1. Buying a home in order to build equity is one of the main financial reasons prospective buyers jump into the market.2. Buying a home is now 38% cheaper than renting (www.forbes.com).3. Property taxes and mortgage-interest costs are significant, but they are also deductible.4. The higher your marginal tax rate is, the bigger the deduction.
1. Know What You Can Afford - how much cash you will need out of pocket for a down payment*, monthly mortgage payment including taxes, interest, insurance and misc. fees.2. Know Where You Want To Be - learn about the neighborhood before you make an offer3. Choose Your Property Type - learn about single family homes, townhomes, condominiums, and new construction homes.4. Obtain a Valid Pre-Approval Before You Make an Offer - a document verification, credit check and underwriting gives you and the seller confidence in your ability to close the deal once you find your perfect home.
The VA and USDA both offer a zero down loan program for individuals and/or properties that meet their criteria. Sometimes, loans require little or no cash out of pocket. Some HUD properties are available with as little as $100 down.
The Federal Housing Administration loan program can allow as little as 3.5% down, and it is more lenient than most other programs on minimum credit scores and other factors.
Fannie Mae / Freddie Mac conventional loans are available with down payments as low as 3%. The minimum on these programs can change dependent on factors such as property type, credit score, occupancy, etc.
Finding a Realtor® to purchase your home costs nothing, yet your real estate agent provides immeasurable and insurmountable benefits. As industry experts, your agent has extensive experience in the field and our geographical location, fully understanding the dynamics in this fast-paced, highly competitive market. You and your Realtor® work as a team identifying the lifestyle of your dreams.
You will need to secure a pre-qualification letter from a lender to facilitate your search and negotiate with confidence. Your Realtor® can refer you to lenders best qualified to assist.
With many connections and resources, your Realtor® will work tirelessly to match all of your criteria. They will provide you with instant listings that are NOT already under contract.
Your Realtor® will assist by providing objective information about each property. They have exclusive access to property data such as sales and tax history and comparable home prices.
Your Realtor® is an experienced and powerful negotiator. Best practices and daily market fluctuations will help determine when and how to negotiate your selected home offer.
There are significant steps to complete before the final purchase. Your Realtor® knows the most qualified professionals, coordinates appointments and provides all necessary information.
If you’re not paying cash, you need to pre-qualify or get pre-approved with a lender first to determine the following:
This a great time to shop interest rates and request a written good faith estimate to compare various loan offers and fees. Your agent may have other recommendations and can refer you to their referral lender.
Required within five days of the contract acceptance, you will fill out a full loan application. This is when you will pay for the appraisal and credit report - costs that will be credited to you at closing.
Typically, home buyers will pay between 2 to 5% of the purchase price of the home in closing fees. The following is a list of the most common fees:Origination Fee: percent of loan amount charged by lender to prepare the loan Points: a point is equal to one percent of the loan amountCredit Report: fact data mortgage credit report that is required on all mortgage loansAppraisal: required to determine the property valueSurvey: indicates what property is being used as security for the mortgageAttorney Fee: retained to handle legal aspects and formal closing of the loanTitle Insurance: (Lender’s Coverage) insures the owner against title defects not revealed through normal title search and unrecorded claimsTitle Insurance: (Owner’s Coverage) insures the owner against title defects not revealed through normal title search and unrecorded claimsRecording Fees: local municipality charge for the recording of the deed of trustMisc. Fees: common fees charged by the lender such as a tax services, document prep, processing, underwriting and applicationPro-Rata Interest: interest on the loan from closing through the end of the month Home Insurance: (often called fire & hazard insurance) required to protect the lender and homeowner against loss due to fire (first year’s premium charged at closing)Mortgage Insurance: required on conventional loans made with less than 20% down (all FHA loans require this insurance regardless of the down payment amount)Escrows: funds held in account by the lender to assure future payments for taxes and insurance (a minimum of two months taxes and insurance are charged at closing)
Nic Kerdiles is dedicated to creating and implementing a customized marketing plan for every client. He develops this plan to ensure his client’s properties sell at the highest possible price, in the quickest time, while also negotiating the best deals for his buyer clients.
3990 Hillsboro Pike, Suite 320
Nashville, TN 37215
Luxury Isn't a Price Point.
It's a Level of Service.
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