Real Estate Law Frequently Asked Questions

Topics
When should I make an offer?
How much money do I need to come up with to buy a new home?
- Earnest Money – This is the deposit that is made on the home when making an offer to show the seller that you are serious about buying the house.
- Down Payment – This is a percentage of the cost of the house that you must pay when you want to book the place and start the settlement process.
- Closing Costs – These are the costs associated with processing the paperwork to buy a house.
When you make an offer on a home, your real estate broker will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be used to pay the down payment or closing costs. If your offer is not accepted, your money will be returned to you. The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10-20% of the purchase price. Closing costs average 3-4% of the price of your home. These costs cover various fees your lender charges and other processing expenses. When you apply for your loan, your lender will give you an estimate of the closing costs, so you can be well prepared to bear the expenses.
Should I purchase a house that requires fixing up?
What is an Appraisal and why should I have it done?
Why should I use a Real Estate Agent?
What is the documentation required to obtain a mortgage?
- Personal information and identification such as your drivers license or passport.
- Job details, including confirmation and proof of income.
- Your sources of income.
- Proof of financial assets.
- Information and details of all your bank accounts, loans and other debts.
- Source and amount of down payment.
- Proof of source of funds for the closing costs (usually about 2.5% of purchase price).
What is the benefit of getting pre-approved?
What is a pre-approved mortgage?
What is the minimum down payment you need when purchasing a home?
What is a Home Inspection? Should I have it done?
What is the difference between a fixed rate and a variable rate mortgage?
How will child support and alimony affect my mortgage qualification?
What is the documentation required to obtain a mortgage?
- Personal information and identification such as your drivers license or passport.
- Job details, including confirmation and proof of income.
- Your sources of income.
- Proof of financial assets.
- Information and details of all your bank accounts, loans and other debts.
- Source and amount of down payment.
- Proof of source of funds for the closing costs (usually about 2.5% of purchase price).
Can I qualify for a mortgage if I have been declared bankrupt?
What is the benefit of getting pre-approved?
What is a pre-approved mortgage?
What is a High-Rate Mortgage?
What is a Conventional Mortgage?
What is Mortgage Loan Insurance?
What is the minimum down payment you need when purchasing a home?
How much can I afford to pay for a home?
How much money do I need to come up with to buy a new home?
- Earnest Money – This is the deposit that is made on the home when making an offer to show the seller that you are serious about buying the house.
- Down Payment – This is a percentage of the cost of the house that you must pay when you want to book the place and start the settlement process.
- Closing Costs – These are the costs associated with processing the paperwork to buy a house.
When you make an offer on a home, your real estate broker will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be used to pay the down payment or closing costs. If your offer is not accepted, your money will be returned to you. The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10-20% of the purchase price. Closing costs average 3-4% of the price of your home. These costs cover various fees your lender charges and other processing expenses. When you apply for your loan, your lender will give you an estimate of the closing costs, so you can be well prepared to bear the expenses.