These items are associated with the buying process. And should be factored into your financial overview.
Closing Cost - When buying a home, you will have found a lender and given them all the financial information they require. In return, they will give you a "GOOD FAITH ESTIMATE". Within that document, you will have a break down of all cost associated with buying your new home. That information should also include your entire payment per month, with taxes and insurance figured in.
When do I get to move in - Ok, you are ready to start a new, now that you have signed the contract, it has been accepted by the seller/s and your loan is in process. Once we are up and running, we have inspections to conduct, and the lender has an appraisal to have done. These things, along with title work, to make sure the property will be sold to you free and clear of any existing debt. The entire experience should average a total of 30 to 45 days.
What if I am credit challenged - That is a great Lender question. Go in, sit down and ask that very question. Most lenders have a variety of different programs that could possibly be best suited just for you. Or, you might find that you need to keep working on making payments on time and give your self 6-months to a year and try again.
How to choose a lender - Typically, we suggest that you shop with your personal bank. One that you have your checking or savings account with. Within that, you have established history and should consider what they have to offer. If that does not work for you, then there are several other local options, as well as on-line. We do suggest shopping for that perfect lender. Call more than one and ask questions in regards to "loan closing costs", if there are any additional "processing fees" associated and what it will cost you "bottom line" to purchase a home with "this" lender.
Do I need a home inspection - Yes! We always recommend an inspection on the house that you are buying. You have never lived there. You do not know if all the plug-ins work, if there is a leak in the plumbing or if the roof will need replaced within the next year. All things that will be your responsibility once you purchase the home. Now, prior to closing, we have all of these and more items looked at by a home inspector. Within his "Inspection Report", we will obtain better insight as to what kind of condition the mechanics of your new home are in.
What is an I.L.C. - "Improvement Location Certificate", basically a mini survey. This document will show a sketch of how your new home sits on it's lot. How fences line up with property lines and such.
What does the title company do - The title company researches all information in regards to the home that you are ready to purchase. They make sure that all existing leans or debt is or will be paid at time of closing. To make sure that the property is completely yours with only your new loan debt attached. The title company also prepares the closing documents and facilitates the actual closing.