Valerie's Belfair WA Real Estate Blog

"Terms" to know when taking the plunge! Part IV - Mason County WA Real Estate

taking the plunge into home ownership Belfair WA

Past blogs, we have been discussing taking the "plunge"into the real estate world of purchasing a home or property.  We are building a "team" of professionals to achieve this goal.  You have spoken with a lender and you have found a professional, knowledgeable lender local to the area you are searching for a home in and are ready to move to the next step.

questions on home buying in Belfair WAIt's important you are familiar with some of the "key" terms that you are going to come across.

What is the difference between pre-qualified and pre-approved with a lender?

Pre-qualification is a "probability" of being able to obtain a loan and is based on info you provide the lender as far as your income, debt, expenses and cash you currently have. A pre-qualification does not carry as much weight with an offer as a pre-approval does.  

Pre-approval- takes it further. It means that the lender has verified your information and this step carries better attraction to a seller who is contemplating an offer from you.

If you remember, I asked that you work with a lender towards pre-approval.  Very Important! I have many lenders I can refer you too if you do not have one you are already working with.

What is earnest money?

It is a "good faith" deposit submitted with your offer to let the sellers know that you are serious about purchasing their home.  It also has another reason, but we will discuss that when we sit to write an offer on a property. There is no set amount required for earnest money, but it is required and can make a difference depending on the dollar amount of your earnest money, as to how a seller considers your offer.

What are closing costs?

There are buyers closing costs and sellers closings costs. They consist of charges paid for various items during the process of closing a real estate transaction. Things such as escrow fees, lender fees, inspection fees etc. Your lender will tell you your loan fees and other fees involved we will discuss during our initial sit down chat.

What is a point?

This is lender related and one point is equal to one percent of the loan principal. Again, your lender will go into the specifics of points. It will vary among lenders and lender products as to the amount of points that you may be required to pay in addition to interest and fees at closing.

What is title insurance?

In a nutshell - title insurance protects against a loss from defects, liens and other adverse claims  that are against the property. Lenders will require title insurance. Again, we will go more into detail during our conversations.

Those are just a few of the many new terms you will hear throughout our process of taking the "plunge" into the real estate world!  I look forward to helping you achieve this goal as we take the next step! 

 

A few other links with more information on the buying process :

There's more than you think to buying a home...

Taking The Plunge Can be Scary and Overwhelming

Taking the Plunge - Part II - Buying a Home

Building The Team to Home Ownership - Part III

 

If you would like more information on buying or selling homes in Belfair, WA~Mason County~ give me a call, drop me a line or visit my website!  I would love to be a part of your team to help you successfully achieve your real estate goals!  YOUR SUCCESS IS MY SUCCESS! People and homes are my specialty.

I believe in building relationships for life. My success is your success!

~~Valerie~~

Associate Broker

Windermere Peninsula Properties

360-710-5622

 

 


View my page on My North Mason Chamber Network

  

If you would like more information on Belfair, Allyn and LakeLand Village homes for sale or  Hood Canal and Puget Sound Waterfront Homes for Sale, drop me a line, give me a call, or stop on by.  You can also check out the many choices and prices on my website!

~~Valerie~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Whether you are buying or selling a home, don't put your goals off without talking to a local real estate expert with knowledge of homes for sale on Hood Canal, Southern Puget Sound as well as LakeLand Village, Allyn, Belfair and the surrounding area.

 I Build relationships for life. YOUR SUCCESS IS MY SUCCESS!

Windermere Peninsula Properties

My email: vlsallyn@windermere.com

My website: www.valspaulding.with wre.com

My blog : www.BelfairWARealEstate.com

My Direct line: 360.710.5622

 

 

 

Comment balloon 3 commentsValerie Spaulding • January 09 2009 12:14PM
"Terms" to know when taking the plunge! Part IV - Mason…
share
Past blogs, we have been discussing taking the "plunge" into the real estate world of purchasing a home or property. We are building a "team" of professionals to achieve this goal. You have spoken with a… more
Taking the plunge -Part II -Buying A home~Mason County WA Real Estate…
share
So we have gone over the first steps of getting organized to "plunge" into the real estate market and the dream of home ownership. You might want to go back and read the previous blog " Taking the plunge can be scary and overwhelming… more
Taking the plunge can be scary and overwhelming!
share
So you've decided to take the plunge this year into the world of home ownership! Excellent! There are some great homes out there well worth the price that is being asked and there are some very atttractive interest rates as well! It is a great time… more
~~~A White Christmas in Allyn, WA~~~Merry Christmas to All and Thank…
share
It's finally here - Christmas Eve - the prelude to the celebration of Christmas. It is awesome to know that all of my Christmas wishes have already all come true! They are the best presents anyone could ever receive. 1) My daughter home… more
Part II ~~There are no dreams too big… No mountain too high. A…
share
In a recent blog ( There are no dreams too big… No mountain too high. A young man from Allyn, WA reaches the top and never stops dreaming ), I couldn't hold my excitement any more about my son graduating from college. Our son received his… more
Hood Canal Views~ROMANCE HILL~CLIFTON RIDGE BELFAIR~It's all in the…
share
Do you know where you can find Romance Hill in Belfair? It's closer than you think! Perched above the main stream of State Route 3 in Belfair Romance Hill is the scene of one of Belfair and Hood Canal's best kept secrets… A whole… more
Why Hasn't My Home Sold?
share
Have you had your home on the market for awhile now and nothing seems to be working to get your home sold or shown for that matter? Or your agent has tried many things and it is still not being shown? Currently in our area it is considered a.. more