Naples

Bonita Springs

Estero

Real Estate

Contact Norm
239-248-7734

email norm

3757 Tamiami Trail North
Naples, FL  34103

As Your Buyer's Representative, Norm will ...

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The Home Buyer's Corner

Looking to buy a home soon?  If you’ll need a mortgage to finance the sale, getting pre-approval from a lending institution is a must.  You’ll save considerable time and effort if you know in advance exactly how much home you can afford.  And, you’ll stand a much better chance of offer acceptance if your contract is accompanied by a pre-approval letter.  You’ll need to provide the lender with basic financial information to get the ball rolling.  Ask Norm to recommend a good mortgage broker. 

FICO Scores: What is this all about? FICO (named after Fair, Isaac Company) is the system virtually all lenders use to evaluate your credit worthiness.  FICO scores range from a low of 350 to a high of 850.  Most people with very good credit will score in the 700's.  How is your FICO score computed?  It's based on 5 variables:  payment history (35%), amount owed (30%), length of credit history (15%), new credit (10%), and types of credit in use (10%).  Mortgage lenders rely heavily on FICO scores to determine if you will be a good credit risk.  Those with the highest scores are also offered the best interest rates.  You can find your current FICO score on www.myfico.com or by contacting Equifax.  

Buyer’s Closing Costs:  Before you close, your Realtor should go over the various closing costs that buyers usually must pay.  Norm will make sure that you  get this review twice: first, when you sign the contract and the closing cost disclosure form that will accompany it.  Then, again when the title company will provide you with a HUD-1 statement at least 3 days before the closing.  Norm will review this statement with you in detail before the actual closing.

Inspections: The buyer contracts for and pays for various inspections before the closing.  Among these are: Pest Inspection $75-$175; General Property Inspection (covers construction elements including electrical and plumbing), about $300-$400; Roof Inspection: expect to pay about $75-$125 (many general inspection companies include a roof inspection) ; Septic: $200-$400; Radon: $50-$100; Asbestos (if necessary) $75-$125.  Norm recommends at least a general, pest and radon inspection.  Better to pay a little now than a lot more later.