Question 1

How do I know if I am ready to buy a home?

Accepted Answer

You can find out by asking yourself a few questions:     Do I have a steady source of income?  Have I been employed on a regular basis for the last 2-3 years?  Is my current income reliable?  Do I have a good record of paying my bills?  Do I have few outstanding long-term debts, like car payments?  Do I have money saved for a down payment?  Do I have the ability to pay a mortgage every month, plus additional costs?  If you can answer “yes” to these questions, you are probably ready to buy your own home!

Question 2

What is title insurance and why do I need it?

Accepted Answer

An Owner’s Policy of title insurance protects the buyer against loss for title threats undiscovered at the time of closing and provides a defense in the event of claims against the title pursuant to the terms of the policy.

Question 3

How much money will I need upfront to buy a home?

Accepted Answer

In general, you need enough money to cover three expenses:  1. The earnest money (variable)  2. Down payment  3. Closing costs

Question 4

In addition to the mortgage payment, what other costs do I need to consider?

Accepted Answer

Utilities, property taxes, homeowner’s insurance, and maintenance costs are a few of the expenses to be considered. Additionally, there may be homeowner association or condo association dues.

Question 5

How are pre-qualifying and pre-approval different?

Accepted Answer

Pre-qualification is an informal way to see how much you may be able to borrow. A pre-approval is the lender’s commitment to lend to you.

Question 6

Should I use a real estate agent? How do I find a good one?

Accepted Answer

A good real estate professional can guide you through the entire process and make the experience much easier. All of the details involved in home buying, particularly the financial ones, can be mind-boggling. Start by asking your family and friends if they can recommend an agent. Look for an agent who listens well and understands your needs. The ideal agent knows the local area well and has resources and contacts to help you in your search.

Title Insurance Questions

The more knowledgeable you are about the home-buying process, the better prepared you are to make an informed decision. Once you have found the home of your dreams, contact our office so we can provide the protection you need and the service you deserve.