Mailing Address: 941 N Providence Rd, Media, PA 19063 Copyright © 2016 Tesla Realty Group, LLC. All rights reserved.
You will soon become a homeowner. Your big decision to purchase your own home has finally arrived. The process will become much easier and a less stressful experience for you when you have an experienced Tesla Realty Group LLC agent by your side. Our agent will guide you step by step with your home search and purchase.
Purchasing Your Home
There are several steps to buying your home. Since this is your greatest financial decision, and also an exciting and emotional moment in your life, it is very important that you are educated about the home buying process. There are three major stages: pre-purchase planning, home shopping and closing on your home.
Make sure you are financially ready
You have to evaluate your finances carefully to make sure you are financially ready to purchase your home. If you are ready or need assistance in getting on the right track our agent is here to assist you.
Preparing paperwork for your Mortgage Lender
Gather your paystubs, school and car loans, credit card records, statements from brokerages, banks and retirement accounts and income tax returns to secure your mortgage. Your mortgage lender or our agent can provide a complete list of what will be needed.
Our agent will help you to find your perfect home
Our agent is committed to finding you a place to call home. Careful research, expert advice and a personal experience are what a Tesla Realty Group LLC agent can provide in assisting you with a successful transaction. Our agent’s dedication, combined with extensive market knowledge, will result in your complete satisfaction.
Your Tesla Realty Group LLC agent will assist you in completing a purchase offer when an official offer to buy your home is being made. That offer will include the proposed price, a list of what is to be included in the sale such as fixtures and appliances, contingencies or terms the sale is dependent on including a satisfactory home inspection, secured financing, sale of buyer's current home, seller concessions including assistance with closing costs, proposed closing date, and an offer expiration date, which is typically 24-48 hours.
Upon submitting your offer, the seller will review it and can accept, reject or make a counter offer. The purchase offer is not binding until both you and the seller sign the agreement.
Closing Costs and Fees
Loan origination fee: An origination fee is similar to any commission-based payment. If a lender takes a 1% fee for originating a loan, they will make $1,000 on a $100,000 loan, or $2,000 on a $200,000 loan.
Points: A point is a fee usually equal to 1 percent of the loan amount. It is paid at closing.
Appraisal fee: Your lender will choose an appraiser to evaluate your home and the cost (typically $300 - $500) may vary based on the amount of your loan, and the type and use of the property.
Credit report: It covers the expense of your credit history report.
Interest payment: You may pay interest on your mortgage loan to cover the time between the closing date and the date your first mortgage payment period begins. It is important to note that interest on a mortgage is usually paid in arrears at the end of the time period it covers. For example: If a closing is on May 15, and your first monthly payment starts to accrue interest on June 1, an interest payment covering the period between May 15 and May 31 may be required at closing. Consider this timing when scheduling your closing. It is a fee you can reduce by closing near the mortgage due date.
Escrow account fees: The escrow officer makes sure the closing goes smoothly and everyone gets paid what they are owed (including, of course, the escrow officer 1% to 2% of the cost of home). After the closing, the escrow agent records the deed and title transfer that make the home officially yours. Many mortgage lenders hold money in escrow to pay property taxes and insurance. Each month, you pay a portion of the estimated annual costs along with your principal and interest.
Title search: A search of the public records to ensure that no one but the seller has a valid claim to the property.
Title insurance: It relates to insurance that protects the lender and buyer from losses that may result from disputes over the property's title. Typically, the buyer purchases the Lender Title Insurance.
Other Third Party Fees
Document preparation fee: It is charged for the preparation of the closing documents.
Underwriting Fee: It covers the costs of the underwriting process, which is the analysis of the risk involved in making a mortgage loan.
The Loan Estimate
Tesla Realty Group LLC agent will always be with you during your home purchase. As you can see the closing process and costs can be very complex. Your lender will provide you with a Loan Estimate, a three-page form that you will receive after applying for a mortgage. The Loan Estimate will tell you important details about the loan you have requested. The lender must provide you a Loan Estimate within three business days of receiving your application. The Loan Estimate is a new form that goes into effect on October 3, 2015.
The form provides you with important information, including the estimated interest rate, monthly payment, and total closing costs for the loan. The Loan Estimate also gives you information about the estimated costs of taxes and insurance, and how the interest rate and payments may change in the future. In addition, the form indicates if the loan has special features that you will want to be aware of, like penalties for paying off your loan early (a prepayment penalty) or increases to the mortgage loan balance even if payments are made on time (negative amortization). If your loan has a negative amortization feature, it appears in the description of the loan product. The form uses clear language and is designed to help you better understand the terms of the mortgage loan you have applied for. All lenders are required to use the same standard Loan Estimate form. This makes it easier for you to compare mortgage loans so that you can choose the one that is right for you. When you receive a Loan Estimate, the lender has not yet approved or denied your loan application. The Loan Estimate shows you what loan terms the lender expects to offer if you decide to move forward. If you decide to move forward, the lender will ask you for additional financial information.
Thank you for taking us into consideration
Tesla Realty Group LLC would be honored to have the opportunity to become your personal advisor in the purchase of your home.
Office Hours: M-F 9AM-5PM