Why Should I Buy Instead of Rent?

When you own your home, you have the ability to deduct the costs of many finances such as, your mortgage loan interest from your federal income taxes and usually your state taxes as well. You can also deduct your property taxes. The value of your home may grow over the years, which will increase your equity.

Am I Ready To Buy A Home?

Ask yourself the following questions:

1. Do I have a steady source of income?
2. Have I been employed for the last few years?
3. Is my current income reliable?
4. Do I have a good record of paying my bills?
5. Do I have a few outstanding long-term debts (car payments)?
6. Do I have enough money saved up for a down payment?
7. Am I able to pay a monthly mortgage in addition to any other costs?

If you answered the majority of these questions "yes," you are most likely ready to become a homeowner!

Why Do I Need Title Insurance?

Having Title Insurance protects you, the policy holder, from disputes over ownership. You can rest assured that LOYALTY ABSTRACT can issue the Owner's policy that will protect the buyer against loss of undiscovered title claims and will provide a defense in the event of claims against the title pursuant to the terms of the policy.

How Much Money Do I Need to Buy A Home?

In order to buy a home, you need to have enough money to cover three specific expenses:

1. The earnest money
2. The down payment
3. The closing costs

Are There Any Additional Costs I Need to Consider?

Some of the expenses to be considered include: monthly utilities, property taxes, homeowners insurance, and maintenance costs. There may also be homeowner association or condo association fees.

What Is The Difference Between Pre-Qualifying and Pre-Approval?

Pre-qualification is just a way to see how much you are able to borrow. A pre-approval is the lender's commitment to lend to you.

Should I Use A Real Estate Agent?

Using a real estate agent can be very beneficial for first time homeowners. They can guide you through the entire process of buying a home, including the financial details and in addition, make the experience much easier and efficient for you. The best way to find a good real estate agent is asking family and friends for recommendations.

Loyalty Abstract can guarantee and provide the protection you need and the service you deserve.