I am a Fishers and surrounding areas Real Estate Agent and as January 2009 is underway, I am seeing the market begin to change. In the last seven days, I have received a dozen calls about either buying or selling real estate. Most of them have been from buyers! This is a good sign for our housing market in Fishers Indiana. I'm so glad I took the time to relax and enjoy my family and the holidays during December, because it looks like busy is back.
I met with a first time home buyer on Wednesday evening. I love going over the home buying process with a first time home buyer. There are so many things to know when you initially start that search for a home. One of the first things a buyer needs to do is call a lender and start the mortgage process. One of the first things to ask for is a Good Faith Estimate. This document is an estimate of the closing costs that a buyer will be charged when purchasing their home. This estimate must be provided within three days of making an application with a lender, but often a lender will provide it if you just ask. This gives the buyer the opportunity to compare lenders and also to begin saving or maybe to consider asking the seller to assist with paying these costs. You will typically see an fee for an appraisal, a survey, document prep and underwriting, etc. In addition you will see the accruals and prepaids that will also need to be paid at the time of closing. It is a comprehensive list of costs associated in the home buying process. It is just an "Estimate"; so do keep that in mind.
As your Fishers and Indianapolis Real Estate Agent, I know the average amount for the various items on a good faith and can help you understand the differences in those costs versus the differences in rates that are quoted. The lowest rate isn't always the best program, just as the lowest closing costs aren't always the best programs. Use me to help you decide what makes the most sense for you!
I would like to take this opportunity to promote some of the lenders I use in the Fishers Real Estate area; they are in no particular order and I'd encourage you to call any of them as you begin the process.
I encourage you to begin the process if you are thinking about buying a home. The "perfect storm" is brewing with interest rates very low and the sellers more motivated than ever. There are many other reasons to buy now, call me and I'll give you one worth $7,500! And don't forget every month on the last Saturday we hold a First Time Buyer's Class in Fishers; but you must register. We look forward to working with you soon.