MAYER REALTY GROUP
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Q: What is a pre-approval and why is it important? A: Pre-approval involves a lender assessing your finances and tentatively committing to commitment is documented in a pre-approval letter, crucial when making an offer on a home. At Mayer Realty Group, pre-approvals are required to view properties, ensuring a streamlined and efficient process. providing a loan up to a specified amount. This Q: How much of a down payment do I need? A: Down payments vary, typically ranging from 0% to 20% or more, depending on the loan program. Options like VA and USDA loans offer zero down payment, while conventional loans often require a higher percentage. Various sources, such as gift funds or funds from 401(k)s, can contribute to your down payment. We advise reviewing your financial situation and consulting with your lender to determine the best down payment strategy aligned with your home buying objectives.
Q: What is title insurance and do I need it?
A: Title insurance provides protection against financial loss due to defects in a property's title. There are two types: Lender's Title Insurance: Typically required by mortgage lenders, it safeguards the lender's interest in the property.
Owner's Title Insurance: Optional but recommended, it protects the buyer's equity in the property.
Title insurance covers issues like errors in public records, undisclosed liens, illegal deeds, and more, providing peace of mind during the home buying process. We can guide you through the process and help determine if title insurance is necessary for your situation.
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