Catamount Realty Group had the distinct honor of visiting Norwich University to speak to cadets and soldiers about purchasing a home. Interest rates have continued to remain low which makes now the perfect time to purchase a home.Who better to speak about purchasing a home, then the people who help protect our nation's freedom.
Samira and I arrived at Norwich University on a cool Saturday morning and were greeted by a friendly soldier who directed us to the conference room. There, we passed by a group of men that were finishing up with their morning routine. We were very pleased to see a full house come through the doors! We spoke in front of about 80 soldiers explaining the benefits of home ownership and what are some of the important first steps to preparing to purchase.
Samira explained the importance of Buyer Representation when purchasing a home. Many buyers are not aware when they are contacting the listing agent about a property, that Realtor is representing the seller in the transaction. Currently, Vermont does not allow for duel or designated agency. The buyer is consider to be a customer, or unrepresented party ,at the time of the inquiry. As friendly as the Realtor may be, he or she owes fiduciary responsibility to the seller, not the buyer.
It is important that buyers understand anything they reveal to the listing agent is not kept confidential and could come back to haunt them if they decide to make an offer on the property. There are many other benefits to representation that we can discussed in another session. Just as physical training perfects our skills, financial training perfects are abilities when buying a home.
Knowing your credit score is very important. Most buyers are not aware they are entitled to receive a free credit report from the three agencies (Experian, Equifax® and TransUnion®) once a year. Not incurring extra depth such as a car payment or lease can make a difference on your depth ratio. Credit card debt also plays a large role. Avoid those expensive vacations and save the money towards closing costs or down payments. We also explained the importance of getting pre-approved for a mortgage before searching for a property. Trying to look for a home without first knowing what you are qualified is like playing darts blindfolded. You are not likely to hit the target.
Julie Thorpe of Spruce Mortgage was there explaining the process of getting approved and the benefits of VA mortgages. VA mortgages have many benefits for those who have served in the military. 100% financing is available, which can help those who may not have enough money for a down payment. Mortgages can also me assumable. The VA also backs the mortgage which helps avoid PMI Insurance. There is a funding fee, however it can be rolled into the mortgage. Julie has other mortgage programs available and is always available to answer questions regarding VA mortgages as well as other mortgage programs. Another important piece of information, buyers can also ask for a concession from the sellers to help contribute towards closing costs.
Want to know more? Give Mark Montross and Samira Davis at Catamount Realty Group a call at 802-658-3210 and we will will be happy to schedule a free buyer consultation appointment.
600 Blair Park Road Suite 205
Willston VT 05495