Blog - Page 2 of 3 - Rilio Realty

What if my offer is rejected?

Let’s face it. No one likes to be rejected. But when we’re talking real estate offers, rejections are often part of the process. Don’t be discouraged. Your Rilio agent has ninja-level negotiation skills. They may suggest you offer more money in exchange for closing costs, a carpet allowance or specific repairs. The point is, everything is up for negotiation and it’s your realtor’s job to flex their arbitration muscles on your behalf.

Can I buy a home and sell my current one at the same time?

Well, it all depends. The biggest challenge with doing this, of course, is potentially overextending yourself. For example, you don’t want to have an offer accepted on a house you want to buy, then not be able to sell your current home. In situations like this, buyers who need to sell their current home will often make a “contingency offer.” Such offers are, like their name implies, contingent upon the sale of their current home and only goes through when they sell their house.

How many houses should I see before making an offer?

Today, prospective home buyers can look at hundreds of homes online. And, it’s a great thing to do too. Looking at lots of home lets you decide what floor plans you really like and what neighborhood seems to be right for you. When it comes to actually checking out the house in person, however, most people visit around 10 homes before they fall in love. But, just like love itself, everyone’s timeline is a little different. For some, it’s love at first sight, for others “it’s complicated.” Whichever category you fall into, you won’t be going it alone. It’s your realtor’s job to help you wade through the options and know when you’re ready to say “I do.”

In addition to the mortgage payment, what other costs do I need to consider?

This is actually one of the best questions you can ask, because it means you’re really considering all the aspects of home ownership. And, there are a lot of them. Of course, you’ll want to figure in fixed monthly expenses like utilities, trash collection, and things like cable or wifi. Then, think about fluctuating costs, like a water bill for that green lawn you’ll have or occasional maintenance costs for when your dog chews through the fence. Of course, you’ll have property and possibly city or county taxes. Good thing about the taxes, is that they’re usually rolled into your mortgage payment. Again, your Rilio Agent can help you figure out what additional costs you might run into.

What do I need to take with me when I apply for a mortgage?

Whether you apply for a loan online or in person, you’ll likely be asked to provide the following information:

  • Social security number
  • Checking and savings account statements for the last 6 months
  • Proof of any assets, like stocks or bonds
  • A paycheck stub or evidence of earnings
  • A list of credit card accounts and amount owed on each
  • Account numbers and balances on car, or any other, loans
  • Copies of your last 2 years of income tax statements
  • The name and address of someone who can verify your employment

We know, we know. Sounds like a lot. But if you think about it, you’re asking someone to loan you a lot of money. So, spend the time, get the paperwork together and see what loans you qualify for.

So what’s the best way to find a lender?

There are several places you can go to get a loan. Banks, savings and loans, credit unions, private mortgage companies and even state government lenders offer home financing. Just like any major purchase, however, it pays to shop around and compare offers. Rilio realtors can offer great advice on ways to cut through the clutter or introduce you to loan options in your area.

How do I know if I can get a loan?

A good place to start is by using one of the many online mortgage calculators. By entering your income and a few other details, you’ll get an idea of how much home you might be able to afford. But even if the numbers don’t look good, don’t stop there. Calculators can only offer so much help, especially when there are lots of different variables that impact your potential to get a loan. So best advice? Sit down with an actual lender, run the numbers, look into special options, and then if you still don’t qualify for a loan, at least you’ve developed a relationship with a lender who can help you map out a plan. The take-away is that you don’t have to go it alone. The sooner you can reach out to professionals, the sooner you’ll be mowing your own lawn. Or not. You get to decide that part.

Why your credit score is more important than any grade you got in school.

Turns out, whether you were on the Honor Roll or barely rolling through school, the grade that matters most when you want to buy a house is your credit score. A credit score is based on things like: Do you pay your bills on time? How much credit card debt do you have? And how long have you had a credit history?

Credit scores can range anywhere from 300 to 850. The higher your credit score number, the better interest rates and loan options you’ll qualify for.

Why should I buy, instead of rent?

When you rent, you’re basically writing a check every month so someone else can pay off their mortgage or make money. When you own, you’re building your own investment. Not only that, but as a homeowner you can deduct your mortgage interest and property taxes from your federal taxes every year. Add to that, the fact the home values in the US are expected in increase about 4% in the upcoming year. Owning a home makes a lot of financial sense, plus you don’t have to ask anyone if you can paint your walls the Pantone color of the year.

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