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Buyers FAQ's

The number of homes which will enable you to become familiar with the market and its value. After finding a home that you like, you should return to it during a different time of day to better understand how it would be living there. Define your requirements and have your agent limit the showings to avoid information overload.
When lenders evaluate you for a loan , the factors they consider include: your income to debt ratio, the amount of your down payment, how long you have been employed in your current job, how long you have resided in your current home, and the source of your down payment and closing costs. They will pull your credit report which reflects the debts you have incurred at credit card companies, banks, department stores. You are rated as to promptness in paying. The more prompt, the higher the score. The higher the score, the more flexible they will be in lending to you. The lower the interest rate. It is good to check your score at the services listed below. If there is a problem, you may want to repair your credit by addressing the issues that are detracting from your score. Equifax (www.equifax.com 1-800-685-1111), Experian (www.experian.com 1-888-397-3742), and Transunion (www.transunion.com 1-800-916-8800). You might want to begin with The Federal Trade Commission which has also created a free service which can be accessed at: www.annualcreditreport.com or www.ftc.gov/freereports.
Points are a one time charge usually paid at closing to buy down the interest rate on your mortgage. Each point is 1% of the mortgaged amount: $1000 per $100,000 of the amount mortgaged. The buyer needs to evaluate the benefit of buying down the interest rate in terms of how long it will take for the monthly savings to offset the cost of the points. The sooner the better. Points paid in the purchase of a home are usually tax deductible in the year they are paid.
If the house doesn’t appraise at the amount expected, other alternatives are typically found. A second appraisal may be sought, the buyer may be willing to put more money down, the seller may adjust the price or offer other concessions, or the two sides may negotiate to split the difference between them.
Title insurance assures the buyer that he has clear title to the home he is purchasing. Your attorney or title company will begin a title search to determine whether the seller actually owns the property and if there are any claims against it.