Tag: Home Buying

'Real Estate Tips: What Is An Option Period?

In a real estate transaction, buyers are given a specific amount of time between the creation of the contract and the finalization of the transaction. This time is typically used by buyers to inspect the property and decide whether to move forward with the sale or not. The idea behind the so called Option Period is to give the buyer a chance to assess whether he/she wants to buy the property, without actually losing the property to another competing buyer. Some desperate buyers even offer a shorter option period simply to be prioritized by sellers.

'Home Buying Down Payment: How Much Down Payment You Need, And What Your Options Are

A number of key decisions should be made when getting a home loan and the amount of down payment is one of the most crucial one. In determining the size of down payment you need to put in, there are many things to think about. As a whole, when you make a large down payment, your loan amount will be lower thus giving you a lower monthly payment. Furthermore, your down payment size will also be affected by the mortgage program you go for and your current available cash.