FAQs

Investopedia define Pre-Qualified as: The process which involves a bank or lender with their overall financial picture, including debt, income, and assets. The lender review everything and gives and estimate of how much the borrower can expect to receive.                    

a) Prequalification can be done over the phone or online.

 b) No cost involves; it’s FREE.

c) No Credit Check.

Investopedia defines Pre-Approval as: “ The buyer complete an official mortgage application to get pre-approved, as well as supply the lender with all the necessary documentation To perform an extensive credit and financial background check. The lender will then offer Pre-approval up to a specific amount. 

• Generational wealth
• Cash flow depending on the state your in.
• Multi-Family over single family 
• Equity over a period of time
• “Real-Estate”

• Enter your address into a home value estimator
• Ask any Real Estate Agent.
• Look at your own market analysis.

• You should look around and find the minor things you can fix before the home goes on the market.
• Get the home inspected (Home Inspector) so you know what a professional thinks about the place. 
• Keep the house clean and be consistent 
• Do the market analyses with the comparable so that you have some good price option. Any good realtor can provide those. Just call me (917-690-9834) and i will help you. 

• Investopedia define Escrow as a legal concept describing a financial agreement whereby an asset or money that is held by a third party on behalf of two other parties that is in the process of completing a transaction.  

Investipodia define Mortgage as a loan used to purchase or maintain a home, land, or other types of real estate, secured by the property itself. You start the process by going to a mortgage company or lender and you ask them to give you a pre- approval or pre-qualification. They will require some financial documents from you such as:

                        a) Income: W2 or 1099 if you have a business

                        b) Debt: Cars; Credit Card; Loans; 

                        c) Bank: Balance for the past 3 months

Unless you are planning on buying this house with your own CASH, Your first step should be to get approved for a mortgage. This step is necessary in order to find out how much the bank will let you borrow in order to achieve your goal. The bank will make this decision based on your income (W2 or 1099), DTI (Debt-to-Income Ration), Current Credit Scores, savings and your valuable assets (Home, Cars, 401K, Investment Account ETC…).

Yes you should do an inspection on any home you are planning on buying or selling. You want to do this so that you know based on the inspector keen eye what is to standard and what is not. A good home inspector will comment on the structural, cosmetic issues, any local code issues and more importantly a home inspector will give you a better insight on the home value.

Yes, You should do a final walk through before purchasing your house. the final through is essential so that you can check if the property is exactly how it was the first time you saw it. Moreover, if you wanted stuff fix in the house, this would be the perfect time to examine if the work was done to standard.

Investopedia define Earnest money as a deposit made to a seller that represents a buyer’s good faith to make a purchase such as the acquisition of a new home. The money gives the buyer extra time to get financing and conduct the title search, property appraisal, and inspections before closing.

• You look until you find something you like. Base your search on a house that you like for either the location or equity possible play.
• Once you start you can’t stop.