" alt="GATELY Properties" />
We Want You To LOVE Your Home!
That’s why we offer it a LOVE It or LIST Guarantee on every home you buy with us. Learn More About This Guarantee.
Purchasing real estate is a process.
We work with you to help you understand the fundamental steps that happen in the home buying process. It looks easy on TV, but there are many steps to get from search to move-in and we will be there with you from beginning to end.
It all starts with the financial aspect. Unless you have hundreds of thousands of dollars hidden under a mattress, you’re going to need a loan. Knowing how much to spend and what loan rates and terms are available to you if you need financing is the cornerstone of getting comfortable with your decision to buy. We can recommend several reputable loan reps to get you started.
Finding the right home is a team effort and can take time.
We love helping you find just the right home. To do that we prefer to consult with you before showing homes so we know better what you’re looking for in your next home and can help you identify properties that best align with your wants and needs and save you time.
After all that is why you hired a Real Estate Professional, right? Then we stay in constant contact with you as listings come on the market, prices are changed, or as we hear of off-market “pocket” listings. As a member of The Advisory Group, currently 200 agents and 38 brokerages, we are in the know about homes before they even make it to the MLS.
We will help you determine what price to offer for any given property.
We believe knowledge is power, so we like to have conversations with listing agents, run numbers on comparable sales and listings, and discuss your finances and feelings about the property in order to help you decide what you want to offer. As skilled negotiators we get the best deals for our clients and can handle multiple offer scenarios.
We have a network of trusted professionals we recommend before, during, and after a transaction.
Count on us to be professional and to do that we rely on the collective success of working with great loan, escrow, title, contractors and inspection professionals.
Pre-Approval
While shopping for a home may be pleasant, serious buyers need to start the process in a lender’s office, not an open house – and by obtaining a mortgage pre-approval. This process, basically an evaluation that determines whether the borrower qualifies for a loan, is important for several reasons.
First and foremost, in today’s real estate market, most sellers expect buyers have one, and may only negotiate with people who have proof that they can obtain financing. Second, would-be homeowners learn the maximum amount they can borrow. They can also have an opportunity to discuss financing options and budgeting with the lender. Finally, if there is any problem with their credit, they’ll get a heads-up about it.
Pre-qualification Vs. Pre-approval
Although they sound alike, being pre-qualified for a loan is not the same thing as being pre-approved. Pre-qualification is the initial step in the mortgage process, and it’s generally fairly simple. To pre-qualify for a mortgage, you meet with a lender and provide information about your assets, income, and liabilities.
Pre-approval – the lender checks your credit and verifies your financial and employment information and documentation.
You will receive a conditional commitment in writing for an exact loan amount (and often an interest rate as well), allowing you to look for a home at or below that price level.
Getting pre-approved for a mortgage also enables you to move quickly when you want to make an offer and save you valuable time.
Once you have found the right house for you, you’ll fill in the appropriate details, and your pre-approval will become a complete application.
Final loan approval occurs when you have an appraisal done of, and the loan is applied to, a particular property.
Shop Around
If the first lender you approach rejects you, there’s no reason not to try out a few other financial institutions. Sometimes one lender will say no while another will say yes because of what products they offer.
By the way, you can shop around for a mortgage, and it will not hurt your credit, according to the CFPB. Multiple credit checks from lenders within 45-days are recorded on your credit report as a single inquiry.
You can shop around and get multiple pre-approvals, and the impact on your credit is the same no matter how many lenders you consult, as long as the last credit check is within 45 days of the first credit check.
Read more: Mortgage Pre-Approval: Understanding the Process | Investopedia http://www.investopedia.com/mortgage/pre-approval/#ixzz4VgySI7Nd
Escrow and Closing Costs
No matter where you’re buying a home, at some point you’re going to find yourself deep in escrow. (Don’t worry. It’s not as bad as it sounds.) What is escrow? In real estate, it has several meanings, but they all boil down to your house and your money being in a kind of limbo.
Escrow is when an impartial third party holds on to something of value during a transaction.
That’s important because it protects both parties. Say you put down earnest money that went directly to the seller and then couldn’t reach a final purchase and sale agreement. Escrow ensures everyone gets what they are due at essentially the same time.
What are closing costs?
Closing costs are fees associated with your home purchase and home loan at the closing of a real estate transaction, and typically, cost about 2 to 5 percent of the purchase price of the property.
So, if your home cost $150,000, you might pay between $3,000 and $7,500 in closing costs. On average, buyers pay roughly $3,700 in closing fees, according to a recent survey.
Your lender will give you a Loan Estimate for your loan, which will include what the closing costs on your home will be, within three business days of receiving your completed loan application. These can change.
Closing
At least three business days before your closing, the lender should give you Closing Disclosure statement, which outlines closing fees. Compare this to your Loan Estimate and ask the lender if you have question.
Home Warranty
Different than Insurance, a home warranty covers costly home repairs and replacements due to normal wear and tear. Since every owner uses the home differently it’s quite common for items that were working to suddenly break. Is it worth purchasing? Yes! Often we at GATELY Properties will negotiate that the seller provide a home warranty.
