Hi! My name is Demetri Koutsokostas and I am a Realtor with Alpha State Realty of Carlisle. Thank you for visiting my website, this video will cover the basics of the home buying process and more specifically the individuals that will be involved through out the process with you to make it an enjoyable experience.
First, we’ll start with the lender, a very key component in today’s market. Buying your first home or next home will most likely involve barrowing funds. A lender simply the financial institution that gives you the money to buy your home and interest is charged in return. You are the barrower, the mortgagee one who applies for and receives the loan in the form of a mortgage with the intention of repaying the loan in full. The key to a great home buying experience is not just getting the home of your dreams, but getting your great deal on a home loan, one that you can honestly afford. Your lenders should have your best interest in mind. As you all know, the American dream of home owners are turning into a nightmare as more consumers are experiencing.
A higher mortgage payment, huge repayment penalties, painfully high fees and essentially money losing your homes. Your first step in qualifying for a home mortgage loan is to establish credit, you should be employed, have a record of your assets, and be able approve it by means of bank account and income statements. Your credit history has a lot to do with determining your qualifications for a home mortgage loan as well, okay keep that mind.
Next, we’ll take at look me, the realtor, a realtor is a real estate broker and associate holding act of membership in the local real estate board with the National Association of Realtors. Real estate transactions involved one of the biggest financial investments of your lifetime. So funding a reputable a knowledge of a realtor is extremely important, you should utilize the latest technologies and business strategies and more importantly, they should listen to you in order to find home buying solutions that entailed to your family’s needs.
A couple of things to keep in mind, they should help to determine your home buying power, assist you in your home search, provide objective information about the property, help you negotiate, provide due diligence during the evaluation of the property, help you in understanding the different financing options and finally guide you through the closing process to finally getting the keys to your new home.
Next, we’ll briefly go over the appraiser, and the appraiser is a licensed professional who provides appraisal services for a fee. They’re often required to take courses, have undergone extensive training and they must be licensed in the State of Pennsylvania. The appraisal performs a number of tasks, including an inspection of the home that he or she is appraising. They may also perform thorough research of public records obtain items such as a plot map, research earning, flood data, and the similar sales and listings in your neighborhood. When inspecting your home, the appraisal will make notes of any improvement physical characteristics after inspecting the home they’ll take photos, possibly visit comparable home that have sold in the area. And after that they collect all the information they need, they use it in determining the value of your home using the information that the appraiser collected he or she will determine the market value of your home for the bank to lend on.
Next we’ll take a look at the home inspector. They are an objective, they provide an objective visual examination of the physical structure of the systems in the house. Their report will cover the home seeding system central air, if that applies, plumbing, electrical, roof attic, walls, ceilings, foundation, basement. And their purpose is to minimize unpleasant surprises and unexpected difficulties. You’ll want to learn as much as you can about the newly constructed or existing house before you buy it. And the home inspection will identify the need for major repairs or builder oversights as well as the need for maintenance to keeping in good shape. In that way you can make and educated decision by knowing more about the house.
Finally we’ll take to look at the title company. In order to determine the status of the title, a title company conducts a diligent search of public records for these documents associated with that property. Then they examine those recorded documents in order to determine of there any rights or claims that may impact the title on that property. Title search may reveal the existence of recorded defects, liens, or encumbrances on the title such as unpaid taxes, unsatisfied mortgages, tax liens. This defects liens and encumbrances are reported to you prior to your purchase of the property. Once reported this matters can be accepted, resolved or extinguished prior to the closing of the transaction, typically extinguished is the preferable option.
In addition you are protected against any of the defects or any unrecorded defects for claim is made against you, your insured title. The title company protects you by defending your title in court at no cost to you, bearing the cost of settling the case if it provides valid in order to protect your title to maintain your position on the property.
Well, that will do from my home buying video, of course there's more involved, but that’s something that you would need to set down with the real estate professional to dig in deeper. Thanks again.
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