FAQ's and Real Estate Guide
Questions and Answers
- Are there any special programs for first-time buyers? Yes, there are several programs available for first-time buyers - FHA, VA, and MSHDA just to name a few. However, many items play a part in determining which program is best for you. You can contact our mortgage specialist for details. Read about the different types of loan programs.
- How much money will I need? It depends on the kind of financing program, but you'll need to cover the down payment, closings costs, pre-paids, and escrows. We can help you determine all these amounts during the consultation.
- Will I save money going through the listing agent? No, in fact, the listing agent usually represents the seller's best interest. Their job is to make sure the Seller gets top dollar. You need someone to represent you during the transaction through Buyer Agency.
- Do I pay the Realtor? The seller pays the largest portion of our commission via the listing and our office charges a small commission of $195. It varies from office to office.
- Should I get pre-approved for a mortgage? Yes, you should contact a mortgage banker. The mortgage industry has been turned upside-down and what worked years ago does not operate like that today. We know several lenders that will meet you for a consultation and pre-approval and explain the various programs available. Many lenders do this via the telephone and leave out many important items. Learn more about the pre-approval process.
- How much can I afford? Lenders look at several factors to determine what you can afford, but your debt-to-income ratio plays a huge factor in it.
- Is spring the best time to buy? Spring is usually a busier time because people want to get moved before the school year starts, but it is not necessarily the best time to buy. Houses sell all throughout the year. The best time to buy is when you are ready.
- Should I use only one Realtor? Absolutely! Since real estate agents belong to the MLS (Multiple Listing Service), they have access to ALL homes currently on the open market, regardless of who has it listed. So agents who belong to the local MLS get all the same data. Plus real estate agents are not paid until closing and work on commission, so they would rather work with someone that is giving them 100% than someone giving them 50%. You should hire one agent to represent you and look at homes only with that one agent. Otherwise, you may see doubles. Find someone you like, trust, and who is also an experienced and a full-time realtor.
Have a Question for Us?
Simply fill in the form below and a consultant will reach out to you.
We'd love to hear from you.