Hiring a real estate agent offers valuable insights and support throughout your transaction. Agents provide:
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Start by assessing your finances and getting pre-approved for a mortgage.
Typically 2% to 5% of the purchase price.
A home inspection identifies property issues and is highly recommended.
Get a Comparative Market Analysis (CMA) from a real estate agent.
Declutter, clean, and consider minor repairs to enhance appeal.
You may qualify for capital gains tax exclusion if it was your primary residence.
Location, amenities, price, and lease terms.
Typically one month’s rent, held for damages or unpaid rent.
Contact your landlord or property manager promptly.
Residential rentals, commercial properties, and REITs.
Options include traditional mortgages, hard money loans, or cash.
Market fluctuations, property management challenges, and unexpected repairs.
A loan specifically for purchasing real estate, with the property as collateral.
Fixed-rate, adjustable-rate, FHA, VA, and interest-only loans.
The upfront amount paid when buying a home, typically 3%-20% of the price.
Private Mortgage Insurance, required if your down payment is less than 20%.
Proof of income, tax returns, bank statements, and debt information.
A lender’s conditional commitment to loan you a certain amount, showing you’re a serious buyer.
Credit score, loan type, down payment, and market conditions.
Fixed-rate has a constant interest rate; ARM’s rate varies after an initial period.
Holds funds for property taxes and insurance.
Late fees, credit score impact, and potential foreclosure if missed repeatedly.
Replacing an existing mortgage with a new one, often to secure a lower rate.
If rates drop, your credit improves, or your financial situation changes.
Typically 2%-5% of the loan amount, covering application, appraisal, and closing fees.