Should i get pre-approved for mortgage before i start shopping?
Absolutely! No one wants to find the perfect home and then have their loan application denied. Not only do pre-approvals help to determine the price range you can afford so that you are not wasting your time looking for a home that is out of your price range, but they also give you a bargaining tool when making an offer to the seller.
pre-qualification vs Pre-approval?
Pre-qualification letters are different from pre-approval letters in that they do not include an analysis of your credit report or your true ability to purchase a home. All it means is that someone has taken a general look at your income and expenses in order to determine your debt-to-income ratio. This gives you a general idea of the price range you can afford. There is no charge to obtain pre-qualification letters.
How much will it cost me to hire an agent when i buy a house?
Buyer's agents are of no cost to the buyer's. Agent's on the buying side are compensated through the seller's commission. This is just another reason why it's a good idea to be represented during the home buying process.
What is a CMA?
A CMA (Comparative Market Analysis) is an estimate of your home's value done by your real estate broker to establish a listing or offer price when you decide that you want to sell or buy a home or property. A comparative market analysis is not the same as an appraisal, which is performed by a licensed appraiser.
What Is A Seller's Property Disclosure Statement (SPDS)?
In the world of real estate, we refer to this document as the “SPDS” (spuds). The Seller’s Property Disclosure Statement is often provided by the sellers in a real estate transaction. This document asks the seller to provide information about the property and its known condition. read more