Category: FAQs

The Information Advantage

Welcome, we have tried to answer the most common questions visitors to our web site may have. If you find that your question is not answered on this page, please e-mail us at Advantage Realty or call us at (785) 483-5853.

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What do I need to know about saving for a home?

The first thing to understand about buying a house is that you don’t have to have all the cash saved up in order to make your purchase. If you have a steady job and a reasonable credit history, there is a good chance that you can find a home lender who will lend you most of the purchase price of your new home.

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How much house can I afford?

First, determine your gross monthly income. This will include any regular and recurring income that you can document. You can also use unearned sources of income such as alimony or lottery payoffs. And if you own income-producing assets such as real estate or stocks, the income from those can be estimated and used in this calculation.

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How do I make an offer?

A written proposal is the foundation of a real estate transaction. Realtors have a variety of standard forms that are kept up to date with the changing laws. When you use a realtor these forms will be available to you. Realtors cover the questions that need to be answered during the process. Certain disclosure laws must be compiled with by the seller, and the realtor will ensure that this takes place.

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What are the costs associated with a home loan?

Closing costs are the actual expenses that the lender incurs in the origination of a new home loan. Some of the costs are related to your loan application, such as the expense of newly updated credit reports on all applicants. Other fees are related to the house itself, such as the appraisal of the property. Others are payment to the lender for processing your application, such as the loan origination fee. This area of expenses is charged to the buyer, and often runs between 2 and 3 percent of the amount being borrowed.

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Are there mistakes I can avoid in my home finances?

Don’t choose the wrong mortgage: Investigate all your options, then lay your choices side-by-side and do the math, making sure to compare worst-case scenarios.

Don’t confuse “pre-approved” and “pre-qualified” with a loan commitment: When you are “pre-qualified,” the lender is making an educated guess about how much you can borrow based on information you’ve provided. When you are “pre-approved,” the lender has verified everything you have told him or her and is offering to lend you up to a given amount at current interest rates – under certain conditions. Final clearance and a check at closing – a loan commitment – are subject to an appraisal satisfactory to the lender, good title, a last-minute credit check and other verifications.

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