1. How do I begin the process of buying a home?
    • Should I rent or should I own?
    • Am I ready to buy a home?
    • How much can I afford in monthly mortgage payment?
    • How much space do I need?
    • What areas of town do I like?
  2. How does purchasing a home compare to renting?
    • The one advantage of renting is being generally free of most maintenance responsibilities. 
    • Though there are many advantages to home ownership!​
      • Chances to build equity
      • Tax benefits
      • Protection against rent increases
      • Freedom to decorate your home the way you want
  3. How do I know if I’m ready to buy a home?
    • Do you have a steady job (or source of income)?
    • Have you been employed on a regular basis for the last 2-3 years, or do you have a good reason why you weren’t?
    • Is your current income reliable?
    • Do you have a good record of paying your bills?
    • Do you have some credit history?
    • Do you have money saved for a down payment, or gift funds available to you?
    • Do you have the ability to pay a mortgage every month, plus additional costs? (taxes, insurance, etc.)
  4. How do I know what I need?
    • Make a list of your priorities – Establish a must have list and a wish list
  5. What should I look for when deciding on a community?
    • What Community will fit into my daily lifestyle?
    • What are the schools like?
    • Do I want access to shopping? Public transportation? Libraries? Museums?
    • Do I want a peace and quiet of a rural community?
    • Should I drive around the community? Talk to neighbors?
    • How can I find out about community resources?
  6. How do I select the right real estate agent?
    • Ask a Luminate expert for recommendation
    • Ask Family and Friends for recommendation
    • Compile a list of agents
    • Meet with several agents until you find one that meets your needs
  7. How can I find out how much homes are selling for in certain communities and neighborhoods?
    • Check with your real estate agent
  8. Is an older home a better value than a new home?
    • There are many considerations.
      • Individual Characteristics
      • Maintenance
      • Architecture & Structure
      • Energy Efficiency
  9. What should I look for when walking through a home?
    • Is there enough room for both the present and the future?
    • Are there enough bedrooms and bathrooms?
    • Is the house structurally sound?
    • Do the mechanical systems and appliances work?
    • Is the yard big enough?
    • Do you like the floor plan?
    • Will your furniture fit in the space?
    • Is there enough storage space?
    • Does anything need to be repaired or replaced?
    • Will the seller repair or replace the items?
    • Imagine the house in good weather and bad, and in each season.
    • Will you be happy with it year-round?
  10. How long will I be living in this home?
    • Starting a family?
    • Just got out of school?
    • Empty nester?
  11. How can I keep track of all the homes I see?
    • Take pictures of each home that you like!
    • Put the pictures on your checklist in a “Home Search” Binder!
  12. How many homes should I consider before choosing one?
    • Visit as many as you would like!
    • Communicate frequently!
    • Stay Organized!
  13. I found a home! What type of inspections are needed?
    • Get a home inspection first and then assess the inspection before you incur any other expenses
  14. What are “Home Warranties” and should I consider them?
    • Checks on the safety of the home
    • Focus on Structure, Construction and Mechanical
    • Makes you aware of repairs needed
    • Qualified and experienced inspector
    • Before you sign the final offer, make sure to have an inspection clause
  15. Do I need to be there for the home inspection?
    • It’s not required but it’s a good idea.
  16. How many homes should I consider before choosing one?
    • Offer protection for possible costly problems
    • Great Programs!
    • Consider having a seller or realtor pay for it
  17. How can I find information on the property tax liability?
    • Should be included in the listing
    • Ask the Seller
    • Check with the local tax assessor’s office
  18. Do I really need Homeowner’s insurance, and if so, how do I get the lowest rate?
    • Yes, homeowners insurance is a requirement
    • Shop around for comparable rates 
    • Ask for referrals from Realtor and friends
    • Flood insurance may be required, check with real-estate or insurance agent for flood plain information 
    • Use same insurance company as Car and Life Insurance for a discount.
  19. I am ready to make an offer! How do I determine the initial offer?
    Your offer should include:​

    • Complete legal description of the property
    • Amount of earnest money
    • Down payment and financing details
    • Proposed move-in date
    • Price you are offering
    • Proposed closing date
    • Length of time the offer is valid
    • Details of the deal
  20. Do I need a lawyer to buy a home?
    • Laws Vary by State
    • Check with your Real Estate Agent for requirements and referrals

Do you have questions? Reach out today! We’re here to help!

Tim Erickson
P: (652) 451-2273
E: tim.erickson@goluminate.com
W: www.TimEricksonMortgage.com

Mark Henderson
P: (651) 398-3477
E: mark.henderson@goluminate.com
W: www.MarkHendersonMortgage.com