Frequently Asked Questions
What are the advantages of using a real estate agent to help my buy a home?
Buying a home is certainly one of the most rewarding experiences most of us ever have; it’s also one of the most challenging. If you’re buying a home for the first time, the process can seem overwhelming. And if you’ve been through it several times, every move is different, and presents new challenges. A good agent has the training, know-how and the experience to help you through each step of the process, and can make the process of finding, buying and moving into your new house as smooth, quick and enjoyable as can be.
Where do I begin the process of looking for a home?
The first thing you should do is begin focusing on what you’re looking for in a home. First, determine the location you’re looking for. How will the location of schools, shops and transportation affect your choice of neighborhoods? Then determine your personal tastes. How large of a home do you need? What style of architecture do you prefer? What type of lot? Finally, determine your budget. How much home can you afford to buy?
How do I know for sure how much home I can afford?
Talk to your real estate agent. A good agent is committed to honestly and responsibly working with you to determine your affordable price range. There are many financing options available, and some include low down payments. Your agent will help you find a good lender who will help find an option that fits your budget, and you may be surprised at just how much you can afford.
How can I find out what homes are selling for in a given neighborhood?
Contact NovaStar. If you're interested in a particular home, NovaStar can provide you with a list of comparables – sale prices of homes in the area that are roughly the same size and age as the home you’re considering.
What should I look for the first time through a home?
A home can be an investment, but more importantly, it should fit the way you live, with features that appeal to everyone in the family. As you look at each home consider if there is enough room for you now and in the near future; if the floor plan is right for your family; is there enough storage; will the appliances need to be replaced; is the yard the size you want; are there enough bathrooms; will have you to redecorate in the near future; and will your present furniture work in this home.
What do I have to do to prepare for closing?
Your agent will help you with most of these items: Determine if all the necessary inspections and required repairs are complete; confirm date, time and place for closing; conduct your final walk-through; determine who will conduct the closing; pay your insurance policy and have it ready to go into effect the day you close; determine your closing costs; bring your checkbook to cover any last minute extras that may have been overlooked.
What will happen on closing day?
- 1. The lender’s agent will ask for your paid home insurance policy.
- 2. The agent will list the adjustments. These include the money you owe the seller (the remainder of the down payment, prepaid taxes) and what the seller owes you.
- 3. You will sign the mortgage.
- 4. You will sign the mortgage note, the promise to repay the load in regular monthly payments.
- 5. You will get title from the seller in the form of a signed deed.
- 6. The lender’s agent will collect the closing costs from you and give you a settlement statement of all the items you paid for.
- 7. The deed and mortgage will be recorded in the town or county Registry of Deeds.