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 Inspections and Appraisal

DURING THIS PERIOD OF TIME YOU WILL HAVE THE OPPORTUNITY TO LEARN MORE ABOUT THE PROPERTY YOU'RE PURCHASING.

Appraisals: Your lender will  most likely want the property appraised. The faster the appraiser sends the completed appraisal to the lender the sooner the lender will make their final decision on your loan. Be sure to get a copy of the appraisal and keep it for your records. It will be filled with a lot of information about your new home.

Inspections: As a buyer you have the right to have a wide variety of property inspections to determine the property's condition. These inspections can include, but are not limited to: roof, termite/pest, chimney/fireplace, property boundary survey, well, septic, pool and spa. The costs of the inspections are usually paid for by you, and the repairs and corrections are normally the responsibility of the sellers. Your purchase contract should clearly define who will pay for what.

Home Buyer Protection Warranties : There are a number of companies that offer home warranties to home owners. These warranties can cover almost every mechanical device in a home up to a garage door opener. Sometimes sellers offer this to buyers for your first year of ownership. If they don't, I suggest you purchase one of these policies. For under $475.00 you can have peace of mind that if a major appliance breaks down you can have it fixed or replaced

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Tampa Bay Metro Realty / 1st Capital Mortgage, 1513 East Park Circle, Tampa, FL 33610

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Get "happy": Take your financial paper work into your lender and tell him/her what you want to accomplish (buy another home, an investment property).

Get your lender to give you a "pre-approval letter" for a loan (see Finance Center for why you want pre-approval and not pre-qualification). This will help you be first in line at the bargaining table for that property you want to purchase.

Caution: DON'T BUY THAT NEW CAR OR FURNITURE: When you're applying for a new property loan or refinancing a loan do not add any additional debt to your credit report. In most cases this will lower the overall amount to credit (dollars) a lender will lend you. To understand this clearly, go to my Financial Calculators section and look at the "Mortgage Qualification" calculator. There you will see what happens to the amount you can borrow before and after adding extra debt! So, if you're planning on financing a new car, furniture for your home or a vacation, hold off until after your loan "closes".

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why you want pre-approval and not pre-qualification). This will help you be first in line at the bargaining table for that property you want to purchase.