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Covenant Realty

It's more than wood and walls.

Find Your Dream Home with Covenant

OUR PROCESS




 

GET FINANCING FIRST

Buyers who arrange their financing 1st have a distinct advantage in today’s market. This means finding a lender before you start shopping for a home to ensure you know all the costs involved. Multiple offer situations are common, therefore an offer accompanied by your pre-approval letter makes for a more presentable and attractive offer in the seller’s eyes.

Download Our Buyer’s Guide

5 STEPS FOR GETTING A MORTGAGE

  1. EVALUATE AFFORDABILITY: Lenders and mortgage insurers look at a variety of factors, but the two most important are your monthly mortgage payment and your total debt load, relative to your gross income. As a home buyer, it’s also important to consider additional expenses, beyond your mortgage payment, that can impact how much home you can afford. Depending on your situation, these other expenses could include property taxes, mortgage insurance, homeowners insurance, home maintenance expenses, homeowner association fees, parking expenses, and utilities.
  2. DISCUSS YOUR OPTIONS: Deciding what type of mortgage is best for you depends on your personal situation, your financial scenario, and your future plans. For example, if your down payment isn’t large enough to qualify for a conventional loan, an FHA mortgage can be an excellent option. Mortgage programs are always changing, so ask your REALTOR® about current options.
  3. INTERVIEW LENDERS: Your REALTOR® can provide several recommendations, based on past home buyers’ experiences. Rates and fees are typically very competitive between lenders, so it’s often more important to focus on other factors, including the level of service provided and how well they’ve executed transactions for other buyers. Make them earn your business and understand that different lenders have different levels of cost and flexibility. The type of mortgage you are seeking may also impact your choice of lender, since some are more familiar with certain mortgage programs than others.
  4. GET PRE-APPROVED: Completing a loan application with one or more lenders will help confirm whether your intended mortgage financing plans will work out as hoped, or if you must modify your plans. It’s important to understand since preapprovals are contingent upon the lender receiving full documentation, your preapproval does not guarantee that you have a mortgage. Still, it’s an important 1st step that will also put you in a better negotiating position with sellers and make your offer more presentable.
  5. COMMIT TO A LENDER: As soon as you are under contract to purchase a home, commit to working with one lender to complete your mortgage application. Show your lender that you are serious about working in partnership with them by submitting all the required documentation as quickly as possible. Following these 5 steps will greatly improve your results in getting a mortgage.

PREPARE FOR YOUR SEARCH

Download Our Buyer’s Guide

What to Consider when Writing an Offer

  1. Analyze Comparable Sales

    Your Covenant Agent will provide you with valuable market data that will allow you to determine the best “offer price”.
    The offer price is a crucial element in the offer. It should be based on comparable sales and the property’s current market value. Consider factors such as the condition of the property, any necessary repairs or renovations, and the overall demand for homes in the area. Striking the right balance between a competitive offer and your budget is important.

  2. Establish the terms and conditions

    Contingencies are conditions that must be met for the offer to proceed. Common contingencies include financing, home inspection, appraisal, and the sale of your current home. Evaluate which contingencies are necessary to protect your interests, but keep in mind that too many contingencies may weaken your offer. The terms of your offer and things such as good faith deposit, seller paid closing costs, closing timeframe, etc. Discuss with your real estate agent to determine the most appropriate terms and conditions for your situation.

  3. Offer Strategy (Multiple Offers?)

    Your Covenant agent is skilled at guiding you through an ever-changing market. They will assist you with an offer strategy that provides you the best opportunity for securing the home of your choice.

Our team members are skilled at crafting a winning offer for you!

Home Inspections 101

A home inspection holds significant importance in the process of buying a home. It provides a comprehensive evaluation of the property’s condition and helps uncover potential issues that may not be immediately apparent. A professional home inspector examines various aspects, including the structural integrity, electrical and plumbing systems, HVAC, roofing, and more.

The inspection report serves as a valuable tool for you to make an informed decisions and negotiate repairs or adjustments to the purchase price. By identifying any hidden problems, safety concerns, or necessary repairs, a home inspection can help you understand the true value of the property and avoid costly surprises in the future.

Ultimately, a thorough home inspection offers peace of mind and ensures that the home purchase is a well-informed investment.

QUALITIES TO LOOK FOR IN A HOME INSPECTION

  1. Experience and Qualifications
    Look for a home inspector with relevant experience and qualifications in the field. They should have a solid understanding of residential construction, building codes, and systems within a home. Consider their certifications, affiliations with professional organizations, and the number of inspections they have conducted.
  2. Communication and Professionalism
    Effective communication is vital in the home inspection process. A good inspector should be able to explain their findings, answer your questions, and provide additional guidance or recommendations. They should be approachable, professional, and responsive to your concerns. A professional demeanor and good communication skills will make the entire inspection process smoother and more productive.Remember to ask your Covenant agent for a recommendation on a Home Inspector. It’s important to find an inspector who possesses the necessary qualities and expertise to provide a comprehensive and reliable evaluation of the property.
  3. Clear and Detailed Reporting
    The inspector should provide a clear and detailed inspection report that highlights their findings, including any deficiencies or concerns. Look for a sample report or ask for references to gauge the quality and comprehensiveness of their reporting style. A well-organized and easy-to-understand report will help you make informed decisions about the property.