FAQ
FAQ
Frequently Asked Questions
Am I Ready to Be a Homeowner?
- You have enough money for a down payment.
- You’re prepared to take care of a come.
- You’re sick and tired of throwing money away on rent.
- You’re ready to stay in one place for a substantial amount of time.
- You have good credit.
Is Renting or Buying Better?
Taking the leap from renting to owning is an important milestone in many people’s lives. Not only does it signify that your financial affairs are in order, but you’re finally ready to settle down. While owning a home comes with benefits, there are still several drawbacks to consider, including the fact that homeowners are now strapped with one very big financial responsibilility . Despite these financial obligations, many homeowners will tell you that there’s nothing quite like owning your own home
What Is the Lender's Formula?
Loan to Value (LTV) is calculated simple by taking the loan amount and dividing it by the value of the asset or collateral being borrowed against. In the case of a mortgage, this would be the mortgage amount divided by the property’s value.
What Do I Look for in Homes?
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Do I Need a Home Warranty?
A Home Warranty is a service contract that helps protect homeowners against the cost of unexpected covered repairs of their major systems and appliances that break down due to normal wear and tear.
A home warrant is to protect against expensive, unforeseen repair bills and provides peace of mind
What Should I Expect at Closing?
Be prepared for a long meeting! Depending on the documents needed, closing can take up to 2 hours.
At closing, the seller will sign documents that transfer the property ownership to you. You’ll have quite a bit of paperwork to sign. You’ll also have to hand over funds for your down payment and closing costs.
When it’s all done, you’ll receive the house keys and be the owner of your new home.
What Is Pre-approval?
Mortgage preapproval is the process of determining how much money you can borrow to buy a home. To preapprove you, lenders look at your income, assets and credit score and determine what loans you could be approved for, how much you can borrow and what your interest rate might be.
What Should I Offer?
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Can I Ask You for Advice?
Buying or selling a home is a huge decision and one that merits real research and a trusted agent.
Whether this is your first time buying a home or purchasing a second home or vacation home or selling a home our agents do this every day so they can walk you through the process. They provide the most accurate numbers and talk through what they mean. And, most importantly, offer real-world insight and advice based on years of local market experience. That level of knowledge will leave you 100% confident in your decision to buy.
Together Let's Find You The Place You Deserve
844-I SELL NJ
844-473-5565
maryellen@allnjrealestate.com