Real Estate Q&A
Should I get Pre-Qualified for a mortgage?
Yes. Getting Pre-Qualified is one of the first steps. This will tell you what homes you can afford. Plus, if you do have any credit issues, this will give you a very accurate outline of issues requiring attention. Most often these issues will need to be resolved prior to buying a home.
What is the difference? Pre-Qualified vs. Pre-Approved?
Being Pre-Qualified you have not actually applied for a loan and the mortgage lender has only your word on your income, assets and liabilities. None of your information has been verified, the loan amount is in no way guaranteed. You may be given a pre-qualification letter that merely states you are likely to be approved for a mortgage.
What does closing or close of escrow mean?
Close of Escrow (COE) is the process that takes place after all money and conditions of the contract are met. When this process is complete. The escrow company will record the deed with the county. This finalizes the process. You can say it is closed. This is the point you own the property. More about: Escrow
After we find the perfect home. How long does it take until we can move in?
This depends on how you pay for the home. If you pay cash, you can close in just a few days. Generally, if you plan to pay with a mortgage. You should allow 30-60 days. It is best to continue working on your mortgage after you get you Pre-Qualified. This will usually speed up the process.
Should we do a Home Inspection?
Yes. Yes. And Yes! I cannot think of 1 single reason not to do a Home Inspection.
Should we get a home warranty?
We recommend getting a home warranty. They do not cover everything. But, it can make a big difference if you have unexpected issues. Plus, we always ask the seller to pay for the home warranty for you. In most cases they agree.
Can we do the final walk thru after closing?
VERY BAD idea. Take the time to look things over before closing. After closing your only recourse, if the seller refuses to fix things, is in court.
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