Whether you have decided to purchase a home in the Kansas City Metro area or you are still in the decision making process, it is wise to learn all about the process of buying a home. It is important to avoid common mistakes the home buyers make every day. Read the following pages to help you avoid any "pitfalls". The Home Buying Process What is a Buyer Broker? Agency relationships are defined by Missouri law. A buyer broker is an advocate for you, not the seller. A buyer broker relationship is just one of the ways you can be represented in Missouri. Financing your home All types of loans are available in the Kansas City and Lee's Summit area. To determine which loan is best for you, a consultation with a reputable mortgage banker is a must! It's important to have a referral of someone you can trust, after all you will be sharing with them your most personal information. How to Qualify for a home loan (mortgage)? Qualify for you home mortgage by knowing what to bring to the loan application, it will shorten the process and make life so much easier for all involved...especially you! How much of a down payment do I need? Down payments for home loans can be obtained from various sources. Review these allowable sources for a down payment, perhaps you have more money to use toward your new home. Do I need money "up front" before closing? Yes! How much will depend on various things, learn about what that might be. What are closing costs associated with the real estate and the financing of the transaction? When should I get loan approval? The strategy for any home purchase should always include a pre-approved loan, prior to beginng to search for a house. You can never be too prepared to make a solid case when negotiating a home purchase. How do I find the best Interest rates? Your main concern should be to find a great lender! Find a great lender and the best interest rates will follow. As will the service and actually having a closing to attend where the lender has delivered the mortgage funds. What is PMI? Private Mortgage Insurance used to be a fact of life for borrowers without a 20% down payment. What should I bring to my loan application? See checklist below for information. Your banker will ask for any additional items pertaining to your situation, if needed. Please contact me if you have any questions about buying a home in the Kansas City or Lee's Summit area. |