Why Buy With Us?
Our Realtors are knowledgeable and experienced in working with Buyers. Whether you are a first time Buyer or looking for your next dream home or property, we walk you through the process step by step. We make what can be a complicated process, easy to navigate.
After finding a REALTOR®, being pre-approved for a mortgage is one of the most critical steps potential homebuyers should complete. This is essentially an assurance from a lender that the buyer is qualified to borrow up to a specific amount of money at a particular interest rate. It makes the buyer look more serious to sellers and, in a competitive market, can make a buyer stand out among a multitude of offers.
Escrow and Closing Costs
Escrow: When you go to purchase a home, you will need to put something up as a good faith deposit. This is also referred to as the EMD or earnest money deposit. This amount ranges from $1,000 or more. This shows the Seller you are a serious Buyer and are putting money up to illustrate this. The EMD is applied to your closing costs at closing.
Closing Costs: You will likely be responsible for a variety of fees and expenses that you and the seller will have to pay at the time of closing. Your lender must provide a good-faith estimate of all settlement costs. The title company or other entity conducting the closing will tell you the required amount for:
- Down payment
- Loan origination
- Points, or loan discount fees, which you pay to receive a lower interest rate
- Home inspection
- Credit report
- Private mortgage insurance premium
- Insurance escrow for homeowner’s insurance, if being paid as part of the mortgage
- Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
- Deed recording
- Title insurance policy premiums
- Land survey
- Notary fees
- Prorations for your share of costs, such as utility bills and property taxes
A home warranty is NOT homeowners insurance. A home warranty will cover general items that might need repairing unexpectedly. For example: Electrical, Plumbing, Heating and Cooling, Washer & Dryer, Kitchen Alliances. There are many options to select from with regards to home warranty coverage. Look at the home warranty as a safety net. You've just purchased a new home and a month later, the heating a cooling system goes bad. This can be an expensive replacement. If your home warranty covers this item, you will be out the service fee, but will be so happy that you have a warranty.
Boukari Realty would love the opportunity to assist you with your home purchase. Please call us today at 386-462-5130