A question came across my desk last week about a woman that was in a serious situation and she wasn’t sure how to handle it. This woman lets call her Ms. X was in the process of moving from a rental property to a home that she was buying. Not only does it set you up for building wealth, it streamlines the real estate process. And when it comes to making an offer, your agent will negotiate on your behalf so you don’t pay a penny more than you have to. Except if you’re in a competitive real estate market, Michels cautions.
When mortgage payments are made on time, the homeowner can achieve a better credit rating. They bought the house in June using Knock, a company that’s trying to revolutionize the real-estate industry with a home trade-in platform” making it easier to buy and sell at once.
Home buyers need to remember that the seller’s real estate agent works for the seller. Closing costs may be between 2 and 5 percent of the value of your home, so be ready for a fairly significant expense once your offer has been accepted and your loan has been approved.
Once an offer is accepted, you’ll sign a purchase agreement that includes the price of the home and estimated closing date. You can then decide if you want to ask the seller to fix anything on the property before closing the sale. Some lenders insist you pay the fees up front which means you won’t be paying interest on it; others add it to the mortgage, which might be better if you can’t afford yet another financial outlay at the time of buying your home.
Decide how much you can set aside for a down payment, closing costs and ongoing maintenance costs. Buyers of residential homes costing over £125,000 have 30 days from the completion date to pay Stamp Duty in England and Northern Ireland. Afterward you want to fax to the mortgage lender to verify and up to date payoff, monthly payment and mortgage status.