FAQs
How do I start the homebuying process?
Easy, connect with us! Book your free consultation here.
What are closing costs?
Closing costs are processing fees you pay to your lender. Lenders charge these fees in exchange for creating your loan. Closing costs cover things like your home appraisal and searches on your home’s title. The specific closing costs you’ll need to pay depend on the type of loan you take and where you live. You pay your closing costs when you attend your closing meeting for most home loans.
What is a home inspection?
A home inspection is an objective visual examination of the physical structure and systems of a house, from the roof to the foundation. On average, a single-family home inspection usually takes 2-4 hours to complete, though this is heavily dependent on the of the size and condition of the home. After the inspection process, the inspector will send the client an inspection report (often within 24-48 hours) that covers their findings, complete with pictures, analysis and recommendations.
What is earnest money?
Earnest money is an amount of money put down when going under contract before closing on a house. It’s also known as a good faith deposit. When a buyer and seller enter into a purchase agreement, the seller takes the home off the market while the transaction moves through the entire process to closing. If the deal falls through, the seller has to relist the home and start all over again, which could result in a big financial hit.
What is due diligence?
In most residential real estate purchase contracts, the due diligence period is “boilerplate” or pre-defined in the contract. The period of days can range. Sometimes the clock starts ticking on the due diligence period when the real estate contract is executed between buyer and seller. Of course, the buyer and seller can always negotiate and agree to a different due diligence period other than the one pre-written in the contract.
What are the different types of home loans?
- FHA Loan
- VA Loan
- USDA Loan
- Conventional Loan
We can provide more information on all of these options.
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