Let me guide
you home
As your Realtor, I work to promote and protect your interests. As a homebuyer, you should feel that you have more than a working relationship with an agent; you should feel as if you are working with a partner who truly has your best interest in mind. When looking for an agent make sure you feel comfortable with that relationship.
Many buyers have questions related to the compensation for their real estate agent. The sales commission is made up of a percentage that the seller pays at closing. At a minimum you can expect the following services:
What can I do for you? SIMPLE.
• Locating and showing available properties of interest
• Counseling about property values
• Explaining available finance options and terms• Keeping your bargaining and financial position confidential
• Advising you about offers you may want to make on a property • Promptly submitting offers to purchase• Assisting you in arranging property inspections
• Responding honestly, accurately and timely to your questions
• Consulting regarding counter-offers
• Following up on needed corrections and repairs
• Supplying information for any and all requested services
• Providing guidance and support throughout the closing process
A 20% down payment usually isn’t required to finance a home purchase, and most buyers who finance a home put down less. Although, a larger down payment does strengthen your offer because it assures the seller that you’re on solid financial ground and your financing is likely to go through. You would also avoid
paying PMI.
First consideration that you need to make when purchasing real-estate is the kind of mortgage loan that you need to take out. Speaking to a mortgage lender will help you in this decision.
BASIC HOME MORTGAGE CATEGORIES
FIXED RATE MORTGAGE [FRM]
Fixed mortgages is that they have stremendous stability. The interest rate on your mortgage is locked fromt he time of the origination of the mortgage and remains stagnant throuhgout the term of the loan.
ADJUSTABLE RATE MORTGAGE [ARM]
The ARM has an interest rate that is tied to an index and changes according to changing market rates. Although, you do not have the stability you would have with a FRM, the initial rate in ARM is lower than FRM.
GOVERNMENT GUARANTEE LOANS
FHA LOAN
Beneficial for you if you are a first time home-buyer with moderate or low income.
VA LOAN
You need to have served in the military actively or you are the surviving spouse of an active service member. A VA loan require zero money down.
CONVENTIONAL LOAN
Excellent option for borrowers with strong credit.
LENDER PRE-APPROVAL
A pre-approval letter will save you time, unnecessary frustration and is a must when submitting an offer on a home. The pre-approval letter establishes how much home you are qualified to purchase, demonstrates to the seller your true ability to purchase the home .
Some items you will need to pay before closing:
EARNEST MONEY
Your initial offer will include an earnest money deposit, which tells the seller you are serious about purchasing their property. On average $5,000-$10,000 and will be credited towards any closing costs you owe at the time of closing.
INSPECTION COST
Complete home inspection is highly suggested. Inspection costs vary depending on size of home and run $400-$600. This is to be paid at the time of service to the licensed inspection company.
RECOMMENDED LENDERS
Reference my name
Renzo Sandoval - Network Funding
720.427.4395 renzo.sandoval@nflp.com
Now that you have spoken to a mortgage lender and received your pre- approval, let’s go shopping. The first step is for me to set you up on a search through the Multiple Listing Service [MLS]. The MLS is going to be the most accurate source to see the most up-to-date inventory of homes. I can revise the search as needed and as new inventory comes on the market that matches your search criteria you will be sent additional emails. Showings can be scheduled easily, just most homes on the market will require a 24 hour in advance notice for showings.
Virtual Reality House Hunting If you are out of the area I provide a Virtual Reality House Hunting experience. I’ll preview homes for you, take video of the home and neighborhood and send you the video via a personalized link. Contracts can be signed electronically. too!
THINGS TO THINK ABOUT
Besides Bedrooms + Bathrooms
Location
Style of Home
Do you want a HOA
Are Schools Important
Garage
Space Lot Size
s a Pool a Must
Once you go under contract on your future home you will immediately enter into an inspection period. During the inspection period, you, as the Buyer have the right to hire a professional home inspector to inspect the condition of the home.The timeframe to have the inspection completed depends on your contract. On average 5-10 Days after going under contract on the home. You will receive a written report of the inspection and can ask the home inspector any questions you may have on the report.
ADDITIONAL INSPECTIONS YOU MAY NEED
Sewer Inspection: This is a ver important one, sewer repairs canbe very expensive.
Radon test: I reccomend doing it, unless it’s a high rise condo. This is a safety hazard.
RECOMMENDED INSPECTION
COMPANIES
Colorado Inspect
720.435.3336
www.coloradoinspect.com
Axium Inspections
303.797.6900
www.axiumninspections.com
HOME WARRANTY
Even after a home inspection you may choose to obtain a Home Warranty for peace of mind. There are different plans to cover different items in the home.
FINANCING PERIOD
Within the first 5 days of going under contract on a home you will need to make the application with your lender to proceed with obtaining a mortgage. The lender will ask for you to send them any information needed to finalize the loan. It is important during the home-buying process not to change jobs, make any large purchases or open credit cards/line of credit; doing so could change your qualification for the loan.
APPRAISAL
If you are financing a home an appraisal is necessary. The appraisal will be ordered by your mortgage lender and is a professional opinion on the value of your future home. We want to make sure you are not overpaying for the home-this protects the lender and you.
HOME INSURANCE
If you are financing a home you will be required to obtain Homeowners Insurance. The lender will ask for the policy information before closing. Be sure to shop around BUT sometimes you will get a discount if you obtain Home Insurance the same place you have an auto policy at.
TITLE WORK
The title company you choose will conduct a title search on the home and order the survey on the home. As the buyer you will pay for the survey if it’s required by your lender and it will be included in your closing cost.
CLOSING DOCUMENTS
1 Day before closing you will receive the closing documents to review final costs at closing.
CLEAR TO CLOSE
The mortgage underwriter has approved all documents required to fund the loan and we are ready to close. If you owe money at closing the title company will give you wire instructions.
CONGRATULATIONS!
IT’S CLOSING DAY, YOU BOUGHT A HOUSE.
READY TO CHAT ABOUT BUYING A HOME?
LET’S SET UP A TIME TO MEET AND DISCUSS.
Free for YOU
Buyer’s Guide for Experienced
and New Home Buyers