Down payment is the money that you put towards buying the home which the lender likes to see as your collateral in the home purchase. The higher amount you put in, the more confident the lender will be in approving and providing you with the mortgage loan. Having a good Read more…
When a buyer approaches a seller’s agent at an open house without any agent representation, the seller’s agent may engage in dual agency with proper agency relationship disclosure and authorization from both the seller and buyer. Under dual agency, the seller’s broker will represent both the seller and buyer for Read more…
One of the biggest hurdles of buying a home is making the down payment. Besides cutting back on daily expenses and downsizing on living arrangements to save for a year or two, there are other options to consider. Secure a gift from family or friends. Loan officers prefer to see Read more…
Mortgage lenders will use a standard mortgage application form developed by Fannie Mae that standardizes the loan application process. https://www.fanniemae.com/singlefamily/uniform-residential-loan-application As a borrower, you will generally get the Form 1003 (Uniform Residential Loan Application) pre-filled with the mortgage information of the loan product that you have selected. Then it may take Read more…
Potential buyers are generally focused on new and active listings once it appears on the market while overlooking the properties that have been on the market for an extended period of time, including expired listings and price reductions. Expires and price reductions usually indicates there may be something wrong with Read more…
Should you buy a house if you are single and only need one room? Will you be able to afford the mortgage payments? A lot of buyers have bought a larger Flushing house with 4-5 bedrooms which is more rooms than they need, and filled the empty rooms with roommates. Read more…
Is the down payment amount preventing you from buying a home? Be creative, and the down payment becomes only a small part of home buying process. Get a loan from a family member. Ask for a gift amount from parents. Buy the property together with a relative or a friend. Read more…
“As-is” means like it sounds. If a used car is listed “as-is” by the car dealership, then the buyer takes the car “as-is” after paying. Any issues found with the car afterwards is the responsibility of the new owner and not the dealer because it was listed “as-is”. A home Read more…
Before buying into a condominium or co-op, it is important to research the community association regardless if it is brand new or very well maintained in appearances. The community association deals with day-to-day rules that affects the quality of life and community finances. Request for the board meeting minutes – Read more…
Scheduling too many viewings per day is analogous to eating more than you can chew. After a few initial viewings, the information that you can retain about a house becomes less and less. The reason being is that houses have more important aspects to remember than a majority of items Read more…