Frequently Asked Questions

There are several ways to determine the value of your home, including hiring a professional appraiser, working with a real estate agent to conduct a comparative market analysis, or using online tools that provide estimates based on public data.

It can be beneficial to make minor repairs and improvements to your home before selling it, as this can make your home more attractive to potential buyers and increase its value. However, major renovations may not always provide a good return on investment.

You can find a real estate agent through referrals from friends or family, online research, or by contacting a local real estate agency. It’s important to choose an agent with experience in your area and a good track record of selling homes.

The best time to sell your home can vary depending on your location and the local housing market. However, spring and summer are generally considered the busiest and most popular seasons for home sales.

The timeline for selling a home can vary depending on a variety of factors, including the local housing market, the condition of your home, and the terms of the sale. However, the process typically takes several weeks to several months.

To prepare your home for showings, it’s important to declutter and clean your home, make any necessary repairs or improvements, and stage your home to make it look as appealing as possible to potential buyers.

When you receive an offer on your home, you can either accept the offer, reject it, or make a counteroffer. Once both parties agree to the terms of the sale, a purchase agreement is signed and the closing process begins.

The costs associated with selling a home can vary depending on factors such as the real estate agent’s commission, closing costs, and any repairs or improvements you make before selling. However, sellers can typically expect to pay 6-10% of the sale price in total costs.

A home inspection is a process in which a professional inspector examines your home for any defects or issues that could affect its value or safety. While it’s not required to have a home inspection before selling your home, it can be a good idea to identify any issues before listing your home for sale.

Negotiations with potential buyers can be handled through your real estate agent, who can help you evaluate offers and make counteroffers as needed. It’s important to stay flexible and open to compromise during the negotiation process in order to reach a mutually beneficial agreement.

Most mortgages originated today calculate interest in arrears, unlike consumer loans which calculate interest to the date of payment receipt. As an example, when borrowers pay their February mortgage payments, they are paying the January interest. This method of calculating interest is based on a 360 day year in which each month has 30 days.

The easiest way to avoid PMI is by putting 20% down payment; however, PMI can also be avoided if you only have 5% or 10% for the down payment. The way to accomplish this is via a first and second mortgage combination commonly referred to as 80/10/10^s or 80/15/5^s.

These two methods combine a first mortgage lien for 80% of the home price with a second mortgage lien for either 10% or 15% of the home price leaving the remaining 5% or 10% as the down payment. Because the first lien is at the magical 80% loan=to-value, there is no PMI required, even though a second mortgage is being |piggybacked| onto the financing thus allowing for the lessor down payment.

While the second lien terms are not as attractive as first lien rates, the second mortgage is still home mortgage interest and thus deductible as such on your federal tax return where PMI is insurance and offers no deduction.

Many tax authorities will mail an informational copy of the real estate tax statement to the homeowner in addition to the Credit Union.  However, there are some statements tax authorities do not forward to the credit union, and in special cases we will need your assistance in obtaining the bill. If you receive a statement for any of the following, please forward it to our office by mail or fax.

• delinquent real estate taxes
• supplemental or additional real estate taxes
• special assessments
• if the tax authority will not honor a bill request from another party.

Title insurance is insurance that protects the lender and buyer against any losses incurred from disputes over the title of a property.

Most mortgages originated today calculate interest in arrears, unlike consumer loans which calculate interest to the date of payment receipt. As an example, when borrowers pay their February mortgage payments, they are paying the January interest. This method of calculating interest is based on a 360 day year in which each month has 30 days.

Generally, real property never depreciates in value, or more so, it is not very common for property to depreciate.  This is why it’s a great investment. Make sure you carefully consider location and community when choosing a home, it can effect the homes future value greatly.

If you are in a newly developed area, do some research on the construction of the surrounding areas being developed to determine if they may effect your homes value.

This is really just a matter of preference, but both newer and older homes offer distinct advantages, depending upon your unique taste and lifestyle.

Older homes can generally cost less than new homes, however, there are many cases where new homes can also cost less then older homes. Most new homes will not have any backyard landscaping and some don”t include any front landscaping either. With an older home, the landscaping is normally already completed and could have 10”s of thousands of dollars in landscaping done, which is included in the purchase price.

Taxes on some older homes may also be lower. Some people are charmed by the elegance of an older home but shy away because they”re concerned about potential maintenance costs. Consider a home warranty to get the peace of mind you deserve. A good Home Warranty plan protects you against unexpected repairs on many home systems and appliances for a full year or more after you move in.

In a new house, you can pick your own color schemes, flooring, kitchen cabinets, appliances, custom wiring for TV”s, electrical, computers, phones and speakers, etc., as well as have more upgrade options. Modern features like media rooms, extra-large closets and extra-large bathrooms and tubs are also more attainable in ground-up construction. In a used home, you rely largely on the previous resident”s tastes and technological whims, unless you plan to farm thousands into a remodeling and rewiring.

New-home designers can use new building materials such as glazed Energy Star windows, thicker insulation and other technology that will lower future energy costs for the owner. Most states now have minimum energy-efficiency requirements for new construction. Kitchens and laundry areas in new homes are designed to house more efficient energy-saving appliances. Older homes, unless they have undergone an energy retrofit, usually cost much more per square foot to air-condition and heat.

Builders have to follow very strict guidelines in new-homes and additions, especially in the West and Northwest, where earthquake safety standards must be observed. In general, new homes are usually more fire-safe and better accommodating of new security and garage-door systems.

Older homes can be better judged for their quality and timeless beauty. New homes that now possess a smooth veneer might reveal the use of substandard building materials or shoddy workmanship over time.

As you can see there are advantages and dis-advantages to each, but it really comes down to what fits you and what you are looking for in a home.

An agent who is authorized to open and run his/her own agency. All real estate offices have one principal broker.

If you’re prequalified it means that you POTENTIALLY could get a loan for the amount stated to you, assuming that all of the information you provide to the bank is accurate and true. This is not as strong as a preapproval.

If you’re preapproved, it means that you have undergone the extensive financial background check, which includes looking at your credit history, previous tax returns and verifying your employment – and the lender is willing to give you a loan, basically meaning you’re approved!

You will usually be provided an accurate figure which shows the maximum amount that you are approved for.  Most sellers prefer buyers that have been preapproved because they know that there will not be any problems with the purchase of their home.

Title insurance is insurance that protects the lender and buyer against any losses incurred from disputes over the title of a property.

When a loan is originated, the mortgage documents specify the escrow conditions. This has become a standard practice for all mortgages, including FHA, VA and conventional mortgages.  Occasionally on conventional loans, FRFCU waives the collection of escrow requirement at closing if the member has a minimum 20% equity position in the property.

Title insurance is insurance that protects the lender and buyer against any losses incurred from disputes over the title of a property.