There are numerous variables involved when buying real property, this is where Elkhorn will represent you better than anyone! We have extensive knowledge in Land Development, Construction, Remodeling, Negotiating, Real Estate Consulting, Value Research and Property Management. Matt Moore the Principal Broker/Owner has been in Real Estate & Construction most of his life all over the Northwest and has an amazing vision for value and potential.
Along with many years of experience and knowledge, more than 70% of Elkhorn's business are referrals due to how well we take care of our clients. We have also been in this community for more than 30 years!
Home Buying Can Be Easy
As your buying agent, we can help streamline the process of buying a home and make it easier for you. We will personally help facilitate the process to close on your 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!
Preparing to Purchase a New Property
Main costs to consider:
Down payment: your down payment requirement will depend on the type of mortgage you will have and your lender.
Closing Costs: There are fees and expenses associated with real estate transactions when you finalize your mortgage. Every transaction will be different, but typically these fees range between 2-5% of the loan amount. When submitting an offer, the buyer can request assistance with these final expenses from the seller.
Move in Expenses: Often times you will wish to make upgrades, buy new furnishings or repair items, so having cash on hand for these items would be nice.
Determining Your Price Point:
Here is a link to a calculator to help you determine your price point when shopping for a home loan.
Know Your Credit Rating ~ (and where it can be made stronger)
Your credit rating, among other factors, will affect the amount money you can borrow, and the interest rate you will pay for that money. You can get free credit reports from Equifax, Experian, and TransUnion- and dispute any errors on the reports.
There are a variety of different mortgage types, these have different requirements for down payments and eligibility requirements. A few options are as follows:
Conventional Mortgages- these loans are not guaranteed by the government. There are a variety of programs found under this umbrella, even some loans that are geared to first time home buyers with low down payment options.
FHA Loans- Federal Housing Administration issues these types of loans and allow low down-payments.
VA Loans- these loans are guaranteed by the Department of Veterans Affairs and are guaranteed by the VA. They are available to veteran and current military service members and usually require zero down payment.
USDA Loans- Guaranteed by the United States Department of Agriculture, these loans are for rural home buyers, this classification is determined by the USDA and usually require no down payment.
There are other options within each loan structure. Some of the variations are the length of the loan. Most home buyers opt for a 30-year fixed rate mortgage loan. Another option is a 15-year loan which typically has a lower interest rate, but higher monthly payments.
The Consumer Financial Protection Bureau offers the following advice: research the costs, including interest rates and other fees by requesting loan estimates for the same type of loan from multiple lenders.
Pre-Approval Letter- Having a letter from the lender you have decided to work with makes house hunting that much easier and removes one element of stress from the process. Providing your real estate agent with a pre-approval letter allows them to present your strongest offer for the property you would like to purchase. This communicates to everyone that you are an informed and serious buyer and can give you an edge in competitive situations.