Key Players In Home Buying
Whether you are a first time home buyer or you’ve bought several homes, having an understanding of the key players in a transaction and what services they provide can be invaluable.
We’ve collected information from some all-stars in their selected industries and had them elaborate on what it is exactly they do and how it is an important component in the buying process. These include a prominent lender, a president of a home inspection company, a home warranty representative and a premier closing attorney. Hope you find their knowledge helpful!
What You Need to Know About Your Credit Score
Pete Zaft is a Senior Loan Officer with MIG and is one of the top loan officers in the state of Tennessee. “Pete consistently closes quickly and efficiently for my clients,” says Crystal Richardson, CEO of the Crystal Group.
The purpose of a credit score is to provide lenders (and others) with an idea of how likely you are to repay a loan. A good credit score will indicate to a lender that you are a safe bet and make it much more likely that you will qualify for a loan. It indicates that you are managing your debt obligations and may even win you more favorable terms on your loan.
A lower score, on the other hand, can make it difficult to secure a line of credit. If you are able to qualify for a loan, you may have a higher interest rate than someone with better credit. However, while a score of 620 is often the lowest a lender will accept, there may be alternatives to help you get approved, so don’t give up just yet if your score is low.
For a better understanding of your credit score check out this article from MIG:
How to Go About a Home Inspection
Michael Conrad is the CEO of Diligent and is a wealth of knowledge for the home inspection process:
One of the most complicated and often least understood parts of the home-buying process is the Home Inspection. This is a buyer's chance to learn more about the home, so they can better understand if it's right for them. While not mandatory, it would be unwise to pass on this opportunity to learn about your potential new home.
Home Inspections focus on the big issues and usually don't sweat the small stuff. The best home inspection companies spend lots of time before, during, and after the inspection helping make sure you understand the shape and quality of the house. It's always best to choose a certified and well-reviewed company, often times one who can also offer you the types of services you're looking for.
Attending the end of the inspection can often times be the best way to really understand the process. Pilkerton Agents often have great referrals for local Inspection Companies, but always make sure to do your research. Stay tuned to learn more about home inspection and the due diligence process in the future."
To learn more about the home inspection process, call DILIGENT, a local top-rated company, at 615.200.8220 or find them on the web at www.getdiligent.com.
What it Means to Have a Home Warranty
Tiffany Webb is a sales manager for America’s Preferred Home Warranty and is a great resource when considering a home warranty:
The first thing you need to know is the difference between a home warranty and homeowners insurance. Homeowners insurance is essentially hazard insurance—it covers damages to your property as a result of external forces (i.e., flooding, fire, etc.) A home warranty, on the other hand, is not insurance but a service contract—it offers coverage for failures of your major systems and appliances due to normal wear and tear. A home warranty is not a replacement for homeowners’ insurance, and neither is homeowners’ insurance a replacement for a home warranty—but they can work well together.
Now, why would you want a home warranty? The answer is to potentially save you money in the long run. It can help in terms of budgeting for those times when a home’s system fails and lessen the financial burden of repair or replacement of a covered failure. When you buy a home, there is a high likelihood that a major system or appliance will fail in the first year of home ownership. This could cost thousands of dollars to repair or replace the failed item. A home warranty lessens the burden of the cost of large, unexpected repairs required when any covered systems fail due to normal wear and tear.
Things to Know About Your Real Estate Closing
Sam Anderson is an Attorney for Bankers Title and has handled real estate transactions since 2002:
When we receive a contract to represent a Buyer in the purchase of a home we search the title to the property to ascertain whether the seller can convey the property and whether a title insurance company will ensure the title to the real estate. We also work with the lender and the seller’s title company to prepare the settlement statement which lists the expenses related to your purchase of the property.
Much of what we do is behind the scenes work until we start preparing for the closing, and if you are hearing a lot from us prior to that it’s usually not a good thing. At the closing, we will review the settlement statement and the loan documents to ensure that you understand all the expenditures required to purchase the property as well as the loan terms set forth in the loan documents. Typically, a buyer’s closing takes around forty-five minutes. All you need to bring to closing is a driver’s license or other form of photo ID and your funds required to close, which we can accept wire transfers and cashier’s checks.
Interested in buying a home? Contact us - We’d love to help!