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Buyer's Most Frequently
Asked Questions
Finding the Right Home
Even before starting to look at houses, find out what price
house or condominium you can afford. In general, you can afford
to buy a home equal in price to three times your gross annual
income. More precisely, the price you can afford to pay for a
home will depend of six factors: 1. your income; 2. the amount
of cash you have available for the down payment, closing costs
and cash reserves required by the lender; 3. your outstanding
debts; 4. your credit history; 5. the type of mortgage you select;
and 6. current interest rates.
Who pays closing costs?
Closing costs vary from one transaction to another and often
total in the thousands of dollars. They may be paid up front
or added to the buyer's loan balance. However, anxious sellers
may offer to pay some or all of the costs to induce a sale.
Here are some basic rules of thumb concerning closing costs:
Historically, if one or more real estate agents are involved,
their commissions are traditionally based on the sales price
and paid by the seller at the time of closing. In recent years,
buyers have paid for agent services in some cases.
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Owner saved over $18,000
with HomeWorks
Owner saved over $6000
with HomeWorks
Owner saved over $15,000
with HomeWorks
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