A Real Estate Team, based in Cookeville, TN that is dedicated to helping you navigate the real estate world.
Tennessee is a special place to call home.
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Buying or Selling?
Learn more about the process & what you can expect from us.
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Get to know Team Enochs
Learn more about Will and Sam and how we can serve you best in the real estate process.
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Let's Talk!
When you’re ready to get in touch, we have many different channels for you to call, text, email, or follow on social. We’re ready when you are!
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Home Buyer Guide
A guide to help home buyers! What will you discover?
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Needing to Sale Property?
A guide to help you discover your properties value, and get it on the market and showcased to as many prospects as possible!
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Musings & Writings
A blog written by a realtor, mixed with relevant market stats, Cookeville happenings & more
FAQs
You’ve got questions, we have answers
How Much Home Can I Afford?
A common guideline is that your monthly mortgage payment should not exceed 28-31% of your gross monthly income. This includes the principal, interest, property taxes, and homeowners insurance (often referred to as PITI). Consult with a mortgage lender to get pre-approved for a loan. This process involves a detailed assessment of your financial situation, providing you with a clearer understanding of the loan amount you can qualify for.
What types of mortgages are available, and which one is best for me?
There are various types of mortgages to suit different financial preferences. A fixed-rate mortgage (FRM) offers stable monthly payments with a constant interest rate, while adjustable-rate mortgages (ARMs) have variable rates that can change after an initial fixed period. FHA loans provide flexibility with lower down payments and relaxed credit criteria, especially for first-time-home buyers, while VA loans cater to eligible veterans and service members. USDA loans support low-income borrowers in rural areas, and conventional loans offer competitive terms without government backing. Jumbo loans finance higher-priced homes, and interest-only mortgages allow lower initial payments during an interest-only period. Balloon mortgages provide short-term lower payments but require a larger final payment. Choosing the right mortgage involves considering your financial situation, future plans, and risk tolerance, with guidance from a mortgage professional to find the best fit for your needs.
I’m a first-time home buyer. Can you break down the FHA loan a little more?
Certainly! An FHA (Federal Housing Administration) loan is a government-backed mortgage designed to facilitate homeownership, particularly for individuals with limited financial resources or those purchasing their first homes. One notable feature is the lower down payment requirement, often as low as 3.5% of the purchase price. FHA loans are known for being more flexible with credit score requirements, making them accessible to borrowers with less-than-perfect credit. The government insurance provided by the FHA mitigates risk for lenders, encouraging them to offer loans to a broader range of applicants. Additionally, FHA loans may allow the inclusion of some closing costs in the mortgage, easing the upfront financial burden for borrowers. These loans are available to various individuals, not just first-time buyers, but there are loan amount limits and eligibility criteria. FHA-approved appraisers assess properties to ensure they meet specific standards for safety and habitability. Borrowers are required to pay an upfront mortgage insurance premium at closing and an annual premium as part of their monthly mortgage payment, providing added security for the lender in case of default. Keep in mind that FHA loan terms and requirements may be subject to change, and consulting with a mortgage professional is advisable for the latest information tailored to individual circumstances.
What is the difference between pre-qualification and pre-approval?
The main difference between a pre-approval letter and a pre-qualification letter lies in their reliability. A pre-qualification letter is an informal estimate based on self-reported financial information, offering a preliminary understanding of your borrowing capacity. In contrast, a pre-approval involves a comprehensive verification process by the lender, including the submission of detailed financial documents and a credit check. The result is a more accurate and reliable assessment, making a pre-approval letter a stronger indicator of your financial readiness and commitment when making an offer on a home.
What factors influence mortgage interest rates?
One primary determinant is the overall health of the economy; in periods of economic growth, interest rates tend to rise as demand for loans increases. The central role of the Federal Reserve also plays a crucial role, with decisions on monetary policy affecting short-term interest rates. Inflation is another key factor, as lenders adjust rates to compensate for decreasing purchasing power, one of the most significant factors contributing to the recent rising mortgage rates. Additionally, the state of the housing market, employment rates, and geopolitical events can impact investor confidence and influence the direction of mortgage rates. The borrower's individual financial profile, including credit score and down payment amount, also plays a role, as lenders tailor rates to the perceived risk associated with each borrower.
What is the typical real estate agent commission?
There is no “standard”, but the typical real estate agent's commission in the United States is commonly around 5% to 6% of the home's sale price. This commission is usually split between the listing agent (the agent who represents the seller) and the buyer's agent (the agent who represents the buyer), with each receiving a percentage. The specific commission structure can vary and is negotiable between the seller and the real estate agent. In some cases, agents may offer different commission rates or alternative fee structures. It's essential for sellers to discuss and agree upon the commission terms with their chosen real estate agent before entering into a listing agreement. Keep in mind that commission rates can differ based on local market practices, the complexity of the transaction, and other factors.
Can I sell my house without a real estate agent?
Yes, you can sell your house without using a real estate agent. This process is known as "For Sale By Owner" (FSBO). Be aware that selling a home involves various tasks, including pricing, marketing, negotiations, and legal paperwork. If you choose to go the FSBO route, ensure you are well-informed about local real estate laws and procedures, and be prepared to handle the responsibilities typically managed by a real estate agent. Many sellers opt for professional representation to streamline the process and benefit from the expertise of a real estate professional.
What are closing costs, and how much should I expect to pay?
Closing costs are the additional expenses, beyond the property's sale price, that buyers and sellers incur during the real estate transaction's closing or settlement. These costs cover various services and fees, including lender charges, title insurance, appraisal fees, legal fees, property taxes, and other miscellaneous expenses associated with the property transfer. Both buyers and sellers typically contribute to closing costs, with specific items negotiable between the parties. Closing costs can vary widely based on the type of loan, and other factors, so it's crucial for individuals involved in a real estate transaction to have a clear understanding of these costs and factor them into their budgeting considerations.
How do I determine the right asking price for my property?
Determining the appropriate asking price for your property involves a thorough analysis of various factors. Begin by collaborating with a real estate agent to conduct a Comparative Market Analysis (CMA), examining recent sales of comparable properties in your neighborhood. Consider the current market conditions, evaluating whether it favors buyers or sellers. Take stock of your property's unique features, upgrades, and improvements that can justify a slightly higher price. Keep an eye on economic indicators, such as interest rates and job market trends, as they can influence the real estate market. Consider getting a professional appraisal for an unbiased assessment. While setting a competitive price is crucial, balance this with realism to avoid deterring potential buyers. Factor in closing costs and leave room for negotiation. Stay informed about local market trends, adjusting your asking price accordingly. Consulting with a local real estate professional can provide personalized insights, ensuring your property is competitively priced for a successful sale.
What is the process of making an offer on a property?
Your agent will guide you on all of this! We will draft a written offer, specifying the proposed purchase price, earnest money deposit, financing terms, and any contingencies. We suggest including an earnest money deposit, typically ranging from 1% to 3% of the purchase price, to demonstrate your commitment. Be prepared for negotiation; your agent will work closely with you to navigate this process. Upon acceptance of the offer, your agent can help you schedule a home inspection to identify potential issues. Use inspection results for repair requests or further negotiation. The appraisal, often required (depending on your financing), ensures the property's value aligns with the loan amount. You’ll finalize financing with your lender and, once all conditions are met, proceed to the closing process. During closing, you’ll sign necessary documents, funds will be transferred accordingly, and you will officially take possession of the property. Throughout this intricate process, having a knowledgeable real estate professional is invaluable for guidance and successful navigation.
