Real Estate Terminology Archives -

April 16, 2024July 27, 2024

Understanding the ABCs of Jargon

Navigating the world of real estate can be daunting, especially with the industry-specific jargon used by professionals. Whether you are looking to buy or sell a home, understanding common real estate terms is essential. As your dedicated real estate experts, we’re here to break down the most important terms you’ll encounter, ensuring you’re well-prepared for the journey ahead.

real estate meeting with happy homesellers

Terms For Home Sellers

1. Listing Agreement: This is a contract between you, the homeowners, and a real estate agent (like us), authorizing the agent to represent you and sell your home. Let’s discuss how we can represent your interests.

2. Asking Price: The initial price you set when your home is put on the market. It’s crucial to set a competitive asking price that reflects the current market conditions. We can provide a market analysis to help you set the right price.

3. Home Inspection: A thorough examination of your property by a professional who will check for structural and mechanical issues. Opting for a pre-listing inspection can be a smart move to fix any problems before putting the house on the market, making it more attractive to buyers.

4. Curb Appeal: The attractiveness of your property when viewed from the street. Together, we can enhance your home’s curb appeal to make a lasting first impression and potentially increase the property’s value.

5. Staging: The process of decorating your home to impress potential buyers and sell it quickly at the highest possible price. We can guide you through staging your home to showcase its best features.

6. Closing Costs: These are expenses over and above the price of the property in a real estate transaction. As your agents, we will help you understand what costs you might be responsible for and negotiate the best terms.

7. Escrow: An account held by a third party on behalf of the buyers and sellers. It holds funds, including the earnest money deposit, until the deal is closed. We’ll ensure that your transaction is secure and transparent.

Terms For Home Buyers

1. Pre-approval: A lender’s commitment to lend you a specific amount based on your creditworthiness and financial position. Getting pre-approved is crucial, and we can connect you with reputable lenders to strengthen your buying position.

2. Mortgage: A loan specifically for purchasing real estate, with the property itself securing the loan. We can help you understand different types of mortgages and find the best one for your needs.

3. Appraisal: A professional assessment of a home’s market value. Most lenders require appraisals to ensure the property is worth more than the loan amount. We can help coordinate this process to ensure everything runs smoothly.

4. Home Warranty: A service contract that covers the repair or replacement of important home system components and appliances that break down over time. Ask us about how a home warranty can give you peace of mind.

5. Title Insurance: Insurance that protects you and the lender from any losses incurred from disputes over the title of a property. We will guide you through the process of obtaining title insurance to ensure your new home is free of liens or conflicts.

6. Contingencies: Conditions that must be met for the real estate transaction to proceed. We will help you understand and negotiate these contingencies to protect your interests.

7. Closing: The final step in executing a real estate transaction. This is when the transfer of funds and ownership takes place. We will be by your side to ensure that your closing goes as smoothly as possible.

Real Estate Terms are Key to Success

Whether you are buying or selling, understanding these real estate terms will help you navigate the complexities of real estate transactions with confidence. As your real estate experts, we are here to provide the knowledge and support you need to make informed decisions that align with your real estate goals. Contact us today to get started on your real estate journey with trusted advisors by your side.

October 1, 2023April 24, 2024

Home Equity: Maximize Your Home Sale

Home Equity: Key Points

Understanding your equity can be a game-changer when deciding to sell your home, especially in today’s market of high mortgage rates.
Nearly 70% of homeowners have significant equity, making it an opportune time to consider selling.
Our expert real estate team is here to guide you through the process, offering free assessments and answering any questions you may have.

What is Home Equity and Why Does It Matter?

Equity is more than just a financial and real estate term; it’s your ticket to new opportunities. In simple terms, equity is the difference between your home’s current market value and the remaining balance on your mortgage. But why should you care? Well, with today’s real estate market, understanding your home equity can be a game-changer when you decide to move.

The Equity Boom: A Silver Lining in Today’s Market

couple waving at laptop on virtual meeting

You’re not alone if you’re hesitant to sell your home due to high mortgage rates. However, there’s good news. According to data from ATTOM and the Census, nearly 68.7% of homeowners have either paid off their mortgages or have at least 50% equity in their homes. That’s right—almost 70% of homeowners are sitting on a goldmine!

How Understanding Your Equity Can Ease the Selling Process

Knowing your home equity can remove a lot of the uncertainty around selling your home. With significant amounts, you’ll have more flexibility in choosing your next home, negotiating deals, and even covering moving expenses. And the best part? Our expert real estate team is here to guide you every step of the way.

Leveraging Equity: Your Hidden Asset

Understanding all the savings you’ve put into your home isn’t just about knowing numbers; it’s about leveraging this asset to your advantage. With our expertise, we can help you strategize on how to use your equity for a down payment on a new home, or even as a financial cushion for future investments. It’s not just about selling your home; it’s about planning your financial future.

Take the Next Step: Unlock Your Home Equity Today

Ready to unlock the potential of your home equity? Don’t navigate this journey alone. Contact our expert real estate team today for a free assessment or with any questions you may have. Your future home awaits!

September 15, 2023April 24, 2024

First-Time Homebuyers Guide: Your Path to Homeownership

Key Takeaways:

Timing Matters: The 2023 housing market has its unique rhythms, but with the right insights and team, first-time homebuyers can find their perfect moment to dive in.
Affordability Explored: Beyond the home’s price tag, factors like mortgage rates, credit scores, and additional costs paint the full picture of homeownership affordability.
Support on Your Journey: With the blend of innovative tech tools and dedicated real estate experts, navigating the 2023 market becomes a smoother and more confident experience.

Embracing the Real Estate Scene: First-Time Homebuyers’ Blueprint

realtor showing an expecting couple a home

Every year, countless individuals decide to take the leap into homeownership, and 2023 is no exception. Whether it’s the dream of escaping the cycle of renting, desiring a personal space to call your own, expanding a family, or viewing a home as a long-term investment, the motivations are as diverse as the buyers themselves.

Buying a home, especially for the first time, is a significant milestone filled with opportunities and challenges. With the 2023 real estate landscape as your backdrop, having the right knowledge in your toolkit and a dedicated team by your side can turn those challenges into triumphs. Here’s the lowdown on what you need to know to navigate this year’s market with confidence.

1. Timing is Everything: While there’s no one-size-fits-all answer, understanding local market trends can help you find that sweet spot for your purchase. We are constantly monitoring the market, ensuring you’re equipped with the latest insights.

2. Partner with Our Expert Team: We are more than just experts; we’re your dedicated partners in this journey. We offer you firsthand market insights, unwavering support, and a streamlined experience tailored to your needs.

3. Learn the Lingo: Any journey is easier if you can read the road signs. Check our our guide to some of the real estate terms you will encounter.

4. Stay Curious: Markets change. Dive into the latest news, explore neighborhoods, and keep that learning spirit alive.

Making Sense of the Money: Mortgage & Down Payment Insights For First-Time Homebuyers

a happy couple reviewing documents with agent

Navigating the financial side of buying a home in 2023 is all about understanding your options and finding what aligns with your goals. Here’s what you should know:

1. Mortgage Rates: It’s essential to find a rate that aligns with your long-term financial plan. We always recommend engaging with trusted lenders who can guide you through the process, ensuring you land on a rate that feels right for you.

2. Flexible Down Payments: The beauty of today’s market is its flexibility. You might find options that allow as little as 3% down. Remember, it’s about striking the right balance for your budget as first-time homebuyers.

3. Maximize Your Down Payment: If possible, consider putting down more initially. A larger down payment can reduce your monthly obligations and potentially get you a more favorable rate.

4. Leveraging Gifts and Assistance: There are avenues to bolster your down payment, whether it’s through generous family members or assistance programs. Every bit helps in kickstarting your path to homeownership.

Taking the Leap: Turning Your Homeownership Dream into Reality

The drive to own a home can be fueled by various motivations – be it the allure of leaving behind the uncertainties of renting, the desire for a dedicated family space, or seeing it as a tangible investment for the future. The 2023 housing market surely presents its unique nuances. But with good advice, careful planning, and a solid team on your side, those dreams can transform into realities. Owning your first home can be a smooth and rewarding journey when armed with the right tools and insights. We know the market intricacies, and that’s why we’re here: to guide you, answer any questions, and celebrate with you when those keys are in your hand.

Ready to make ‘house hunting’ a thing of the past? Move forward with confidence and let us show you the way. Get in touch today, and let’s bring your homeownership aspirations to life.

August 2, 2023June 18, 2024

Unlocking the Power of Millennial Buyers: A Guide for Home Sellers

Key Facts:

Understand the growing influence of millennial buyers in the real estate market.
Leverage a strong online presence to attract tech-savvy millennials to your property.
Showcase lifestyle benefits and adaptable home features to captivate millennial homebuyers.

Unlocking Millennial Homebuyer Opportunities

The millennial generation is rapidly emerging as a dominant force in home buying. There are incredible opportunities for us to tap into this growing demographic. We are thrilled to share how we can work together to effectively market your property to these dynamic and influential buyers.

Why Millennial Buyers Matter

Born between the early 1980s and the mid-1990s, millennials are the largest generation in the workforce today. Their preferences and lifestyle choices significantly impact the real estate market. Many have reached a stage where they are settling down, starting families, and looking for their dream homes. Understanding their desires and priorities is crucial for us as sellers aiming to maximize your home’s appeal to this vibrant demographic.

Embrace the Digital Realm

In today’s tech-driven world, a strong online presence is essential for reaching millennials. As your real estate agents, we’ll leverage cutting-edge marketing tools and social media platforms to showcase your property in the best light. With high-quality photos, we’ll ensure your home stands out among the digital crowd. We’ll craft compelling narratives around your property, ensuring that its unique features shine through the online medium, captivating potential buyers.

Highlight Lifestyle Benefits

millennial girl smiling at park with dogs

Millennials are looking for homes that align with their desired lifestyle. From emphasizing the proximity to trendy urban centers to showcasing local parks and recreational spots, we’ll paint a vivid picture of the experiences they can enjoy if they choose your home. Highlighting the neighborhood’s vibrant culture and convenient amenities will create a sense of belonging and allure for millennial buyers. We will help them envision their future in your property.

Create the Perfect Home Office Space

With remote work becoming the new normal, a dedicated home office space is highly appealing to millennial buyers. Strategically accentuate flexible workspaces in your home to cater to their evolving work-from-home needs. This will make your property a top choice. By showcasing the versatility of such spaces, we can demonstrate how your home is adaptable to their professional and personal lifestyles.

Harness Millennial Buyers for Your Home Sale

Selling your home to the millennial generation is an exciting endeavor, and we are here to be your trusted guides throughout the process. We bring expertise in digital marketing strategies, an in-depth understanding of millennial preferences, and the dedication to making your home appeal to this growing demographic. Together, let’s unlock the power of millennial buyers and position your property for success in the ever-evolving real estate market!

Are you ready to take the next step? Reach out to us today, and let’s create a winning marketing strategy that speaks directly to the hearts of millennial homebuyers!

An inviting garden and green-space is appealing to buyers of any generation.

July 15, 2023June 18, 2024

Mastering the Market: Why Our Team is Your Advantage in Real Estate

Key Facts:

We’re a dedicated team of real estate professionals with extensive knowledge of the local market.
We use sophisticated market analysis to make informed decisions and guide you effectively.
Our experience allows us to confidently navigate complex markets, ensuring you achieve your real estate goals.

Introduction to Our Team

Navigating the real estate market requires expertise and a steady hand. Whether you’re buying or selling a home, our experienced real estate team can guide you through each step of the process, ensuring a seamless and successful journey.

Proficiency in the Local Market

Every real estate market has its unique characteristics and trends. Our team is deeply immersed in the local market, giving us an intimate understanding of its ebbs and flows. We focus on the granular details that set your property or potential new home apart, equipping us to provide insightful advice that perfectly aligns with your real estate goals.

Custom Solutions for Unique Market Conditions

The real estate landscape is ever-changing, and that’s why a one-size-fits-all strategy just doesn’t cut it. Every area, every market, every circumstance is unique, and deserves a unique approach. Our expertise lies in identifying these unique conditions and creating a tailored strategy that works for you. Whether you’re buying or selling, our team can help you time your real estate decisions in a way that aligns with your personal circumstances and market conditions.

Empowering You Through Our Team Expertise

Real estate transactions are often the most significant financial decisions you’ll make. In a complex market, the reassurance and guidance of a real estate team are not just beneficial—they’re empowering. Our extensive experience, coupled with our consistent success, guarantees that we can manage any situation or market condition with confidence and finesse.

In conclusion, we’re more than just a real estate team—we’re your committed partners in this journey. We stand ready to help you understand the market’s intricacies, devise custom strategies based on your unique situation, and most importantly, fulfill your real estate ambitions. Contact us today, and together, let’s navigate this market and make the most of its opportunities.

Learn about our team here.

July 1, 2023June 18, 2024

Unveiling the Best Timeline to Buy or Sell Your Home

Key Facts:

Personal circumstances such as rising rent, divorce, downsizing, or relocation often trigger the need to buy or sell a home.
A dedicated real estate team offers personalized guidance based on local trends and personal situations, making the buying or selling process more manageable.
Every real estate journey is unique, shaped by your dreams, your timeline, and your local market.

As each season unfolds, the narrative of the real estate market changes, stirring homeowners and buyers to contemplate: Is this the best time to buy or sell a house? While national news can paint a broad picture, the reality is often more nuanced and personal. Whether you’re dealing with rising rent costs, going through a divorce, needing to downsize, or facing a job relocation, your individual circumstances significantly influence your real estate decisions. Our expert real estate team is here to guide you through these personal and local considerations. Let’s dive deeper.

For Homeowners

Selling a home is more than a financial transaction; it’s a significant life event. It may be triggered by various circumstances – a growing family needing more space, a newly empty nest prompting a downsize, a job change requiring relocation, or a shift in your personal life like divorce. Timing it right is essential.

We’re here to offer personalized, data-driven advice tailored to your unique needs and circumstances. Our deep understanding of local trends and conditions empowers us to help you make informed decisions. Our goal is to help you sell your home at the right time for the maximum possible return, whatever your circumstances may be.

Reaching out to us allows you to:

Leverage our in-depth understanding of the local market
Obtain a professional, accurate valuation of your home
Get strategic advice on when and how to list your property for optimal results

For Buyers (First-Time and Seasoned Alike)

Whether you’re moving from renting to owning due to increasing rental costs, or you’re a seasoned home buyer looking for a change, the process of buying a home can seem daunting.

Our mission is to transform this journey into a seamless and enjoyable experience. We believe that the “right” time to buy a home is not a one-size-fits-all answer. Instead, it’s influenced by your financial readiness, personal circumstances, and local market conditions.

By choosing to work with us, you will:

Gain a clear understanding of the local real estate market, personalized to your timeline
Receive assistance in determining what you can afford, identifying areas that align with your lifestyle and budget
Be empowered to make decisions that cater to your specific homeownership goals

Embracing Your Unique Journey

Every homeowner, every buyer, every property, and every local market is unique, as are the personal circumstances that lead you to buy or sell a home. Our commitment as your trusted real estate team is to navigate these unique factors together with you. We strive to understand your goals and dreams deeply, and help you make the most informed decision on when to buy or sell a home.

Don’t let national averages or headlines determine your real estate decisions. Reach out to us today to discuss your specific circumstances, and let’s start your unique real estate journey together.

Your dreams, your timeline, your local market – these are the elements that should dictate your real estate choices. We’re here to make sure that they do.

Every buyer’s and seller’s timeline starts with the local real estate conditions.

June 15, 2023June 18, 2024

Embracing the Power of Homeownership: Celebrating National Homeownership Month

National Homeownership Month is here, and it’s a perfect time to celebrate the many joys and rewards of owning a home. As your dependable real estate team, we’re here to champion this significant month with you, providing the necessary guidance to make your homeownership journey a delightful experience.

In this blog, we discuss:

The benefits of knowing the value of your current home.
A roadmap for those aspiring to become homeowners.
Our commitment as a real estate team to make your journey to homeownership enjoyable and successful.

Homeowners: Unleashing the Power of Your Home

Know Your Home’s Value

As a homeowner, you form the backbone of our communities. Your home isn’t just a building – it’s the place where memories are made, lives are lived, and dreams are nurtured. During National Homeownership Month, we honor your contribution to the vitality of our neighborhoods.

Understanding your home’s worth offers several advantages:

Enables informed decisions on refinancing, home equity loans, or potential selling.
Helps you build a robust financial strategy around your most valuable asset.
Allows you to monitor and capitalize on market trends effectively.

As a dedicated real estate team, we offer complimentary home valuations. Reach out to us today to schedule your free home valuation and unlock your home’s potential.

Aspiring Homeowners: Make Your Homeownership Dreams a Reality

couple shaking hands with real estate agent

Your Dream, Our Commitment

If you’re looking to own a home, National Homeownership Month is an excellent opportunity to take your first steps towards this rewarding goal. Owning a home isn’t an exclusive privilege, it’s an achievable aspiration, thanks to numerous accessible programs for first-time homebuyers.

Embarking on the homeownership path can be an exciting adventure, especially with the right guidance. Here’s how our real estate team will guide you:

We’ll help you understand the range of financial options available, such as FHA loans, VA loans, and local down payment assistance programs.
Our experienced team will accompany you through each step of the process to help you find the perfect new home.

We believe everyone deserves to relish the happiness of homeownership. Contact us today to turn your dream into a reality.

In conclusion, as we observe National Homeownership Month, let’s remember that a home represents more than a physical structure. It’s a sanctuary of peace, a symbol of pride, and an essential element of our communities. Whether you already own a home or are looking forward to becoming a homeowner, we’re here to help you relish every moment of this rewarding journey. Happy National Homeownership Month!

On your journey towards homeownership, avoid these nine common pitfalls!

April 15, 2023June 18, 2024

Everything You Need to Know About Closing Costs

Key Takeaway:

Closing costs are a part of every real estate sale
There are many variables that determine the fees of a real estate transaction
Ask your local real estate expert for specifics

When you’re buying or selling a home, it’s important to understand what goes into closing costs. Closing costs are expenses and fees that need to be reconciled before the sale can be finalized. They typically include appraisal fees, survey fees, title costs, credit report fees, loan origination fees, underwriting costs, recording fees, and taxes. However, the specific costs may vary depending on your region and the terms of your contract. As your real estate professionals, we can provide you with a detailed breakdown of what will be included in your costs based on your specific situation.

How Much Are Closing Costs?

The amount you’ll pay can vary depending on factors such as the price of the home and the type of loan you’re using. On average, you can expect to pay around 2% to 5% of the purchase price of your new home. However, there are options for assistance. You may be eligible for homebuyer assistance programs or closing costs and down payment assistance from the U.S. Department of Housing and Urban Development (HUD). These programs can provide grants that do not need to be repaid or loans with manageable repayment plans. We can provide you with information about these programs and help you explore your options.

Who Pays Closing Costs?

It’s important to note that these fees are not solely the responsibility of buyers. Sellers may also have their own costs to cover, such as broker’s commissions, outstanding HOA fees, and property taxes. However, these costs can be negotiated, and we can guide you through the process of determining who pays what in the final contract.

Learn More

As your real estate professionals, we’re here to make the home buying or selling process as smooth as possible. We’re available to answer your questions, provide expert guidance, and ensure that you understand all aspects of the closing costs. If you’re ready to buy or sell a home, or if you have any questions about closing costs, please don’t hesitate to reach out to us. We’re here to help you achieve your real estate goals!

To learn more about the financial aspects of home buying, read our article on financial pitfalls to avoid.

July 15, 2020June 19, 2024

15 Home Selling Terms to Add to Your Vocabulary

Even if you’ve sold a home before, deciphering real estate jargon can still seem impossible. There’s a lot of unique terminology you should know if you want to make the most of your sale, which means it’s crucial to be well-versed in some of the most common home selling terms before you list. If you’re still confused by contingencies or trying to decode disclosures, our glossary of real estate terms is here to get you on track.

15 Home Selling Terms, Explained

Here’s our A to Z list of the most important home selling vocab every seller should be familiar with. If you don’t see a specific term listed here, feel free to give us a call—we’d love to answer your questions!

Appraisal

The estimated market value of your property. Oftentimes a buyer will need to have a home appraised in order to secure financing.

As-Is

Listing a home “as-is” means that you’re selling it in its current state. This term tells buyers that you aren’t willing to make any changes or take money off the price—they will be responsible for handling all repairs.

Closing Costs

This blanket term describes all the extra fees that come with closing on a home, which are usually deducted from the profit you make on the sale. Common closing costs include agent commissions (for you and the buyer), title fees, loan payoff costs, and any outstanding taxes or expenses.

Commission

This is what you’ll pay your agent (and the buyer’s agent) for their services. Commission is often negotiable and tends to be 5 to 6% of a home’s sale price, with around 3% going to each agent.

Comparative Market Analysis

Often abbreviated as CMA, this detailed evaluation of your home’s value is based on similar properties that have recently sold in your neighborhood.

Contingency

A contingency is a certain condition that must be met before a home is sold. If a contingency is not met, the buyer or seller can exit the deal, typically with no penalties. Financing, home inspections, and appraisals are just a few common contingencies.

Disclosures

Disclosures refer to any specific defects in a home that you’re legally obligated to share with a buyer. Required disclosures vary from state to state and even town to town, but your agent should be familiar with the most common types in your area.

Earnest Money

This is a security deposit submitted by a buyer after they’ve put in an offer to show that they’re serious about purchasing your home. The money is typically applied towards their closing costs if the sale moves forward.

Escrow

An escrow account is normally set up by a lender to hold earnest money until the sale of a home. However, escrow accounts can also be used by lenders to hold real estate taxes and insurance premiums as you pay off your mortgage.

For Sale by Owner

Sometimes abbreviated as FSBO, this is when a homeowner tries to sell their property without the help of an agent, usually to avoid paying commission.

Real Estate Agent

A real estate agent is someone who has passed a real estate exam and possesses a license that allows them to buy or sell homes in a specific area.

Real Estate Broker

Real estate brokers are agents who have received additional education, passed a broker exam, and completed a certain number of transactions. Most agents work under the supervision of a broker.

Realtor®

A Realtor® is an agent or broker who is a member of the National Association of Realtors. Realtors® are required to follow a strict code of ethics and pay annual membership dues.

Staging

Staging is the process of styling and updating your home for potential buyers. It can involve cleaning, repainting, decluttering, making repairs, and moving around furniture to make your space look its best.

Under Contract

When a home is under contract, the seller has accepted an offer from a buyer, and that buyer has the exclusive right to purchase the property.

Thinking About Selling Soon?

If you’re getting ready to list your home, we can help you navigate every step of the process. Just reach out to us to learn more about the services we offer to our sellers, and let us know if you have any questions. We’d be happy to lend you our expertise!

August 1, 2019June 19, 2024

Mortgage 101: What To Know Before You Apply

Everybody loves talking about mortgages. They’re fun, easy to understand, and a great icebreaker, right?….Wrong. Thanks to their lengthy process, technical jargon, and confusing options, mortgages have a bit of an intimidating reputation—but it doesn’t have to be that way!

If you’re in the process of buying a new home and dreading the mortgage application process, here’s what you need to know to keep things running smoothly.

Know How Much You Can Spend

If you’re feeling antsy about getting started and want a general idea of how much loan you might qualify for, consider the 28/36 rule, or the Debt-to-Income ratio—AKA what most lenders use to help calculate your mortgage.

Essentially, the 28/36 rule means that your monthly mortgage payment shouldn’t be more than 28% of your gross income. Additionally, your outstanding debts—like mortgage, car loans, student loans—shouldn’t account for more than 36% of your gross income.

Get Your Finances in Order

Not seeing the numbers you were hoping for after calculating your Debt-to-Income ratio? Then, hopefully, you’ve given yourself a little time to shift things in your favor. Paying off loans, improving your credit score, avoiding big purchases—these will all help you change those numbers.

Of course, completing those tasks is a little harder to do in practice than in theory, so you may have to take a look at your budget and see where you can cut out some extras—at least temporarily!

What You’ll Need to Apply

In the weeks before you plan on applying for a mortgage, you should start collecting all of the documents you need. Since a lender will be telling you exactly how much money they’re willing to loan, they’ll need a comprehensive understanding of your finances beforehand. Start gathering things like:

W2s/tax returns
Photo ID
Your two most recent pay stubs
Current and prior addresses
Asset information (retirement funds, 401(k), stocks and bonds, other investments)
Gift letters

Depending on the lender you choose, you may need additional documents, so consider calling in to double-check beforehand.

Find the Right Mortgage

Once it’s time to start thinking more concretely about applying for a mortgage, you have several options to consider. While all the mortgage options out there could easily fill a whole blog post on their own, here’s a quick rundown to give you a general idea:

Conventional/Fixed-rate: The interest rate of a fixed-rate loan won’t change over time, making it a popular choice for its predictability. Conventional loans typically require a 20% down payment or mortgage insurance for smaller down payments.
Adjustable-rate: The interest rate of adjustable-rate mortgage will fluctuate over time, sometimes lower than fixed-rate, sometimes higher. There is a cap in place so the rate doesn’t get too out of control, but ARMs are typically more popular with those who plan to refinance.
FHA: If you are struggling to come up with a down payment, you may have options with an FHA mortgage. Provided by the Federal Housing Administration, these loans come with a low down payment requirement and built-in mortgage insurance.
USDA: Live in a rural area? Then check out your USDA eligibility! A surprising amount of areas qualify for USDA loans, even if you aren’t living in the countryside. Plus, USDA loans don’t require a down payment and offer lower insurance premiums.

These aren’t the only options you’ll have, just the most common. If none of these sound right or you aren’t sure which to choose, just ask your lender!

Choose the Right Lender

When it comes time to decide who to work with, you’ll have to do your research. Each lender is different, meaning they’ll likely offer you different rates, charges, and loan options.

Luckily, we’ve been working in real estate around the area for years, so we know exactly which lenders are right for which buyers. If you need a few suggestions before you kick off your search, just let us know!

Still Have Questions?

That’s okay—we get it. Applying for mortgage is confusing and challenging, especially if it’s your first time. If you have any questions about the process, we’re here to help.

Ready to start looking at a few homes in your price range? We can help with that, too! Check out our specialized search tool to narrow down your options, and give us a call to start seeing a few in person!