Your home is likely to be your most valuable asset. The average net worth of a homeowner is $225,000 compared with just $6,300 for a renter, according to a survey of consumer finances.* CapCenter began in 1997 from a desire to save our clients thousands of dollars in the home buying, selling and financing processes. By combining mortgage and realty under one roof, we are able to provide clients an easier, less stressful experience.
Our team has helped more than 46,000 clients
We guide you through the process with full transparency, excited to answer your questions along the way. We currently offer services in the mid-Atlantic region, striving to make homeownership a simple, painless and money-saving process. In this guide, we'll give you an overview of the path to homeownership through CapCenter.
Step 1: Get Pre-Approved
A pre-approval is your “license” to shop. It indicates to a home seller that you've had your credit profile reviewed and are ready to buy. In fact, it is not uncommon that a seller and their listing agent ignore offers without a current pre-approval letter from a known lender.
What does it take to get preapproved?
A pre-approval is not an obligation to buy a house and doesn't put you on any kind of timeline. Instead, the pre-approval process helps you shape a comprehensive plan toward buying a home. An application for pre-approval may be vague — general information related to income and assets is all that is needed. But the more information you provide, the less guessing that goes into the final approval stage.
Does applying hurt my credit score?
Credit bureaus don't treat mortgage shopping the same way they do other, more risky consumer behaviors such as shopping for a credit card. In fact, shopping mortgage rates is prudent, and once you have your first credit check you can make an unlimited number of additional mortgage inquiries for a 45 days with zero additional impact to your credit score.
What amount should I apply for?
This probably is the most common pre-approval question we get! Some buyers want to know their "max" approval amount, while others have a tight value range based on their expected mortgage payment. Don't hesitate to ask for both. Your CapCenter Loan Consultant is positioned to run multiple scenarios quickly and free of charge.
You can use our Mortgage Calculator to give you an idea of how much you'll need for your current situation.
What if I'm not planning to buy for a while?
It takes the average buyer 18 months to go from thinking about buying a house to closing. We provide pre-approvals every day for clients in various stages of the home-buying process. Most important is to get the file created; ensure that there are no credit report surprises; and move on to the fun part — shopping!
Step 2: Find a Real Estate Agent
The internet has revolutionized the way buyers shop for homes. Listing sites have led to greater pricing transparency and allowed more people direct access to homes on the market.
This, along with electronic signature systems, has changed the pace of real estate — homes regularly sell faster and with more offers than in the past. New access to the real estate market leaves a lot of buyers and sellers curious to what value a real estate agent can bring. The answer is insight. Real estate agents understand trends and will know of upcoming homes well before they post on your favorite listing site.
Find a local real estate agent who knows the area
There's no perfect time to buy, but CapCenter's team of experts will help you build the necessary frame of reference. We review historical sales data of homes in your target area and work to get you into a variety of homes quickly and on your schedule. Your CapCenter agent also has access and insights into homes that aren't yet on the market and before your favorite real estate search sites receive the update.
Meeting a CapCenter Real Estate Agent
Meeting a CapCenter real estate agent is not an obligation to work with CapCenter's real estate team.
Our team of salaried agents is available to give you access to a home or discuss our one-stop shop advantage. What's most important is to have resources that can guide you early and often when you're thinking about buying or selling. This way, you can be objective when it comes to making such an important life decision.
Step 3: Start Touring
If you haven't already selected an agent and signed an agency agreement, now is the time. Identifying your buyer's agent before you attend an open house or an agent showing will eliminate confusion.
If you intend to use CapCenter, this is the best way to guarantee that you will receive thousands of dollars in Realty Refund savings. You'll also gain peace of mind knowing that you are represented by a team of professionals looking out for your best interest.
When you're ready to attend an agent showing, contact us and we will arrange the showing at your convenience. We believe it is very important for you to see a representative sampling of homes, so we're available to arrange multiple showings in one phone call. This way, you are more likely to make a well-informed and confident choice.
If you are a new home buyer and aren't sure where to begin, simply contact your CapCenter agent and they will be happy to compile a list of homes that may be of interest based on your priorities.
Of course, you can always attend open houses on your own, even if you do have an agent. But if the listing agent asks who is representing you, be sure to give them the name of your CapCenter buyer's agent.
Rest Assured
Your CapCenter agent will not steer you to CapCenter listings or toward higher priced homes or neighborhoods which might be outside your comfort zone. CapCenter agents are not compensated based on the price of the home or the size of the loan.
Step 4: Understand Value
Regardless of how you find your next home, the real work starts once you decide to submit an offer. Your agent will help you put together a good and fair offer.
Helping you navigate the competitive marketplace
Baseline Value: What is the objective value of a home based on yesterday's sales?
CapCenter agents do not rely solely on third-party comparative market analysis (CMA) tools. Comparative market analysis inputs are limited and unable to provide an in-depth analysis of a home. Instead, CapCenter agents utilize industry best practices such as adjusting for square footage (diminishing return), time of year (market adjustments), space utility (finished basement/attic space), and lot features (privacy, acreage).
Plan for the market: Is it a buyer's market or a seller's market? Is the home priced inside a historical sales range?
Most years, homes appreciate in value, but how and when those value gains present themselves typically is weighted seasonally to the "spring market."
Another tool your CapCenter agent uses is the historical sales data logged in a multiple listing service, or MLS. How do seller concessions — a critical element of value not tracked outside the MLS — impact effective sales values? How much are well-priced homes selling over list price? What data are other agents using to guide their clients as they compete for a home? CapCenter agents have access to all of this information as well as proprietary information on winning and losing offers that help determine the value of a home.
Step 5: Make the Offer
Most often a home will sell at fair market value. What's important, and where our professional guidance comes into play, is how you get there.
Make a purposeful offer
There are different decisions you'll make with your CapCenter agent when crafting an offer. Our team of experts will help explain each of the following topics and help you navigate the decision-making process:
- Pre-approvals vs. Approvals
- Financing - Type and Down Payment
- Contingent vs. Right of First Refusal
- As-Is and Informational Sales
- Escalation Clauses vs. Highest and Best Offers
Every market has its own version of a contract used for the majority of home sales, but how the offer is crafted plays a major factor in whether your offer will be accepted.
Step 6: Get an Inspection
Even seasoned home buyers experience a rush during the offer stage, but during the inspection — or what we call the “getting to know you” stage — there's an acute focus on understanding the house being purchased. An inspection is not a recoupment of value for overpaying, but it is nonetheless a critical element of the home purchase process.
A competent inspector will provide:
- An outline of defects to address in your negotiation.
- Notes related to deferred maintenance — these may be addressed in the repair negotiation
- Where's the water shut-off? A guide to your new home.
You may have limited repair negotiating power in active seller's markets, but few people get cold feet over dripping faucets. Mold, rot and electrical defects are a much bigger deal and exactly the kinds of items that your CapCenter agent will help you resolve.
Choose the RIGHT inspector
At CapCenter, we identify and maintain a list of high-quality home inspectors whom we are confident will provide detailed and thorough evaluations of your potential property.
There's no need to do anything at this step if you're a CapCenter client. We handle all the scheduling for you!
Step 7: Finalize & Close
There are many mortgage options to consider. Fortunately, CapCenter has a product for you. In fact, we have coverage for nearly the entire market. Our Zero Closing Cost home loans save you money at a competitive market rate.
The final steps to homeownership
Our goal is to make the closing process easy for you. Your CapCenter agent will confirm that repairs were made, while your loan team will get your loan documents e-signed and uploaded through our secure and user-friendly online portal.
There are a lot of moving pieces to buying a home and even a blind spot — the seller! Buyers and sellers have the same goal in mind but, much like the negotiation, there are different styles, abilities and approaches. Your CapCenter agent understands the timelines and the process.
Close on your new home
Whether you're a first-time home buyer or a seasoned vet, the moment you close on a new home is an emotional and exhilarating experience. You will close with an in-house CapCenter closing attorney or other closing partner, and your agent will be there with a special gift prepared by our team!
Home buying heads up!
Don't forget to contact utility companies and to arrange any repair, renovation, or painting projects not covered in the inspection process.
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