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If you are ‘pre-qualified’ you have determined with a loan officer what price you can afford based on the down payments, your debts, and the amount the mortgage company will approve for your mortgage. Being ‘pre-qualified’ is only a determination of your probable credit. If you are ‘pre-approved’, your credit, employment, and funds have been approved by a lender and makes any offer you make much more attractive to potential sellers.
Closing costs are accumulations of charges paid to different entities associated with the buying and selling of real estate. For buyers, they are usually 4-7% of the total sales price of a property. Some of the closings costs you might encounter are application fees, appraisal fee, county taxes, credit report, discount points, documentation fee, escrow fees, homeowners association fees, loan fees, mortgage insurance, origination fees, tax registration, and title insurance.
One point is equal to 1% of the new loan amount. Whenever government regulation, state usury laws, and/or competitive practices prohibit the lender from changing a rate of interest that would make a real estate loan competitive with other fields of investments, the lender must seek some method of increasing the yield for the investors. By charging ‘points’, the lender can bring the real estate loan up to those other investments.
When you make an offer, you will need to put up an earnest money deposit as a sign of good faith that you are seriously interested in buying a home. That deposit becomes a part of the purchase price and is held in a trust account until there is a full acceptance of the offer. Typically an earnest deposit is 5-10% of the offer.
Title insurance protects the named insured against loss of defects, liens, encumbrances, adverse claims, or other matters not shown or disclosed to the new owner that attach before date of policy.
Refer to this site for more information on tax credit for first-time home buyers.
After having my home on the market for a couple of years, I decided to find a new realtor. Hiring Jeff was the best decision. His aggressive...
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We are so glad that Sylvia was able to take the stress out of the buying and selling of our homes. With her knowledge and experience, she got...
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Dear Abe, Please accept our most sincere thanks for your extraordinary efforts in the sale of our townhome. Before we contracted with you,...
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From PGA National homes to Admiral Cove, you've discovered the top source of comprehensive information on homes in Northern Palm Beach County communities. Jeff Lichtenstein of Illustrated Properties is the top producing real estate agent in these locations. Jeff has sold over 300 homes, more than anyone else since 2001. He caters to the Waterfront, golf & ranch, and luxury communities here. His focus has always been on providing exceptional service, showcasing quality properties and working with quality clientele. Jeff your only choice for a real estate agent in the area if you're looking for the best. Whether you're looking to sell a home in Admiral's cove or buy one of the beautiful PGA National homes, you need to talk to Jeff Lichtenstein.
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