What are the Costs of Buying a Home? (Episode 8)
Today Jennie meets with Kurt Clements (a licensed mortgage consultant) and asks him the question many new home buyers are wondering.
Besides down payment, what are the costs of buying a home?
- Application Fee (includes appraisal):
- Home Inspection:
- Homeowner’s Insurance:
- Mortgage Closing Fees (can be paid by lender):
Ranges from $300-500. Includes cost of the appraisal to the lender.
Determines the quality of the construction of the home
You have to pay the first year premium before closing, but the mortgage company will pay the next premium that is due.
If you agree on a higher rate, the mortgage company may pay your closing fees.
He provides more insight in today’s episode:
(click here to watch the episode on your mobile device)
Next week we’ll be covering the topic of down payments and what to do if you don’t have money saved up to buy a home.
Stay tuned!
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How to Finance a Million Dollar Home (Episode 7)
One of our viewers asked about financing a jumbo mortgage, so we went on a field trip to the open house of a million dollar home in the area. Ryan gets a little distracted by some of the amenities, but they finally get together and discuss the following requirements to get a mortgage on a home this size.
1) High income If you don’t have a high enough income, you aren’t going to be able to make the monthly payments on your home.
2) Big down payment: Right now the U.S. government continues to support higher income homes by keeping interest rates low, but the government is going to quit backing these types of loans in the future.
3) Sizable financial reserves Banks are going to be less willing to lend large loans to individuals if they are not supported by the United States government.
In the future, buyers looking to purchase a million dollar home may have to turn to private financing. It can be more difficult to finance, because they may require more than a 20% down payment, and a solid financial situation before you can be approved.
Check it out!
(click here to watch the episode on your mobile device)
Stay tuned!
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3 Ways to Ruin Your Home Purchase Transaction (Episode 6)
Today Jennie and Pat discuss the top three ways that you can ruin your purchase transaction:
1) Lack of commitment: Before Realtors can be dedicated to you, they need to be certain that you are committed to buying a home.
2) Setting expectations too high: While home buyers may hear some “suburban legends” about amazing homes for low prices, they need to realize these bargains are quite rare. Real estate is about buyers and sellers working together to create a market, and if the buyer has unreasonable expectations, it is hard for both sides to reach an agreement.
3) Withholding information from your lender and Realtor: If you give your real estate agent misleading information, they are not able to provide you with a house that is within your needs, and everyone’s time is wasted. Entering into a loan with untrue information can also lead to being charged with loan fraud.
Here’s more!
(click here to watch the episode on your mobile device)
Stay tuned!
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Should You Use an Attorney When Buying a Home? (Episode 5)
You’re not going to believe what happened to Jennie in today’s episode!
All we’ll say is that an attorney is involved and he gives some good advice about the home buying process.
Let’s go inside!
(click here to watch the episode on your mobile device)
Real estate attorneys read through the pages and pages of legal jargon in housing contracts to make sure you are getting clear title of the house. Despite the common belief that lawyers are ridiculously expensive, real estate attorneys have flat, reasonable fees. Hiring a real estate attorney guarantees that you are protected in a housing contract.
Stay tuned!
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Should You Get a Home Inspection? (Episode 4)
Today Jennie and Pat welcome a licensed home inspector onto the show to help explain why a home inspection might be a good idea, even for a new construction home.
Even though a home may be beautiful on the outside, there still may be problems on the inside. Simple mistakes, such as ungrounded outlets or leaky pipes, could lead to damage that affects the long-term value of the hoome. Inspections can prevent these minor problems from destroying your house, so make sure you schedule one before moving in.
Let’s go inside!
(click here to watch the episode on your mobile device)
Up next, Jennie’s on the hunt to find out why real estate attorney’s make the big bucks!
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The Importance of Pre-Approval (Episode 3)
Pre-Approval letters enable your Realtor to work with a loan officer more efficiently, enabling you to quickly close on your house. Realtors need to be aware of how taxes could affect the amount their client is Pre-Approved for, because they may not be able to afford to make their payments after property taxes are factored into their budget.
Let’s go inside!
(click here to watch the episode on your mobile device)
Up next, Pat gives insider tips on the home inspection process once you’ve found the perfect home.
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Should You Use a Realtor to Search for a Home? (Episode 2)
When looking to buy a home, there are many ways to find potential properties.
- Realtors
- Craiglist
- Online Ads
- Yard Signs
…and many others.
Even though there are a variety of ways to find properties that are for sale, you should also consider hiring a Realtor. They serve as your advocate, and have easy access to insider information about your area, including school districts and tax rates. When you have access to this knowledge, it will be easier to find the property that is right for you.
Let’s go inside!
(click here to watch the episode on your mobile device)
Up next, Ryan tells us about Preapproval Letters and how important they are when searching for your next home.
Stay tuned!
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We’re going inside a home near you on April 4th!
We’re working on wrapping up the final preparations for a new weekly show that helps people successfully buy and stay in their new home.
Here’s a sneak peek!
Let us know if you have any feedback, ideas, or would like to be a guest of our show.
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