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Any major purchase requires research, careful analysis, consideration, and thought. Home buying isn't any different! Determining the right location, the number of bedrooms or bathrooms needed, and outdoor space are the easier things. However, there are many other factors to think about in your home search. From your initial search to the moment you get the keys to your new home, we will be there, guiding you through the process. We can even help connect you with mortgage professionals to get the best rates.
As an area expert, we can help educate you on the different neighborhoods, schools, and other local community amenities that suit your lifestyle. It starts with a in-depth conversation about your needs in a home, neighborhood and area. We offer updates every 15 minutes to the hottest new listings in Broward, Palm Beach, Martin and St Lucie counties. Whether you are looking for a townhome, condo or single family homes, the Housing Hot Spot Team is dedicated to helping individuals and families realize the dream of home ownership.
Having a proactive Realtors® is as important as having a client who is ready willing and able to buy. We are in the trenches with you. We dedicate our time and expertise and educate our clients along the way. We are your sounding boards, support system and the gateway to making the best decision possible when buying your home. We view the purchase through a very different set of eyes. We are looking at the property to see if what you buy today will be a very good investment for when you are ready to sell tomorrow.
As your buyer's agent, we can help streamline the process of buying a home and make it easier for you. We’ve aligned ourselves with the top professionals in the industry, and once an offer has been accepted, we will personally help facilitate the process to close on the home. By working closely with mortgage brokers, title and escrow companies, home inspectors, and home warranty companies we will provide you with the best service possible!
The first rule of thumb when beginning the process is finding out how much you can afford or what you are comfortable in paying monthly for a mortgage. The worst thing that can happen, is looking at a home and find out you can't afford it.
It is very important to meet with your mortgage professional to begin the mortgage approval process. You will begin by having a conversation with what is important to you in a payment and also a down-payment.
The mortgage professional will help you select the program that best suits your financial profile and goals. Whether you need down-payment assistance, up to $10,000 in assistance available, FHA or VA financing, Conventional financing or closing cost assistance, they are here to help. They will explain to you the costs involved in purchasing a home. You can also review the Buyer's Guide to Closing Costs!
You should have clear and open communication with your mortgage professional. They will speak periodically over the phone to review current market conditions and to answer any of your questions. It is important to get them the required documents in a timely manner so they can issue you a mortgage pre approval.
After you have spoken with a mortgage professional, if no documentation is provided the mortgage professional will
issue a pre qualification. This means you have provided them verbally or a loan application with income and asset information but did not follow up with documentation. A pre qualification IS NOT as strong as a pre approval.
If you have spoken with the mortgage professional, filled out an application and provided supporting documentation, the mortgage professional will issue a pre approval letter on your behalf.
It is very important that during the viewing of homes, your financially situation does not change. This means do not use your credit cards, DO NOT make any big purchases i.e. furniture, cars, home accessories, etc. It is also very important NOT to spend any money that was provided to the mortgage professional or make any large deposits without speaking to your mortgage professional. All of this can effect the mortgage approval.
As professionals, we try to assist you in one of the most important decisions you will make in your life. We like to say that you will be turbulence free. That is not always the case. Please visit the 10 Deadly Mistakes Buyers Make When Purchasing A Home so you can avoid some of the turbulence. As an example here are a few bits of turbulence...
1. Not choosing the right agent
2. Not getting pre approved
3. Not knowing the total costs
4. Not searching beyond open houses ads or internet
This is just to name a few. Make sure you visit the 10 Deadly Mistakes Buyers Make When Purchasing A Home.
When you have found the home that best suits your needs, it is time to present an offer. We put together comparable sales, review the market and present to you all the facts so that you can present the best offer. This will be presented with the Pre Approval Letter.
Hurray, the Offer is Accepted...
Now that your offer is accepted and executed, there are very important dates that you need to adhere to.
Escrow Deposit - The escrow deposit is an earnest money deposit made at the time of an executed contract. This deposit goes towards your down-payment. It is typically held at your Realtors® brokerage firm. Know the difference in where your deposit is held. The standard time period of an escrow deposit is within 3 days of an executed contract. The escrow deposit will be applied towards your down-payment at the time of closing.
Inspection - The inspection is probably in the top 3 of importance in purchasing a home. In every contract there is an inspection period. Most inspection periods are between 5 and 10 days. This means you have, however many days stipulated in the contract to perform an inspection, review the inspection, know your options during the inspection period. We highly recommend using a licensed and insured home inspector. You will need to do your due diligence during this time to know if there is anything about the home that would prevent you from getting insurance or closing on the home. The most common inspections are a full home inspection, 4 pt inspection and wind mitigation report. The 4 pt inspection and wind mitigation report will be required for insurance.
Appraisal - Once the inspection period has pasted, the lender will be ordering an appraisal on the home. The appraised value allows the lender to determine how much they will lend and what the true value of the home is.
Insurance - Insurance is required on all homes that obtain a mortgage and highly recommended on homes that are purchased with cash. You will need to present a wind mitigation report and possibly a 4 pt inspection. It is very important to get a few quotes and discuss your coverage options with a licensed insurance agent.
Cleared To Close - These are most important words to hear in the entire transaction as this mean exactly that, you are cleared to close on the home that you are purchasing. The lender has reviewed or "underwritten" all your loan documentation, appraisal and conditions required and has determined that you and the home are cleared to close.
Final Walk-Through - The final walk-through is completed the day of the closing. This is for your benefit to determine the home is in good standing and has been maintained during the time of acceptance and closing day.
CLOSING DAY! - Congratulations all your hard work has paid off. You are becoming a homeowner! The title company has already prepared the closing documentation and balanced the settlement statement with the lender. You will have reviewed the settlement statement with the title company or lender prior to closing. You will sign all the prepared closing documentation and CLOSE!
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