Getting ready to buy your home
There are three very important concepts you need to know when you buy a property: AMORTIZATION – REVALUATION- EQUITY – they all mean money in your pocket. Keep reading because there is so much more you may want to know about.
The Purchase of a home step by step
Down payment: Is the initial upfront payment of the total price of purchase that it is usually required to be given at the time of closing. A down payment reduces the lender’s risk. The amount of down payment demonstrates the ability to commit to a long-term investment.
Mortgage: The amount of money the Bank or Lender allows you to borrow money to be able to buy a house
Deposit: This is the amount of money that secures the transaction until it closes. After an offer is finalized the deposit is immediately given to the Seller’s brokerage
Offer: This is the document that binds the transaction where all conditions, price, date of closing, and much more.