The Mortgage Application
We have a stable of some of the best Mortgage brokers within the Mid-Atlantic Region.
- Call our office and we can assist you in identifying the best mortgage broker based on your financial picture, budget, and program that serves your needs. Case in point, The Commonwealth of Virginia has special programs for new homebuyers. We are one of only a select number of Realtors within the Commonwealth of Virginia that can teach new homebuyer seminars.
- Speaking with a mortgage broker and knowing how much mortgage you qualify for, and how much you can afford is the right first step! This process allows you to select a property that is aligned with your financial budget.
- Having your pre-approval letter in hand turns you into a cash buyer. Sellers I know you are pre-approved are more likely to select you as their buyer over another buyer who is not pre-approved.
- Having your pre-approval letter in hand saves you time and mitigates the emotional frustration that comes along with putting a contract on a house that you really love only to be told you don’t qualify for that particular home.
- Having a pre-approval letter in hand gives you leverage in multiple offer situations. there are a dozen contract Strategies that we know how to use in order to win the ratification process to your advantage.
- Having a pre-approval letter in hand gives you confidence. The first time you drive out to look at homes I have the potential of being yours Is a different feeling then when you are browsing images on the Internet.
List of Must-Haves and Nice to Have
- Write down everything that you want in your home number of bedrooms, number of bathrooms, number of parking spots, townhome community or single family home, open concept or traditional rooms , would you accept a fixer upper or do you need a home that is move in ready, pre-owned or new home construction.
- Next divide this list into two sections items that you absolutely must have and will not be compromising on. The second section are all the items that you can compromise on which we call nice to haves.
Select your Realtor
- There are two types of Realtors Hey you can work with. The overwhelming majority of Realtors are salespeople. They drive you to a house and they unlock the front door. The second type of realtor is one that is a consultant. They drive you to a house they discreetly inform you about the neighborhood, the schools, the local community, shopping, and amenities, the HOA if there is one, and log-term outlooks. They inspect the home from the outside first. They understand the difference between asphalt shingles, tile shingles, concrete shingles, metal, or slate. They know the type of building materials that are on the outside of your house. They understand curb value and curb appeal. They understand what big ticket items in the house will need to be replaced, in what timeframe, and what the associated estimated costs are.
- Ask your realtor what their average list price by sales price ratio is. A salesperson will not know what you are talking about. A consultant can tell you on average how much money you should expect to save by working with them juxtapose to the type of real estate market you are currently buying in.
- Ask them how many houses they visited or looked at in the last 30 days. On average each real estate agent with Twenty-Three homes visits walks into walks around or looks at 100 homes a month
- A professional realtor will require you to complete a buyer’s agent agreement.
How much does it cost to work with a realtor?
- All the fees associated to working with a buyer real estate agent are paid for by the seller.
Should I just use an online site?
- All brokers and real estate agents have access to the same information. What makes them all different is the time-to-information. Speed is the name of the game in real estate. When you work with Twenty-Three Homes, our applications provide you instantaneous finger-tip delivery of information right into your email box or smartphone.
- According to the National Association of Realtors, approximately 14 to 18% of real estate information that is online is stale or is inaccurate.
- Twenty-Three Homes’ artificial intelligence application provides real-time information right at your fingertips.
Access real-time real estate data with the #1 real estate app. It leverages artificial intelligence that narrows down thousands of houses to your perfect house based on your search criteria and selected favorites. Access it free with the url: Searchmy.house or simply click anywhere below.
Add a pinpoint or draw a perimeter to see nearby homes for sale, open houses or local properties.
Scroll through vivid, full-screen photos of homes.
SMART Interactive GPS
As you drive through a neighborhood the App will dynamically provide you neighborhood data.
Work With an agent
Find a 23 Homes Agent for property inquiries.
Save searches and listings across all your devices, including notes or added property photos..
Easily share homes through text, email, Facebook, or Twitter
Speed is critical when buying a new house. The app is connected to five real-time data sources and is updated instantly.
How can I make the most of my time when visiting homes?
- Get an accurate idea of your price range, an estimate of your monthly payments and a pre-approval letter, so sellers will take you seriously when you make an offer.
- Work with your KW agent to hone your “wants” and “needs” list. Think about what’s most important to you: the location or the house itself.
- Preview homes through the KW app to eliminate those you won’t need to visit in person.
- Plan an itinerary with your Keller Williams agent.
What should I expect when visiting homes?
- You and your KW agent typically visit homes together
- Homeowners usually are not home, so you’re free to spend as little or as much time as you want.
- Buyers often have a gut reaction to a home. First impressions count, but you can also consult your agent to learn more about home values and possibly to reevaluate your priorities in the context of what’s available in your price range.
How many homes should I visit?
- Sometimes buyers find their future home the first time out and others look at 50 homes before they see one that checks all their boxes. It’s a good idea to see at least a few alternatives so you have some points of comparison, but sometimes you just know a place is where you want to live.
What should I look for when visiting homes?
- Look beyond the staging and decorative items to see the features and fixtures that convey with the house.
Check the condition of the home.
Keep track with photos and notes.
- Consider possible home improvements you might want to make so you can research costs later.
- Don’t forget to check out the outside of the property and the neighborhood. Your Keller Williams agent has access to neighborhood insights and data to help inform your decision.
- Locate your commuter route, schools, shops, restaurants, parks and other amenities.
- If the property is a condo or located in a homeowners association, find out the fees and rules to see if you can live with them.
Your Keller Williams real estate agent will be your trusted partner for your home search.
What should I include with my offer?
Your Keller Williams agent will have the most recent standard purchase offer forms that comply with state and local laws.
- The price
- Terms – such as a request for closing cost help or that the offer is subject to your obtaining financing and a home inspection
- Target date for closing
- Earnest money deposit – your KW agent can advise you about how big your deposit should be based on local customs and current conditions
- Request for final walk-through
- Time limit for the offer
What are the most common contingencies?
- Financing. Unless you’re paying cash, it’s typical to write your offer with a contingency clause that lets you off the hook if you can’t finalize your mortgage within a certain number of days. Even though you have a pre-approval for a loan, it’s smart to protect yourself.
- Home inspection. Your offer can be made dependent on a satisfactory home inspection report within a certain number of days. This protects you if the inspection uncovers expensive necessary repairs.
What is a counteroffer?
Sellers can accept your offer as is or they can make a counteroffer with an adjustment to some or all of your terms. You can accept or reject the counteroffer and make your own counteroffer. The contract is final once you and the sellers have agreed to all the terms.
What should I expect to see in the contract?
Ask your KW agent to explain the key points in your multi-page contract, such as:
- Accuracy of information, including the correct spelling of your name and the property address
- The effective date of the contract – important because your contingencies have time limits.
- A list of contingencies, such as that the sale depends on financing, an appraisal, a satisfactory home inspection and perhaps the sale of your current home.
- Property disclosure information from the seller, depending on your state laws.
- A complete list of what conveys with the property
- A list of required inspections, such as a home inspection and a pest inspection
- Information about when you can move in.
- In some cases, such as if your offer is contingent on the sale of your home, the seller may add a “kick-out” clause, which means that the seller could accept another offer if one is made before your home is sold.
How do I know when to negotiate and when to let go?
Your Keller Williams agent can guide you, but you also need to decide how much you want a particular property and what you’re willing to accept to get it. You may want to let go when:
- A bidding war drives the price too high
- The appraised value of the home is below your offer
- A home inspection finds defects that would be expensive to repair
- The sellers are unwilling to make reasonable repairs
- You learn about homeowners association rules that won’t work for you
What are common contract pitfalls I should avoid?
Your KW agent will help you watch out for:
- Unrealistic deadlines: you’ll need time to arrange a home inspection and receive the report, as well as arrange financing
- Missing deadlines means you lose your chance to end the contract and keep your deposit
- Items that don’t convey with the property: if you’re not sure, ask your agent to confirm
- Communications from your lender
What is a home inspection?
Your home inspector will check a massive list (more than 1,000 items) of systems, appliances and structures in your home to evaluate its condition. You’ll get a written report that identifies potential problems and future maintenance issues. It’s up to you to decide whether the report means you want to walk away from a house or ask the sellers to make repairs. You can also have an “information only” inspection, which means you’re buying the house as is, but want to know its condition.
What’s included on a home inspection?
The inspector will check:
- Structural conditions such as the foundation, beams and floors
- Roof condition
- Mechanical systems such as heat and air conditioning
- Appliances – to make sure they’re working
- Plumbing – for leaks, rust and water pressure
- Electrical systems such as grounded outlets and code violations
- Safety issues such as stairs, handrails, mold or chimney maintenance
What should I watch for during the home inspection?
You and your KW agent should attend the home inspection to learn about home maintenance and so you can see any potential problems yourself. The inspector can answer questions as you go, so if there’s anything you don’t understand or are worried could be a problem, just ask.
I’ve got the home inspection report, now what?
While you and your KW agent can decide whether to negotiate on anything in the inspection report, you can ask the inspector the following questions:
- Are the items you’ve flagged major or minor issues?
- What needs to be done to resolve any flagged issues?
- Can you give me an estimate of the cost of any repairs?
- Do I need another inspection, such as by an electrician or a structural engineer?
- Are there things I need to do after I move in
What is a home warranty?
A home warranty policy, which typically lasts for one year and is renewable, provides coverage for some of your home’s systems and appliances. In return for the annual fee, the company will cover repair costs and arrange for contractors. You’ll pay a deductible fee and possibly service fees if you need to use the warranty.
Do I need a home warranty?
If you’re buying an existing home, especially one with appliances that are more than four years old, a home warranty can give you peace of mind about paying for unexpected repairs and finding a reliable contractor. If you’re a first-time buyer, especially if you have limited savings, this can be particularly important. If you have plenty of emergency savings, you’re handy or know good contractors, you may not need a warranty. Your real estate agent can also be a good source of recommendations for contractors. If you’re buying a newly built home, structural defects are usually under warranty by the builder for 10 years and other items are typically covered for six months to two years, so you don’t usually need a home warranty.
What should I look for in a home warranty?
To choose a good home warranty, you and your Keller Williams agent should review:
- The home warranty company’s license with your state’s real estate commission
- The fine print – that’s where you’ll find exclusions and limitations
- What’s covered and what’s not
- The coverage limits – your repairs will only be paid for up to a specific level
- Service fees and deductibles
- How quickly service and claims are handled
- How contractors are vetted and what happens if you use your own
- Coverage differences between a basic warranty and enhanced warranty
- Online reviews
What should I do before the closing?
As your closing nears, you should:
- Stay in close touch with your Keller Williams agent, lender and title company.
- Avoid lowering your credit score with a new credit application or late payments.
- Confirm that your contract contingencies are resolved, including the home inspection, an appraisal and your financing.
- Finalize your homeowner’s insurance policy.
- Gather your down payment and closing cost funds in an accessible account.
- Review your Closing Disclosure form, which you’ll receive three days before your settlement, and ask questions if you don’t understand something.
- Arrange a wire transfer or get a cashier’s check for the funds you need for the settlement.
- Schedule a walk-through of your new home within 24 hours before your closing to check its condition.
What can I expect at the closing?
In a word: Paperwork! Allot a few hours for your closing. Bring to the closing:
- A government-issued photo ID
- Proof of homeowner’s insurance
- Your copy of the contract
- All paperwork associated with your loan and the home purchase
- Your cashier’s check or wire transfer confirmation
- Your checkbook for miscellaneous funds that weren’t included on your closing estimate
What paperwork is required to close?
You’ll be signing numerous documents, including a repeat of the documents you signed when you applied for your loan. The most important documents you’ll sign are:
- Promissory Note to repay the mortgage
- Deed of Trust, which gives the lender the right to foreclose if you don’t repay the loan
- What’s covered and what’s not
- Initial Escrow Disclosure, which outlines the funds on deposit for your property taxes and homeowner’s insurance bills
- Right to Cancel form, which states that you have three business days to cancel the transaction
After your closing:
- Keep all your signed documents in a safe place.
- Avoid lowering your credit score with a new credit application or late payments.
- Change your address.
- Change the locks and security codes on your home
- Review your due dates and new budget.
BUY A HOME?
Twenty-Three Homes with Glenn and Gift is the team that goes the extra mile, to assist you with the purchase of your home for less, and you experience peace of mind!