First time homebuyer dallas mortgage - frequently asked questions (faq) - part 3

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First-Time Homebuyer Dallas Mortgage: FAQ - Part 3 - Closing on Your New Home. How much money do I need to purchase a home? What costs are associated with home ownership? How much should I offer on a home? What happens if my offer is rejected? What can I expect at closing?

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First time homebuyer dallas mortgage - frequently asked questions (faq) - part 3

  1. 1. WWW.PRIMELENDINGDALLAS.COM CONNECT WITH US SPEAK WITH A MORTGAGE EXPERT (800) 308-8503 First-Time Homebuyer Dallas Mortgage: Frequently Asked Questions (FAQ) - Part 3 Part 3: Closing on Your New Home With the perfect home in sight and a proper understanding of your financing options, becoming a proud homeowner is just a few steps away. To help you understand these final steps, here are answers to some of the most Frequently Asked Questions about closing costs and other matters related to final- izing the purchase of your first home. How much money do I need to purchase a home? The amount of money you need to purchase a home will depend upon two primary factors: the cost of the house and the type of Dallas mortgage you get. When making a home purchase, you generally need to come up with the money to cover three expenses. These include: • Earnest Money – a deposit made when submitting the offer that proves to the seller you are serious about wanting to purchase the house; the amount of earnest money required will vary, but typically ranges from $500 to $2,000 with HUD homes. • Down Payment – a cost that is equivalent to a percentage of the purchase price of the home; this payment must be made when going to settlement; some loans require a down payment of 10-20 percent of the purchase price, but FHA loans only require 3.5% or less in some cases. • Closing Costs – the cost of processing the paperwork associated with purchasing the house, including lender fees; these costs average 3 to 4 percent of the price of the home and may be paid for you. © 2012 PrimeLending, A PlainsCapital Company. Trade/service marks are the property of PlainsCapital Corporation, PlainsCapital Bank, or their respective affiliates and/or subsidiaries. Some products may not be available in all states. This is not a commitment to lend. Restrictions apply. All rights reserved. PrimeLending, A PlainsCapital Company (NMLS no: 13649) is a wholly-owned subsidiary of a state-chartered bank and is an exempt lender in the following states: AK, AR, CO, DE, FL, GA, HI, ID, IA, KS, KY, LA, MN, MS, MO, MT, NE, NV, NY, NC, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, WV, WI, WY. Licensed by: AL State Banking Dept.- consumer credit lic no. MC21004; AZ Dept. of Financial Institutions- mortgage banker lic no. BK 0907334; CA Dept. of Corporations- lender lic no. 4130996; CT Dept. of Banking- lender lic no. ML-13649; D.C. Dept. of Insurance, Securities and Banking- dual authority lic no. MLO13649; IL Dept. of Financial and Professional Regulation- lender lic no. MB.6760635; IN Dept. of Financial Institutions- sub lien lender lic no. 11169; ME Dept. of Professional & Financial Regulation- supervised lender lic no. SLM8285; MD Dept. of Labor, Licensing & Regula-tion- lender lic no. 11058; Massachusetts Division of Banking– lender & broker license nos. MC5404, MC5406, MC5414, MC5450, MC5405; MI Dept. of Labor & Economic Growth- broker/lender lic nos. FR 0010163 and SR 0012527; NH Banking Depart-ment- lender lic no. 14553-MB; NJ Dept. of Banking and Insurance-lender lic no. 0803658; NM Regulation and Licensing Dept. Financial Institutions Division- lender licaense no. 01890; ND Dept. of Financial Institutions- money broker lic no. MB101786;RI Division of Banking- lender lic no. 20102678LL and broker lic no. 20102677LB; TX OCCC Reg. Loan License- lic no. 7293; VT Dept. of Banking, Insurance, Securities and Health Care Administration- lender lic no. 6127 and broker lic no. 0964MB; WADept. of Financial Institutions-consumer lender lic no. 520-CL-49075. PrimeLending, A PlainsCapital Company is an Equal Housing Opportunity Lender. 810 Hester’s Crossing, Suite 150 | Round Rock, Texas 78681
  2. 2. WWW.PRIMELENDINGDALLAS.COM CONNECT WITH US SPEAK WITH A MORTGAGE EXPERT (800) 308-8503 Page 2 - First-Time Homebuyer Dallas Mortgage (FAQ) After you place an offer on a home, the earnest money will be placed in an escrow account. If your offer is accepted, this money will then be applied toward your down payment or your closing costs. If your offer is not accepted, the money will be returned to you. What costs are associated with home ownership? In addition to making a monthly payment toward your mortgage, there are other costs associated with owning a home. Some additional costs you can expect when purchasing a home include: • Utilities, which may have previously been covered as part of your rent • Homeowner association or condo association dues, if applicable • Property taxes • City or county taxes • Maintenance costs To help you get a better idea of how much you will have to pay toward these extra expenses, your real estate broker can gather information from the seller. While this does not guarantee that your costs will be the same, it will give you a rough idea of the monthly utility expenses and other costs associated with owning the home. © 2012 PrimeLending, A PlainsCapital Company. Trade/service marks are the property of PlainsCapital Corporation, PlainsCapital Bank, or their respective affiliates and/or subsidiaries. Some products may not be available in all states. This is not a commitment to lend. Restrictions apply. All rights reserved. PrimeLending, A PlainsCapital Company (NMLS no: 13649) is a wholly-owned subsidiary of a state-chartered bank and is an exempt lender in the following states: AK, AR, CO, DE, FL, GA, HI, ID, IA, KS, KY, LA, MN, MS, MO, MT, NE, NV, NY, NC, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, WV, WI, WY. Licensed by: AL State Banking Dept.- consumer credit lic no. MC21004; AZ Dept. of Financial Institutions- mortgage banker lic no. BK 0907334; CA Dept. of Corporations- lender lic no. 4130996; CT Dept. of Banking- lender lic no. ML-13649; D.C. Dept. of Insurance, Securities and Banking- dual authority lic no. MLO13649; IL Dept. of Financial and Professional Regulation- lender lic no. MB.6760635; IN Dept. of Financial Institutions- sub lien lender lic no. 11169; ME Dept. of Professional & Financial Regulation- supervised lender lic no. SLM8285; MD Dept. of Labor, Licensing & Regula-tion- lender lic no. 11058; Massachusetts Division of Banking– lender & broker license nos. MC5404, MC5406, MC5414, MC5450, MC5405; MI Dept. of Labor & Economic Growth- broker/lender lic nos. FR 0010163 and SR 0012527; NH Banking Depart-ment- lender lic no. 14553-MB; NJ Dept. of Banking and Insurance-lender lic no. 0803658; NM Regulation and Licensing Dept. Financial Institutions Division- lender licaense no. 01890; ND Dept. of Financial Institutions- money broker lic no. MB101786;RI Division of Banking- lender lic no. 20102678LL and broker lic no. 20102677LB; TX OCCC Reg. Loan License- lic no. 7293; VT Dept. of Banking, Insurance, Securities and Health Care Administration- lender lic no. 6127 and broker lic no. 0964MB; WADept. of Financial Institutions-consumer lender lic no. 520-CL-49075. PrimeLending, A PlainsCapital Company is an Equal Housing Opportunity Lender. 810 Hester’s Crossing, Suite 150 | Round Rock, Texas 78681
  3. 3. WWW.PRIMELENDINGDALLAS.COM CONNECT WITH US SPEAK WITH A MORTGAGE EXPERT (800) 308-8503 Page 3 - First-Time Homebuyer Dallas Mortgage (FAQ) How much should I offer on a home? Several factors needs to be taken into consideration when determining how much to offer on a home. These include: • The asking price of other similar homes in the area • The condition of the home • The amount of time the home has been on the market • How much you can afford to borrow • Your level of desire for the home If the asking price of the home is not in line with other similar homes in the area, it would certainly be good business for you to make an offer that is closer to the norm for the area. Similarly, if the home has been on the market for quite some time, the buyer may be more eager and willing to accept a lower offer. If you really want the home and you know there will be a great deal of competition for the home, on the other hand, you may actually be willing to offer a bit more than the asking price in order to ensure your offer is accepted. Before finalizing an offer, however, it is important to get a professional home inspection. This way, you will know if there are any major issues that need to be addressed. If so, you may choose to bypass the home or you may negotiate a lower price to reflect the necessary repairs. What happens if my offer is rejected? If your offer is rejected, but you are still interested in purchasing the home, your broker can help you negotiate a price that is agreeable to both parties. As part of the negotiation, you may offer more mon- ey, but you may ask the seller to make some repairs or to cover all of the closing costs. It is not unusual © 2012 PrimeLending, A PlainsCapital Company. Trade/service marks are the property of PlainsCapital Corporation, PlainsCapital Bank, or their respective affiliates and/or subsidiaries. Some products may not be available in all states. This is not a commitment to lend. Restrictions apply. All rights reserved. PrimeLending, A PlainsCapital Company (NMLS no: 13649) is a wholly-owned subsidiary of a state-chartered bank and is an exempt lender in the following states: AK, AR, CO, DE, FL, GA, HI, ID, IA, KS, KY, LA, MN, MS, MO, MT, NE, NV, NY, NC, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, WV, WI, WY. Licensed by: AL State Banking Dept.- consumer credit lic no. MC21004; AZ Dept. of Financial Institutions- mortgage banker lic no. BK 0907334; CA Dept. of Corporations- lender lic no. 4130996; CT Dept. of Banking- lender lic no. ML-13649; D.C. Dept. of Insurance, Securities and Banking- dual authority lic no. MLO13649; IL Dept. of Financial and Professional Regulation- lender lic no. MB.6760635; IN Dept. of Financial Institutions- sub lien lender lic no. 11169; ME Dept. of Professional & Financial Regulation- supervised lender lic no. SLM8285; MD Dept. of Labor, Licensing & Regula-tion- lender lic no. 11058; Massachusetts Division of Banking– lender & broker license nos. MC5404, MC5406, MC5414, MC5450, MC5405; MI Dept. of Labor & Economic Growth- broker/lender lic nos. FR 0010163 and SR 0012527; NH Banking Depart-ment- lender lic no. 14553-MB; NJ Dept. of Banking and Insurance-lender lic no. 0803658; NM Regulation and Licensing Dept. Financial Institutions Division- lender licaense no. 01890; ND Dept. of Financial Institutions- money broker lic no. MB101786;RI Division of Banking- lender lic no. 20102678LL and broker lic no. 20102677LB; TX OCCC Reg. Loan License- lic no. 7293; VT Dept. of Banking, Insurance, Securities and Health Care Administration- lender lic no. 6127 and broker lic no. 0964MB; WADept. of Financial Institutions-consumer lender lic no. 520-CL-49075. PrimeLending, A PlainsCapital Company is an Equal Housing Opportunity Lender. 810 Hester’s Crossing, Suite 150 | Round Rock, Texas 78681
  4. 4. WWW.PRIMELENDINGDALLAS.COM CONNECT WITH US SPEAK WITH A MORTGAGE EXPERT (800) 308-8503 Page 4 - First-Time Homebuyer Dallas Mortgage (FAQ) for negotiations to go back and forth several times before a deal is finally made, so don’t be discour- aged if your first offer is rejected. What can I expect at closing? After you and the seller have agreed to a price and other conditions, you, a closing agent, your broker and the seller’s broker will sit down at a table to complete the closing process. The seller may be there as well. The closing agent will review a stack of papers with you, but you still may want to take the time to read through each paper and to consult with your agent in order to be clear on what you are signing. To contact a Dallas first-time homebuyer loan expert, call PrimeLending today: (800) 308-8503. Read more first-time homebuyer Dallas mortgage articles. © 2012 PrimeLending, A PlainsCapital Company. Trade/service marks are the property of PlainsCapital Corporation, PlainsCapital Bank, or their respective affiliates and/or subsidiaries. Some products may not be available in all states. This is not a commitment to lend. Restrictions apply. All rights reserved. PrimeLending, A PlainsCapital Company (NMLS no: 13649) is a wholly-owned subsidiary of a state-chartered bank and is an exempt lender in the following states: AK, AR, CO, DE, FL, GA, HI, ID, IA, KS, KY, LA, MN, MS, MO, MT, NE, NV, NY, NC, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, WV, WI, WY. Licensed by: AL State Banking Dept.- consumer credit lic no. MC21004; AZ Dept. of Financial Institutions- mortgage banker lic no. BK 0907334; CA Dept. of Corporations- lender lic no. 4130996; CT Dept. of Banking- lender lic no. ML-13649; D.C. Dept. of Insurance, Securities and Banking- dual authority lic no. MLO13649; IL Dept. of Financial and Professional Regulation- lender lic no. MB.6760635; IN Dept. of Financial Institutions- sub lien lender lic no. 11169; ME Dept. of Professional & Financial Regulation- supervised lender lic no. SLM8285; MD Dept. of Labor, Licensing & Regula-tion- lender lic no. 11058; Massachusetts Division of Banking– lender & broker license nos. MC5404, MC5406, MC5414, MC5450, MC5405; MI Dept. of Labor & Economic Growth- broker/lender lic nos. FR 0010163 and SR 0012527; NH Banking Depart-ment- lender lic no. 14553-MB; NJ Dept. of Banking and Insurance-lender lic no. 0803658; NM Regulation and Licensing Dept. Financial Institutions Division- lender licaense no. 01890; ND Dept. of Financial Institutions- money broker lic no. MB101786;RI Division of Banking- lender lic no. 20102678LL and broker lic no. 20102677LB; TX OCCC Reg. Loan License- lic no. 7293; VT Dept. of Banking, Insurance, Securities and Health Care Administration- lender lic no. 6127 and broker lic no. 0964MB; WADept. of Financial Institutions-consumer lender lic no. 520-CL-49075. PrimeLending, A PlainsCapital Company is an Equal Housing Opportunity Lender. 810 Hester’s Crossing, Suite 150 | Round Rock, Texas 78681

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