhile longer. But before you give up, give me a
call at 661.904.2188 or email homesbycharly@yahoo.com. I will refer you to a Mortgage Consultant who can help you evaluate your loan
potential.
The Mortgage Consultant will know what kinds of mortgages lenders are offering and can help you choose a lender with a program that
will be right for you. Another good idea is to get pre-approved for a loan. That means you go to a lender and apply for a mortgage before
you actually start looking for a home. Then you'll know exactly how much you can afford to spend, and it will speed the process once you
do find the home of your dreams.
How do I find a lender?
You can finance a home with a loan from a bank, a savings and loan, a credit union, a private mortgage company, or various state
government lenders. Shopping for a loan is like shopping for any other large purchase: you can save money if you take some time to
look around for the best prices. Different lenders can offer quite different interest rates and loan fees; and as you know, a lower interest
rate can make a big difference in how much home you can afford. Talk with several lenders before you decide. Most lenders need 3-6
weeks for the whole loan approval process. I can help you because I can refer you to a Mortgage Consultant that I use and trust.
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
