Most Commonly Asked Questions

Why Choose Us?

Residential Resource Team, Inc. pays the largest cash back rebate in the industry, we pay you up to 60% of our commission and in some cases much more!  Our agents are highly trained professionals that will be there with you through all the details, guiding you through the entire process. Once you decide your price range, where you want to live, type of home you want, a single family, town home, condominium, multi-family, vacant land for you to build your dream home, we will take you through the homes of your choice. With immediate access to thousands of homes currently available, and updating new homes as soon as they're put on the mls market, will save you a lot of wasted time driving around. We can help you search the multiple listing services for homes you'll want to see, and there is a convenient calculator located next to each and every home listed on the mls that shows you how much money you can expect your rebate check will be after closing, and we guarantee that in writing! When it's time to make an offer on a home, we can point out ways to structure your deal to save you money. We will be able to explain the advantages and disadvantages of different types of mortgages, guide you through the paperwork, and answer last-minute questions up to closing. Why would you choose any other realtor?

Why should I buy, instead of renting?

This is surely the best time in 25 years to invest in real estate! The bottom has fallen out and thousands of people are begging to sell their property and in some cases at unbelievable savings. Real Estate is an investment so don’t you think it’s time to invest in yourself! Let’s put it this way, your landlord is probably out there right know looking to invest in more real estate to increase his portfolio of rental property. When you rent, you write your monthly rent check and that money is gone forever. When you own your home, you deduct the total cost of your mortgage loan interest paid along with your property taxes, from your federal income taxes, and usually from your state taxes. This saves you a lot of money each year. Your tax return will equal to approximately 3 monthly mortgage payments. In addition, the value of your home may go up over the years. Finally, you'll enjoy having something that's all yours!

Become a homebuyer even if you have or have had bad credit, and don't have much for a down-payment?

You may be a good candidate for a local or federal mortgage program. Contact our office to see if you qualify. 

Special Homeownership Grants or Programs for Single Parents!

Our agents are well aware of Grants and Special Programs available to you.  There may be local home buying programs that you qualify for. Perhaps buying a HUD home, is the way to go, as they can be very good deals. Single parents generally don't have two incomes on which to qualify for a loan, so let us help you get pre-qualified. Then when you find a house you would like to call home, you won't have the delay of trying to get qualified. We’ll also discuss other options that might be available to you.                                           
How much money you will need to buy a home, depends on a number of factors, the purchase price and type of mortgage you get. In general, you need to come up with enough money to cover three costs: earnest money - the deposit you make on the home when you submit your offer, to prove to the seller that you are serious about wanting to buy the house; the down payment, a percentage of the cost of the home that you must pay when you go to settlement; and closing costs, the costs associated with processing the paperwork to buy a house. When you make an offer on a home, the seller generally requires earnest money.  This is considered good faith that you are interested in purchasing their home. If the offer is accepted, your earnest money will be applied to your total out of pocket expenses, down payment, closing costs etc. If your offer is not accepted, your money will be returned to you. The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10-20% of the purchase price and other loans require no money down. Closing costs - which you will pay at settlement - average 3-4% of the price of your home. These costs cover various fees your lender charges and other processing expenses. In many cases we structure your purchase agreement so the seller pays these fees for you.

How do I know if I can get a loan?

Contact us and we will help you evaluate your loan potential. We know what kinds of mortgages the lenders are offering and can help you choose a lender with a program that might be right for you. Another good idea is to get pre-qualified for a loan put before you do this it’s important to know what types of loans the lenders are offering. Different lenders can offer quite different interest rates and loan fees; and as you know, a lower interest rate can make a big difference in how much home you can afford. In any case you do not want your credit report ran from to many lenders, each time you apply for a mortgage, your credit is ran and this shows up on your credit report, so it’s wise to speak to us first so we can direct you to the lenders that are offering loans that fit your needs. Once this is done you'll know exactly how much you can afford to spend, and it will speed the process once you do find the home of your dreams.

So what will happen at closing?

Basically, you'll sit at a table with one of our associates from RRT Realty, the broker for the seller, probably the seller and a closing agent along with your attorney and the seller’s attorney. The closing agent will have a stack of papers for you and the seller to sign. While your attorneys give you and the seller an explanation of each document you will be required to sign to make sure you know exactly what you're signing. Prior to closing, your lender is required to give you a booklet explaining the closing costs, a "good faith estimate" of how much cash you'll have to supply at closing, and a list of documents you'll need at closing. If you don't get those items, be sure to call your lender BEFORE you go to closing. Be sure to read your lenders booklet on settlement costs. It will help you understand your rights in the process. Don't hesitate to ask questions.

For more information call me directly Pam Fisher @ 630-546-1913!