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1. What are the advantages to home ownership?
Short term, the freedom to make your own
decisions regarding your home and to invest your money in something that
is yours. Long term, the ability to save rent money that can be used to
invest in your family.
2. What is a "mortgage"?
When you don't have enough money to
pay for the total price of a house, a bank or financial institution
may give you a loan and hold a mortgage on your property.
3. What documents do I need to apply for a mortgage?
You will probably be asked to provide bank
statements, payment stubs, W2 forms, copies of previous income tax
returns and copies of rental agreements. Other documents may be
required as well.
4. How much should I put for a down payment?
The minimum payment required depends on
the individual loan program you choose.
5. What happens if I don't have a good credit history or a steady job?
Don't worry!!. Century 21 Mi Casita Real Estate will
help you find financial institutions or mortgage lending professionals
that will consult with you on which program is right for you.
6. Does it matter if I am not an American citizen or resident alien?
No. There are many ways to buy a home.
Century 21 Mi Casita Real Estate can help you make a decision on which is best for
you, regardless of your residential status.
7. Did I need insurance? What type of policy?
Yes, banks will not provide mortgage loans
if they are not sure their investment is safeguarded against unforeseen
damages. Basic Homeowners insurance normally covers theft, and
fire damage. Other type of insurance policies may be required,
depending upon the area where you live.
8. What taxes or monthly payments will I have to pay?
When you buy a home you will have to pay
property taxes in addition to monthly mortgage interest payments.
Century 21 Mi Casita Real Estate will explain this process to you.
9. How do I plan for moving day?
Your realtor can provide information about
available moving companies and other types of services you may need.
Just ask about the CENTURY 21 ConnectionsSM Program.
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