Q&As
- What is the difference between a real estate agent and a real estate broker?
- What steps do I go through to buy a house?
- How long does it take to buy a house?
- I want to buy a house. I know the property and the seller has an agent. Do I need my own agent or can I negotiate a lower fee if I act as my own agent?
- How much does it cost to use a Buyer’s Agent / Realtor / Broker?
- Working with FHA/203B, RD, VA, Section 184, 203K, Conventional, HELOC, and other types of financing?
- Real vs Personal Property
- Mortgages for Manufactured Homes
- What is a CMA, Appraisal, and AVM?
- Can the Buyer purchase personal property from the Seller?
- Can a mortgage be used to purchase a mobile home?
- What are the basics for handling multiple offer negotiations?
- Are husband and wife required to apply jointly for a mortgage?
- How do I prepare for a cash purchase?
- Do I need flood insurance?
- Where can I research flood maps / areas?
- To whom should I write the earnest money check?
- Should I buy a residential service agreement (i.e. home warranty)?
- Assuming you’ll be obtaining mortgage financing (i.e. not paying cash), here’s a list of steps to buy a house:
- Do I also need an attorney?
- How does the MLS help buyers?
- What is the MLS?
- What’s the difference between a Pre-Qualification Letter and a Pre-Approval Letter?
- When do I apply with a mortgage lender?
- What is Owner’s Title Insurance (OTI)?
- What is Lender’s Title Insurance (LTI)?
- What is title insurance?
- What does a title company do for Buyers?
- How can Harrah Realty help me as a Buyer?
- How much does it cost to buy a home?
- Do you work with out of town clients?
- Can you help me purchase or build a new home?
- Do you work with First-Time Home Buyers?
- What is a lease purchase or an option purchase?
When do I apply with a mortgage lender?
Once you’ve evaluated your financial and living situation and decided you’d like to consider purchasing a home, the first action step is to get pre-approved. Getting pre-approved prior to visiting properties helps all parties involved:
- You’re able to make an offer as soon as you find the one you want.
- Your REALTOR® isn’t showing you properties that you cannot afford (that’s what open houses and the Parade of Homes are for).
- Sellers and listing agents aren’t wasting their time scheduling and preparing their home for your visit, a non-qualified buyer.
- Your REALTOR® can advise you in ways that maximize your satisfaction for your purchasing power (e.g. for $xx,xxx more, you’ll likely be able to afford that wish list item you mentioned, or you might not want to max out your monthly payment just for that).