Jen Hill, Realtor Associate -- Your Answer in Northwest Indiana

Helpful docs...

8 Steps to Getting Your Finances in Order                                       Questions to Ask When Choosing an Agent

8 Ways to Improve Your Credit Score                                                The Pros and Cons of Condos

Budget Basics Work Sheet                                                                 Your Property Wish List

How Big a Mortgage Can I Afford                                                       Tips For Buying in a Tight Market

7 Reasons to Own Your Own Home                                                    Tips For Finding the Perfect Neighborhood

10 Steps to Prepare for Home Ownership                                         5 Factors That Determine Your Credit Score

5 Common First-Time Home Buyer Mistakes

Household Money Saving Energy Conservation Tips (.pdf format)

Frequently Asked Questions...

Q.    My neighbor recently mentioned he qualified for a bridge loan.  What's a bridge loan and how   do they work?

A.    Bridge loans, sometimes referred to as "swing loans", allow a borrower to close on a new home before selling their existing home.  An easy way to understand a bridge loan is that they "bridge" the gap between moving into a new home and selling the old one.

Q.    Can making one extra loan payment per year really save me money?

A.    You bet!  One extra payment per year will save you thousands. The easiest way to make an extra payment is to take your monthly payment minus any property taxes, insurance, and PMI and divide by 12.  Add this amount to your payment each month.  Using this method will pay off the typical 30 mortgage in just 22 years.  You just saved yourself 8 years in interest!

Q.    My agent mentioned something about "agency".  What is "agency"?

A.    First, it's important for you to understand the differences between a real estate professional that represents the seller, one that represents the buyer, and one that represents both the buyer and the seller. 

A buyer's agent represents the buyer during the home buying process and has a fiduciary responsibility to represent the buyer's best interest including reasonable care, loyalty, and confidentiality.

A seller's agent represents the seller during the home buying process and has a fiduciary responsibility to represent the seller's best interest including reasonable care, loyalty, confidentiality, and disclosure.  A seller's agent is responsible for marketing your home, finding a qualified buyer, and negotiating a transaction suitable for the seller.

A dual agent represents both the buyer and seller and has all the same responsibilities to both parties.  A dual agent must act in the best interest of both parties.  As a Coldwell Banker agent I am required to notify both the seller and the buyer of dual agency in writing to be sure both parties are well informed and understand my role as your agent.   

Q.   Why should I choose an agent that's a member of the National Association of Realtors?

A.    Not all real estate licenses are the same.  Only licensees that are a member of the National Association of Realtors  (NAR)  are properly called "realtors".  Realtors subscribe to a strict code of ethics and maintain a higher level of education relating to the home buying and selling process.  Realtors are also required to complete continuing education classes to be sure to remain the best educated professionals in the business.

Q.   What are escrow accounts and how much do I need in my escrow account?

A.    Escrows payments are additional amounts paid each month for the purpose of paying the taxes, insurance, and other payments associated with home ownership. Your lender is responsible for the timely disbursement of escrow funds to pay the these bills as they come due. Usually, a mortgage company collects funds for placement into the mortgagor’s escrow account with the mortgagor’s periodic payment for principal and interest. An escrow account has sufficient funds if there is enough to pay all bills when they come due. It is common practice for mortgage companies to hold an reserve amount for a mortgagor. The reserve can provide the funds necessary to pay any increases in amounts due.

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Last modified: October 16, 2007