Simple Real Estate Knowledge
Buying real estate is not the same as going to the grocery to pick up a pint of milk. You can't just hand over the money and be done with it. When you click here for Halifax estate agents you will find licensed real estate professionals who can get you started in fully understanding the following points listed below.
· Pre-qualified versus Pre-approved
Mortgage pre-qualification simply means a buyer is in the process of applying for a loan with a financial institution. Pre-approved on the other hand means that the bank has actually approved of the person's application for a loan. Therefore, individuals who are looking to purchase real estate should aim for pre-approval prior to looking at listings.
Even if you click here for Halifax estate agents, Website they will prefer pre-approval as opposed to pre-qualification unless of course you are able to afford making a purchase and paying for mortgages without a loan, then this step can be skipped altogether.
· The real estate agent
So many people choose to buy or sell their own homes because they do not want to spend an extra 6% for commission fees of estate agents. Negotiating for lower commission fees are in fact possible. There are agents who are happy to settle with a 3% rate. Hiring an agent can cut down on all the work you would have to do on your own.
· Settlement costs
Aside from the fees for down payment, closing or settlement costs should be set aside. The rate is generally between 3% to 6% of the price of the property.
· Title insurance
Although required, title insurance during settlement, benefits the lender more than the buyer. It protects them in the event that any problems arise from the property's title. This could include unpaid tax fees, disputed wills, etc.
When it comes to buying or selling real estate there are many factors that should be properly considered to avoid any issues. Click here for Halifax estate agents to further assist you with your real estate concerns.