BuyingAHome-JenniferChristenot

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take advantage of down payments lower than four per cent. Closing costs must be paid at closing, when the deal is signed and officially done. These costs cover the different costs charged by the lender as well as expenses incurred for processing the loan. While these costs may not sound all that significant they can be quite large averaging about 3 to 4 per cent of the price of the home. When you first apply for your mortgage your lender will be able to give you an estimate of what your closing costs will be so that you can figure those into your purchase. 16.) Should I speak to a bank before or after I’ve found a home I like? Buyers often think that they should look at homes first so that they know how much to ask the bank for, but this is a mistake. You could end up falling in love with homes you can’t afford, or having financing problems you don’t know about. Instead, before even starting to look at homes, speak to your bank or your lender. They will talk to you about your current financial situation, your debts and assets, and tell you what you can afford to spend on a home. If you’re a first-time buyer, it’s especially important that you speak to a bank first. There are many federal, state, and county programs available to help first-time buyers and you should know about them before you start looking. First-time buyers often aren’t familiar with the different costs of buying a home FAQ’S ABOUT BUYING A HOME | JENNIFER CHRISTENOT 22
including escrow, pre-paid items, and down payments to name just a few. Speaking to a bank can help buyers know exactly what they’re committing to before they start looking at homes. 17.) How do I find a lender? Finding a lender for your mortgage is very easy. Finding the right mortgage lender for you however, requires some time and research on your part. If you don’t already have an idea of the bank or lender you want to use, I am happy to refer you to a lender. If you’re already working with a real estate agent, you can also ask them if they know of a particularly good mortgage company or lender in the area. Each of the lenders is likely to offer different interest rates and terms for your mortgage so make sure when speaking to them you bring a pen and paper to write down the numbers, amounts, and other important information. Make sure that you speak with several different lenders before making a decision; you’re entering into a contract with that company that you’ll be committed to for the next 15 to 30 years. For most lenders the entire loan process will take 3 to 6 weeks from beginning to end. This means for many buyers, they can apply for and be approved for the loan before they’ve even started closing the deal on their house. 23 FAQ’S ABOUT BUYING A HOME | JENNIFER CHRISTENOT
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BuyingAHome-JenniferChristenot

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