SUMMER TIME! POSTCARD

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SUMMER VACATION

WHO LET THE DOGS OUT? POSTCARD

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A DOOR IS WHAT A DOG IS PERPETUALLY ON THE

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REAL ESTATE 1 POSTCARD

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MULTIPLE LISTING SERVICE

REAL ESTATE 2 POSTCARD

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ADJUSTABLE RATE MORTGAGE

• What is the difference between pre-approval and pre-qualification?

These terms are often used interchangeably, but they are not the same thing. A pre-qualification is an estimate of how much you can afford. Based on your verbal finances, a lender can give you an idea of the mortgage amount which you qualify.

A pre approval is much more involved than a pre-qualification. A preapprval pulls your credit score and goes more in depth to give you an exact loan amount for which you qualify. A lender will give you a conditional commitment, in writing, for the exact loan amount they will lend you for the purchase of a home. This option gives you more buying power, like a cash buyer.

 

• What is a good faith estimate?

A good faith estimate (GFE) is an itemized estimate of your settlement costs, provided by your mortgage lender. The settlement costs include all fees involved in the purchase of a home, including the loan itself, taxes, insurance, inspections, and all other fees. Most importantly, it tells you how much money you need to bring to settlement to purchse the property. Once you obtain the estimate, the lender cannot change the fees in the origination box. The final closing costs may be slightly higher or lower than the GFE, but the difference cannot be greater than ten percent.

 

• What is my home worth?

There are many dependent factors in determining the worth of a property. The biggest factors include location, condition and most importantly, the current market. In a constantly changing market, it is hard to keep up with the current value of your home, but it is important information to know.

I can offer a complimentary Home Evaluation to give you an idea of the fair market value of your home.

 

• What is the difference between appraisal and assessment?

An appraisal is when a certified appraiser does research to determine the value of your home. This is usually done when an improvement has been made (remodel or addition) or when a buyer is trying to obtain a mortgage on a property.

An assessment is done by the government to assess value of your property for the purpose of determining your property tax.

 

• What costs are involved in selling or buying a home?

Costs vary with each and every property. Whether selling your home, buying a new home, or both, I provide you with an estimated closing costs sheet to show you the costs incurred with each specific property sale. Some of the costs include taxes, insurance, and inspections.     

      

• What is the difference between a Seller's Market and a Buyer's Market?

It is considedered a Seller's Market when there is a high demand for homes, but limited inventory on the market. With a surplus of buyers and not enough houses, sellers are likely to sell their properties above market value, thus making it a seller-favored market.

A Buyer's Market is when the inventory surpasses the demand. In other words, when there are more homes on the market than buyers. Because of the low demand, seller's will price their properties competitively in attempts to attract buyers. This is a great time for buyer's to purchase homes below market value.