nature of a commission-based income might threaten the deal.
10 THINGS TO KNOW IF YOU'RE CLOSING A HOME DEAL FOR THE FIRS R THE FIRST TIME
#1. Hire a Lawyer
The first step to closing the deal and unlocking the front door of your own house is to chhoose and speak to an real estate lawyer who will work on your behalf to close your agreement to purchase. Yo For example, if you’re providing an inspection as a buyer, you deposit funds to the escrow account. Costs of this service are to be negotiated beforehand. Be conscious of the escrow company’s fees. Some contain unexpected fees you might only become aware of during payments because they’re hidden. Understand escrow company fees before entering into an agreement.
#2. Lock in the Interest Rate
The price for a mortgage loan is typically expressed as “points” paid to get a certain interest rate. Points are essentially prepaid interest, so the more points paid, the lower the interest rate. One point equals 1% of the loan amount. A mortgage rate lock guarantees that a mortgage lender will give a buyer a certain interest rate, at a certain price, for a specific time. A rate lock protects the borrower from rising interest rates in the period between sales agreement execution and closing (often a month). If the buyer locks in a rate of 6.5%, she will only have to pay 6.5% interest even if rates rise while going through the loan application process. A rate lock is commonly good for 30, 45, or 60 days, though that time period can be shorter or longer. After that period expires, the buyer is no longer guaranteed the locked-
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