Blog - Month: August 2019

Month: August 2019

Extra Costs of Buying a House: What First Time Homebuyers Can Expect Before Closing

By Andrea Robinson
August 27, 2019 Category: General

Mortgage calculators and offer great insights for home shoppers to understand the cost of purchasing a home, but theres a lot more than a mortgage and property tax that go into the real cost of buying a home. For many first-time homebuyers, extra costs like appraisal fees and title insurance arent on the radar until after meeting with a real estate agent. A good realtor will address these costs in your first meeting, but before you even start seriously looking for a house, you should know that theres a long list of additional fees that go into a real estate transaction. If youve never bought a house before or havent been in the market for a while, heres a list of extra expenses and fees youll encounter before closing. Home Inspections Home inspections are a must for home buyers many lenders may even require them before the appraisal. Whether your home inspection is optional or required by the bank, it will always be an extra expense. Depending on how thorough

Homebuying 201: What is Mortgage Underwriting?

By Andrea Robinson
August 13, 2019 Category: General

In 2018, the total amount of mortgage debt in the U.S. totaled around $15.42 million. Thats a pretty big chunk of the U.S. economy, which will put out around $20 trillion dollars GDP in 2019. As the economy continues to expand in the U.S., the mortgage market should continue to grow, too, as more Americans can afford to purchase houses. A mortgage is the most common way to purchase a home in the world, and theres an in-depth and sometimes lengthy process for a bank to approve a loan to purchase a home. This approval process is called underwriting, and if youre new to homebuying, heres what you can expect next when youve been pre-approved for a loan! What is Underwriting? underwriting | noun The process through which an individual or institution (a bank) takes on financial risk for a fee. Whenever a bank issues a mortgage, there is always some risk that the borrower may not be able to pay. Determining this level of risk takes some time a lot longer than it takes to pre-approve

Homebuying 101: What Happens After the Seller Accepts Your Offer?

By Andrea Robinson
August 06, 2019 Category: General

Whether youve been searching for months or fell in love in just a week, the homebuying process doesnt end when youve found a house you love. In fact, youre really just getting started! Even after the seller accepts your offer, there are several steps before you officially get to move in. These steps can get a bit drawn out and confusing especially if youre a first-time homebuyer. If youre wondering what happens after the seller accepts your offer, here are the seven next steps to remember before you get the keys to your new home in Northeast Ohio! Step 1: Accept the Contract When you agree on a price with the seller, you will enter a formal contract that outlines all the next steps for your home purchase. When a buyer, seller and their agents sign the agreement, they are officially under contract. This contract outlines all the next steps the buyer must complete in order to close the deal. This can include securing a mortgage, purchasing home insurance and ordering a