FAQ

MORTGAGE DICTIONARY

HOMEBUYER'S GUIDE

REFINANCE GUIDE

HOMEPATH AND HOMESTYLE LOANS

You need mortgage professionals you can trust. You need a company that values honesty and integrity throughout the entire organization. You need mortgage planning specialists who give you their best consistently. You need to find strength, stability and opportunity—especially now. You need New Century Realty & Lending!

When dealing with your home financing, we are not only working with one of your largest personal financial investments; we also are handling one of your biggest dreams. Since we work with matters so close to the heart, we serve you from ours.

New Century Realty & Lending can meet you where you are and help you where you are going. Let us provide you a mortgage without obstacles.

At some point of your search, you'll know. You'll know when you find the home that best fits you and your needs. When you find a great match, you'll want to take those next steps that can make that home yours.

Extending an Offer

Purchasing a home is one of the few transactions that involves heavy negotiations. A REALTOR is a valuable resource to have on your side as you determine the appropriate initial offer to extend. During this portion of the process, you'll want to consider the following:

  • To demonstrate the strong financial backing and genuineness of your offer, you'll want to have the preapproval letter from your New Century Realty & Lending Loan Officer ready. An offer with financial security obviously is preferred by sellers.
  • Facilitate all your negotiations in writing. This will provide a record of deals and decisions made as well as help clarify any misunderstandings.
  • To demonstrate the seriousness of your offer, you'll want to have money ready to use as an earnest money (or "good faith") deposit. While the amount varies depending on your location, all of it will be placed into an escrow account until the purchase transaction is complete.

Pre –Closing

As you come to the closing stage, you've entered the final stretch. At this point, you'll want to be sure to you cover a few things:

  • Go over the loan commitment with your New Century Realty & Lending Loan Officer and be sure you understand your loan's rate terms and the additionally established requirements and details.
  • Obtain homeowners' insurance and, if required flood insurance.
  • Using your loan commitment and purchase agreement as guides, set a closing date and time.
  • Verify with the closing agent or attorney that a property survey was ordered.
  • Prepare to move
  • Do a final inspection of the home you are about to purchase.
  • Confirm that you have met all the guidelines and conditions in the purchase agreement established by the seller.
  • Bring the total you owe in closing costs in the form of a certified or cashiers' check to your closing appointment. Typically, personal checks and/or cash are not accepted.

The Purchase Agreement

A legally binding contract between the buyer and the seller of the property, the purchase agreement outlines all terms and features of the final transaction. This can include:

  • The property address and legal description
  • The sales price, the loan amount, the down payment and deposit
  • The names of all parties involved including the buyer, the seller, the buyer's agent, the seller's agent, the mortgage broker/banker and any attorneys
  • Time limits that might apply to the transaction
  • Any contingencies that must be addressed prior to the deal being complete and finalized (such as the sale of the buyer's present home, issues from the home inspection that might need to be repaired, etc…)

Because of special and unique features of every home transaction and the varying needs of each home buyer and home seller, purchase contracts are not exactly the same. A REALTOR, a title company or an attorney may assist in the negotiations and execution of a purchase contract; this is dependent on the state in which the transaction is being conducted.

At Closing

The closer you get to the appointment, the more you will want to know what to expect at closing.


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