Frequently Asked Questions
Am I Ready to Be a Homeowner?
Buying is a very tough decision for anyone to make. You are making one of the biggest purchases in your life, so yes you are allowed to question it. Before you make any purchase, we recommend you do your research and ask professional advice from multiple certified resources before you make this huge decision.
Is Renting or Buying Better?
This question is one of the most common in the Real Estate Industry. When it comes to renting, you may be restricted on any improvements that you would like to do to the property. At the same time, you may not be obligated to any repairs that might come up while you are staying there. Being a owner of a property, you have complete control on any modifications you would like to add or take away on your property.
What Is the Lender's Formula?
A Pre-qualification is based on borrower (buyer) submitted data and information, that is not reviewed by underwriting prior to a pre-qualification letter being issued to the borrower. A Pre-qualification is a quick process and is based only on the information provided by the borrower. The prequalified amount is not a sure thing; it’s just the amount the borrower might expect to be approved for once submitted to underwriting. A loan officer will be conservative on pre-qualifications due to rounded figures being used that are not final.
What Do I Look for in Homes?
This is a personal question that all depends on what you or your family needs.
Do I Need a Home Warranty?
Home warranty is not mandatory, but it is highly encouraged. The benefits of having a Home Warranty is that it covers major appliances, contractor visits, and takes care of costly repairs.
What Should I Expect at Closing?
This is probably one of the happiest day for a Home Buyer, due to this is the day you will officially be a Home Owner! Normally you will need to bring a form of ID, cashier’s check, proof of Home Owner Insurance, and other documents that your lender request.
What Is Pre-approval?
A Pre-approval is based on a complete mortgage application and borrower (buyer) submitted data & information that is reviewed by underwriting to determine credit worthiness and the ability to borrow funds up to a specified amount. The pre-approval letter is provided to the borrower as a conditional commitment in writing for an exact loan amount, allowing the borrower to look for homes at that price level with confidence, and puts the borrower at an advantage with potential sellers. If you have your documentation and data readily available, it is always recommended to upgrade a pre-qualification to a pre-approval whenever possible. It is in your best interest to do so, and will make the entire home buying experience much more enjoyable!
What Should I Offer?
When you ready to put in an offer for a home, there are many things to consider. Do you care about closing costs? Is the house even worth what the seller is asking for? Are there items in the home that you want or to be removed? Everything is negotiable when it comes to purchasing a home.
Can I Ask You for Advice?
At Willoby Homes, we are ALWAYS eager to answer any and all questions you have about Real Estate!