Q1

What is Earnest money and why do I have to put that down?

A: The earnest money tells the Seller you are a committed buyer as they take their house off the market once the contract is Effective.  The Earnest money must be paid within THREE days of the effective date of a contract. These funds go towards your down payment and closing costs.

Q2

What is the Option Fee money for?

A: The Option Fee money is paid by the Buyer to the Seller for the option to terminate a real estate contract. And option period is a specific period of time which allows the buyer to terminate the contract for any reason. The Option Fee must be paid within THREE days of the effective date of a contract.

Q3

Why do I need to get pre-approved for a mortgage loan before I start looking for a home?

A: First, getting pre-approved can help you determine just how much of home you can afford. The lender looks at your income vs debt, estimates taxes and insurance and comes up with a price range of what best will fit your budget. This helps you not waste time looking at homes that are outside your price range. Secondly, with most market areas today a Seller will not even consider your offer, when you find a home, unless you are pre-approved by a lender. To get started with one of Sharon's preferred lenders message her today!!!