During the process of buying a home with a mortgage the lender will send out an appraiser to assess the value of the property as compared to recently sold comparable properties. The appraiser will adjust his or her value based on the value assigned to the specifics of the subject property and determine a reasonable value of what the property should sell for in it’s present condition.
Todd Tramonte
Broker / Owner of Market Experts Realty & The Todd Tramonte Home Selling Team
Real Estate Author of Live Free: The Art Of The 2-Year House Flip
This real estate video explains the process of getting a mortgage loan. One of the most important things to consider when starting this process is to start it in the early phases of home buying. The process of pre qualification usually begins with a discussion with a lender about your income, credit and debt. You want to determine what you feel comfortable spending because you don’t necessarily have to buy a home for the full amount that you’re able to borrow. You want to borrow what you feel comfortable with. It’s a good idea to speak to at least two mortgage lenders when you start the process and ensure that you’re comfortable with the one you select and are made aware of the entire process throughout the transaction.
Todd Tramonte
Broker/Owner of Market Experts Realty & The Todd Tramonte Home Selling Team
This real estate video discusses title companies. Depending on the state, either an attorney or a title company will be used in order to verify the chain of title. Title companies issue title insurance, which guarantees the chain of ownership to make sure that it is clear and that no one will show out of the blue and claim that they still hold the title to the house that you’re living in. Title companies are where you will go to actually sign your paperwork in order to gain ownership when you buy or sell a property. It’s not legally set who gets to decide which title company will be used. The title companies other function is to handle the flow of finances. At the time of transfer or ownership or transfer of title, the title company will transfer the correct amount of funds to the different parties that are owed and ensure that everything is completed ethically and correctly.
Todd Tramonte
Broker/Owner of Market Experts Realty & The Todd Tramonte Home Selling Team
This real estate video discusses mortgage payments. This is crucial to the home buying equation if you will be borrowing money through a lender to finance the purchase. Be careful when using online mortgage calculators because often times they only include the principle and interest in the calculations, which isn’t the whole story. When thinking about your mortgage you’ll want to consider the PITI payment, which includes the principle, interest, taxes and insurance. You can use a mortgage calculator that calculates the PITI to determine your budget after including in what will be used in the down payment. If you’ve been renting you can think of mortgage payments as similar to rent payments with the exception being that your payments are now creating equity in your home for you.
Todd Tramonte
Broker/Owner of Market Experts Realty & The Todd Tramonte Home Selling Team
