Buying a home does not have to be overly complicated nor rocket science. Every current home owner have already done it, and pretty much followed a similar game plan. Be realistic about your perfect home. A new condominium or a new development does not necessarily mean it will be perfect. Read more…
PITI is principal, interest, taxes, and insurance. Principal is the amount you borrow and you repay to the lender on a monthly schedule. Interest is the percentage that the lender is charging for your loan and you repay to the lender each month. Interest is tax deductible at year end Read more…
BUYER’S BROKER IS PAID BY COMMISSIONS FEE INDICATED ON LISTING AGREEMENT Technically, the buyer does not pay the buyer broker. The buyer broker is paid by the commission split that was entered into the listing agreement by the seller. If the seller’s agreement pays a commission of 5-6% for selling Read more…
FSBO listings are created directly by Flushing home owners that are not working with a listing broker. These home owners may not necessarily pay out a commission at the closing. As a result, a home buyer rebate may not be available with a Flushing FSBO.
When you buy into a new construction, it is recommended to verify the reputations of the builders and developers. Some builders go above and beyond in terms of delivering a very high quality product and have completed many projects; their names are trusted among real estate professionals and home owners. Read more…
When a house is a fixer upper, people start thinking complete tear down and rebuilding from the ground up to resell at a profit. Unless you are already a contractor or in the contracting business, it is not recommended to take on such a big undertaking as your first starter Read more…
Model homes are often shown to potential buyers for condos and homes that have not yet been completed. Once completed, the condos and homes are generally delivered without the full furnishings and same appliances as the model homes. When viewing the models regardless of the listed prices, ask how much Read more…
After you signed the purchase contract, now is the time to get your mortgage or complete the pre-approved mortgage. The purchase contract will generally include a contingency rider that gives you time to get a mortgage loan. In addition to all the financial documents that a lender will require from Read more…
When you buy a home, the money that goes toward a mortgage is building equity in the long run. With a good chance for real estate property to appreciate, the home value may be worth more than the money you put in over the years. Paying off the principal of Read more…
The Federal Housing Administration (FHA) provides insurances to lenders who offer mortgages to borrowers making low down payments of 3.5% of the sale price. Features of FHA loans: Low down payment with a minimum 3.5% of the sale price Easier to qualify than a conventional loan. Low credit score is Read more…