Financing 101 | Francine Swarts
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Ken and Francine Swarts
205-522-0699
fswarts@realtysouth.com
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Ken and Francine Swarts
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205-522-0699
fswarts@
realtysouth.com
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Finance Tools
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FINANCING

Knowledge and experience are the keys to successful real estate transactions!

Working as your agent, we can provide you with an enormous amount of valuable information.  Such data, combined with our expertise, experience and training, can be an essential key to your success.

One of the keys to making the home buying process easier and more understandable is planning.  In doing so, you'll be able to anticipate request from lenders, lawyers and a host of other professionals.  Furthermore, planning will help you discover valuable shortcuts in the home buying process.

12 Steps to Financing Your New Home

1.  Find a lender.  Ask friends, family or co-workers for referrals; plus we have several lenders that we can refer.

2.  Fill out a loan application.

3.  Get an estimate of closing costs from the lender you choose.  By law, the lender is required to provide this statement to you within three days of receiving the loan application.  Make sure to ask what type of loan program your lender has selected for you, including the rates, terms and any special information, such as prepayment penalties.

4.  Compare costs, fees and terms of loans if you are working with more than one lender.

5. Negotiate fees.  Sometimes you can negotiate the amount of fees or loan points (a point is 1 percent of the loan amount) the lender charges you.

6.  Consider lowering your interest rate by paying more points.  The relationship of interest rate to points paid is an inverse one; the more points you pay, the lower the interest rate.

7.  Provide required documentation.

8.  Pay any up-front-fees.  Sometimes the lender requires that the appraisal, or processing fee be paid at the beginning.

9.  Review loan papers.  Approximately one week prior to closing, loan papers will be ready for your review.  Make sure the loan matches the original quote you were given.

10.  Sign your loan papers and your down payment funds are in your account 7 to 10 days prior to closing.  Do not make any major purchases while you are working towards your closing as this could negatively affect your loan process.

11.  Bring a cashier's check for the down payment to the title company, escrow company or attorney handling the closing.  The lender will send the title company/attorney a check for the loan amount.

12.  Get ready to congratulate yourself!  Once the transaction closes and you have signed off on all contingencies, you will receive a copy of the deed and a set of keys, nay you then own the home!