Articles Tagged "Closing costs"

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September
21

Home Inspection

No matter how carefully you examine a home during an open house or private viewing, there will be aspects of a home that a professional home inspector will be needed to identify. While a home inspection isn't always mandatory, getting a home professionally inspected will help you determine whether the house you have your eye on is truly ready for you to move in. 

Home inspectors must be licensed in Tennessee and in many other states. It takes specialized training to identify various home building materials, learn current building codes, and spot specific signs of damage or deterioration. Our real estate agents want you to know what to expect when home inspectors are looking at Chattanooga homes for sale

A Look Around 

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November
11

Closing Costs Guide

Closing costs are inevitable when you purchase Chattanooga homes for sale. It is essential to include these in your accounting when choosing your home. Knowing what these fees are, and how much they will cost, will protect you from "sticker shock" during the closing process. When closing on a home, be aware of these potential closing costs you may run into. 

  • Origination Fees & Points
    As a general rule, you can expect all of your closing costs to run between 2% to 4% of the total purchase price. The final amount is heavily dependent on the origination fees and points assessed by the lender. The law requires lenders to provide a loan estimate to buyers that provides a full accounting of application/origination fees, and points.

    Points are fees paid to the lender at closing to secure a lower interest rate. This can be a wise investment that can save you significant money over the years. 
     
  • Title Fees
    Roughly 70% of your closing costs will be related to title fees. These fees cover the cost of conducting a title search, securing title insurance, and settlement services.  

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May
13

Mortgage Interest Rates
You negotiated a good deal on your dream home with the beautiful kitchen, and you are approved for a mortgage. Now, all that's left is to sign the paperwork. All those pages you are signing detail what you will pay for the house you are making a home. One specific number to pay attention to is the interest rate, which of course, adds to the final amount you pay back.

So how is the interest rate calculated for people buying Chattanooga homes for sale? Here is a quick primer:

  1. Debt to income ratio
    This number shows lenders how much income you have to the amount of debt you are responsible for paying back. If you have a lot of debt payments already, you might find it difficult to pay a larger mortgage. One of the best things you can do before buying a house is pay down as much debt as possible. Not only will this let you get a better interest rate, but it will also give you breathing room as you begin homeownership.

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January
21

Understanding the Mortgage Process
If you are ready to become a first-time homeowner and are itching to get started shopping Chattanooga homes for sale, it is time to learn a few things about how to get the mortgage you need for your purchase. The mortgage process can often be the most complicated part of buying a home, but being well-prepared to tackle it can make things easier and less stressful. Here are some key points to understand the mortgage process:

Preparing Before You Apply is Essential

Having all your ducks in a row before beginning the mortgage process can help ensure that you can make the process work to your best advantage. Here are some important steps to take to get ready to apply for a mortgage:

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January
7

Buying a Home in Chattanooga - Fletcher Bright Realty

If you're looking to buy your first home, then look no further than Chattanooga homes for sale. Buying a new home is a big decision, and there's quite a lot to consider – mainly can you afford a new home? If the answer is an unequivocal "yes," then you can afford to buy a home in Chattanooga. Here's how.  

3 Steps for Buying a Home in 2019

  1. Save for Your Down Payment
    Saving for a down payment can be challenging and requires some discipline, but it absolutely can be done. First, it's helpful to know how much you're looking at spending on your home, and that will determine where to start with a down payment.

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