FAQs

If you need to apply the equity of your home to the down payment on the new home, yes, then the home will need to be sold first. In the case you want to turn your home into an investment property, renting it out then the current home will not need to be sold. In other cases, the client can qualify for 2 mortgages and can buy another home while the current home is for sale. However, your loan advisor will need to evaluate your risk profile and credit to determine whether making a loan on a new home is possible while retaining title your current home.

First, you need to know how much you can qualify for. Knowing how much home you can afford narrows down the home searching to find properties, thus no time is wasted considering homes that are not within your budget. (Pre-approvals also help prevent disappointment caused by falling in love unaffordable homes.) Second, the loan estimate from your lender will show important information such as how much money is required for the down payment and closing costs. You may need time to save up money, liquidate other assets or seek mortgage gift funds from family or get out of your lease. In any case, you will have a clear picture of what is financially required and you can develop a plan of action together with your Real Estate Agent. Finally, being pre-approved for a mortgage demonstrates that you are a serious buyer to both your real estate agent and the person selling their home. Most real estate agents will require a pre-approval before showing homes and sellers will not consider your offer if they have other buyers that are approved with their lender letter.

For most home sales, there are two real estate agents involved in the deal: one that represents the seller and another who represents the buyer. Listing brokers represent the sellers and will charge a fee to represent them and market the property. Marketing will include advertising expenses such as social media ads, print ads, internet ads. The property will also be placed in the local multiple listing service (MLS), where other agents in the area and nationally will be able to search and find the home for sale. Buyer’s brokers represent buyers (a.k.a. buyer’s agent) are compensated by the listing broker for bringing home buyers to the home. When that home is sold, the listing broker splits the listing fee with the buyer’s agent. Thus, buyers don’t pay their agents.

Yes! Home inspections are highly recommended because they can reveal hidden defects in the home that are not easily detected. Home inspections bring peace of mind to one of the biggest investments of a lifetime. Some lenders and agencies require certain home inspections. There are several to choose from and your Real Estate Agent can provide a list and guide you along the process.

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