Four Real Estate Buyer FAQs
I won’t sugarcoat it - real estate can be intimidating. Becoming a homeowner can be frustrating, complicated, and confusing. But the good news is that it doesn’t have to be! I’ve worked in real estate for years and have triumphed over difficult situations. And now, it’s time for me to share that knowledge with you! Here are four of the most common questions I get when helping someone buy a home.
Where do I start?
Preparing for homeownership means knowing what you want in a home, familiarizing yourself with the home-buying process, knowing what you can afford, and finding the right REALTOR® for you. Familiarizing yourself with the home-buying process is easy enough. You can check out my blog by clicking here or ask your agent to walk you through the process. It’s essential to have a basic understanding to know what you’re getting into.
How should I prepare for homeownership?
Getting pre-approved is one thing, but knowing what you can actually afford is another. Go one step beyond pre-approval and make yourself a budget. This budget will give you insight into what you can realistically afford relative to the lifestyle you want.
And, of course, make sure you choose an agent that’ll work hard for you! I work hard for my clients, ensuring they get the most bang for their buck. I make sure my clients aren't just updated throughout the process but understand the process too!
I’m self-employed. Will that affect my mortgage?
If you’re self-employed, buying a home can be tricky, but it’s not impossible. You follow much of the same process as someone who’s traditionally employed but verifying your income can be a more involved process. When you’re self-employed, lenders can’t verify your income with your employer. Instead, they require documentation to confirm that your income is stable. That means you’ll have to provide more documentation than the traditionally employed buyer would.
If you’re a self-employed home buyer, you must maintain excellent records. Make sure you’re using a tool like QuickBooks to help track and classify income and expenses and generate those necessary profit and loss statements.
What’s the actual cost of buying a home?
The actual cost of a home goes beyond the listing price. You need to consider all the closing costs involved, including title insurance, home appraisal, and more. But remember that specific closing costs depend on your lender and the type of mortgage you have.
You can find out more about closing day by clicking here.
