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Frequently Asked Questions - First Time Homebuyers
Q: Buying my first home is a pretty big step. How can I be sure everything will fall into place?A: Nothnagle's Relocation Department is a good place to start! Your Client Services Coordinator is your personal guide throughout your move. He or she will personally select the perfect agent to suit your preferences and then follow the progress of your file through completion. The Coordinator is always available at anytime if you have any concerns. Just give a call!
Q: How can I get prequalified for a mortgage?
A: There are several ways to get prequalified. For your convenience, Nothnagle Realtors has its own in-house mortgage banker, Nothnagle Home Securities Corp. Contact us at 1-800-295-RELO and we'll have one of our loan officers contact you. Or, you can visit www.snapmortgage.com and fill out a prequalification form.
Q: Are there any advantages to financing through Nothnagle Home Securities?
A: Because we deal with many banks, our clients often get a better rate going through us than if they had approached the bank themselves! We also offer the lowest closing costs in our area - another significant savings for you. And all aspects of your financing are handled right here in Rochester, which means faster, smoother transactions - and that saves you time when you're buying a house!
Q: I probably won't find a house right away. Should I get prequalified now?
A: If you're planning to move in the next six months, it's a good idea to get prequalified before you start shopping for a home. Having mortgage approval in place strengthens your leverage as a buyer; your purchase offer is much more attractive to a seller than one he might get from someone without financing. In other words, you are an approved, solid buyer!
Q: The thought of a mortgage scares me! Why not rent instead?
A: Believe it or not, buying can actually be more affordable in our area, where rents often exceed the cost of a mortgage! The obvious tax advantage is that you are allowed to write off the interest on your property. A home also offers the space and amenities to meet each person's needs.
Q: I've had credit problems, such as late payments on student loans. Will this affect my mortgage?
A: Not necessarily. When it comes to financing, there are many factors to consider, such as more recent activity with timely payments, current income, and the amount you've saved toward a down payment. Financing can be creative! Give us a call at 1-800-295-RELO, and we'll connect you with a financial specialist who can guide you and let you know exactly where you stand.
Q: What if I don't have a down payment? Can I still buy a home?
A: Absolutely - we have many programs that offer financing options without a down payment.
Q: I've gone through bankruptcy. Can my dream of home ownership ever come true?
A: There is life after bankruptcy! If you've been current with your bills for several months following discharge of bankruptcy, along with other criteria, there is hope. Give us a call and we'll walk you through the steps it takes to reach your dream.
Q: Do I need an agent when buying a house? Wouldn't I save money by just contacting the listing agent?
A: Not really. The listing agent represents the seller and, typically, commission is paid for by the seller. In other words, whether a buyer uses an agent or not, that commission is being paid. Having your own agent means you've got someone looking out for your best interests...someone who is savvy in the market and can pursue the types of properties you seek in your price range.
Q: If I’m selling my house, can't I get a better deal with a listing agent that offers a reduced commission?
A: At first glance, a lower commission does look tempting. But keep in mind that your goal is to sell your house using the best resources available. Nothnagle Realtors provides many exclusive marketing tools to assist in the sale of your home: Signs, newspapers ads and TV - expenses that your agent satisfies up front! Agents that offer lower commissions may not utilize all of these resources, meaning your home remains on the market longer, and you'll end up making more mortgage payments on property you're trying to sell. When it comes to discount commissions, you'll need to compare the services you receive because those services ultimately affect your bottom line.
Q: I've only owned my current home for 2 years and I'd like to sell. Am I allowed to do that after such a short period of time?
A: Unless you have a prepayment penalty on your mortgage, or your loan is from SONYMA (where some restrictions apply), you are free to sell your home whenever you wish!
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