Credit Helpers

What’s a down payment? The amount of money you take from your savings (for instance, to apply towards the purchase of your home) is your down payment. When you deduct your down payment from the purchase price of your home, the amount remaining is what you’ll need to borrow in the form of a mortgage. If you choose to pay less than a 20% down payment, you may have an additional monthly fee for PMI (Private Mortgage Insurance).

THE IMPORTANCE OF A GOOD PROFESSOR:
AN EXPERIENCED REAL ESTATE AGENT CAN HELP GUIDE YOU HOME
Now that you’ve talked with a Home Loan Expert, it’s time to bring in another great professional: your real estate agent. It can be exciting looking at homes for sale, knowing one of them might be yours soon. But looking at homes that don’t have the features you want can lead to house-hunting burnout. A real estate agent can help you avoid wasted time. They keep you focused on homes that meet your specifications, in neighborhoods that are desirable to you and in your price range. You may have an agent who’s been referred to you by close family or friends, but take the time to interview a few agents before you make a commitment. Make sure you’re comfortable with your choice because finding the right home takes time. Not only will you be spending a great deal of time together, but you never want to feel an agent is rushing you to close a deal especially one that doesn’t feel right to you.

Here are some questions you might ask agents:
• How long have you worked in real estate?
• Is this your full-time job?

• Are you familiar with the area where I want to look?
• How many home sales did you participate in last year?
• Will you be present at the closing?
A good real estate agent will communicate with you frequently, suggest homes and neighborhoods.

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