Frequently Asked Questions

Yes, a home can depreciate in value.

While real estate is often considered a good investment, a home’s value can decrease due to several factors, such as:

• Market conditions: Economic downturns or housing market crashes can lower property values.

• Neighborhood decline: If the area becomes less desirable (e.g., increased crime, poor infrastructure), home values may fall.

• Property condition: Poor maintenance or structural problems can reduce a home’s worth.

• Overdevelopment: An oversupply of homes in the area can drive prices down.

• Environmental issues: Natural disasters or environmental damage can negatively impact property value.

However, it’s also common for homes to appreciate over time, especially in growing markets or areas with improvements and demand.

It depends — an older home can be just as good a value as a new home, but it comes with different pros and cons.

Advantages of Older Homes:

• Character and charm: Older homes often have unique architectural details and solid craftsmanship.

• Established neighborhoods: Mature landscaping, larger lots, and stable communities are common.

• Lower upfront cost: Older homes can be more affordable than new builds in the same area.

Disadvantages:

• Maintenance and repairs: Older homes may need updates to plumbing, electrical systems, roofing, etc.

• Energy efficiency: New homes are usually more energy-efficient and up to modern building codes.

• Limited modern features: Open floor plans, smart technology, and modern layouts may be missing.

Conclusion:

An older home can be a great value if it has been well maintained and suits your needs. A new home may offer less maintenance and more modern features but can be more expensive. The best choice depends on your budget, lifestyle, and long-term plans.

A broker is a licensed professional who helps people buy, sell, or rent property, investments, or other assets — and earns a commission for their services.

In Real Estate:

A real estate broker is someone who has more training and certification than a real estate agent. They can:

• Work independently or manage other agents

• Help clients buy, sell, or rent properties

• Handle negotiations, contracts, and paperwork

Yes, you can pay your own taxes and insurance — but it depends on your mortgage agreement.

Two Common Scenarios:

1. Escrow Account (Lender-Paid)

• Many lenders require an escrow account, especially if your down payment is less than 20%.

• In this case, you pay monthly into the escrow, and the lender pays your property taxes and homeowners insurance when they’re due.

2. You Pay Directly

• If you have at least 20% equity in your home, your lender may allow you to waive escrow and pay taxes and insurance directly.

• This gives you more control, but you must be disciplined to set money aside and pay on time.

Things to Consider:

• Lender policies vary, so check your loan terms or ask your mortgage company.

• If you miss payments, there could be penalties or even foreclosure risk.

• Some people prefer escrow for convenience, while others prefer direct payment for flexibility.

In short: Yes, you can pay them yourself, but only if your lender allows it.

The loan process typically takes between 30 to 45 days, but it can be shorter or longer depending on various factors.

Here’s a general timeline:

1. Pre-Approval: 1–3 days
   You provide financial documents, and the lender gives you a pre-approval letter.

2. Loan Application: 1–5 days
   You choose a property and submit a full application.

3. Processing: 1–2 weeks
   The lender verifies your income, credit, employment, and orders an appraisal.

4. Underwriting: 1–2 weeks
   An underwriter reviews everything to decide if the loan meets all requirements.

5. Closing: 3–7 days
   Final paperwork is signed, and the loan is funded.

Factors That Affect the Timeline:

• How quickly you provide required documents

• Appraisal or title delays

• Credit issues or income verification problems

• Lender workload and efficiency

Tip: Staying organized and responsive can help speed up the process.

That depends on your income, debts, credit score, and down payment.

• Pre-qualification is an estimate; pre-approval is a verified loan amount.

It’s not required, but it’s highly recommended for guidance and protection.