Frequently Asked Questions
Thanks for checking out my Frequently Asked Questions pages! I have designed this area of my site to provide clear and honest answers to questions that numerous clients have asked me. Dealing with REALTORS® and their peculiar jargon can be intimidating—especially for first time homebuyers. With this in mind, I've also based my FAQ list upon all the questions that I wish I had asked when my wife and I purchased our first home with a REALTOR®. I’ve answered the questions in this section from a combination of extensive training and a great deal of personal experience that I’ve amassed since that first home purchase. Of course, should you have a question that I have not addressed here, click on an email link and let me know!
Because of the ever-growing list of questions and answers, I have sorted the questions according to broad categories. You may link directly to a specific question below, or you may click on a category to browse all questions in a category.
General Questions About REALTORS®
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What is a REALTOR®? What’s the difference between a REALTOR®, a real estate agent, and a broker?
- And why the funny looking ® in REALTOR®?
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How much do REALTORS® charge, and is there a typical "going rate" for their services?
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What is the MLS (yet another one of those secret codes) on many Realtors’® business cards?
Frequently asked BUYER questions
Frequently asked SELLER questions
Frequently Asked Financing Questions
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Click here to download an Excel spreadsheet that will allow you to calculate the following
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You maximum allowable monthly house payment
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The monthly payment on any house, given a purchase price, interest rate, and the annual tax bill
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Amortization chart to show you how your loan is paid down and how much tax deductible interest you will pay each year
If you are using Internet Explorer, the spreadsheet should open right in your browser. If you are using Netscape, Excel will launch separately to display the spreadsheet. The Excel file is just under 500K, so it will take as long as 2-3 minutes to open if you are connected to the Internet via a telephone modem. To save the file on your own computer, simply select Save in your browser or in Excel and select a location in which to save it on your computer.
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Can you recommend good lenders in the Champaign-Urbana area?
NOTE: The link above will take you to my recommended lenders in my community guide page. -
Should I make extra payments or prepay principal against my mortgage?