Q & A with Dottie Herman

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Q1 - I am thinking of refinancing and I am unsure how to begin. Where do I start?

A - You can start by contacting your current lender to find out what they have to offer you with regard to a lower rate, closing costs, etc.  Because you already own the property, it's often easier to refinance than it was to obtain the original loan. Plus, if you've owned your property for a long time, you may have significant equity, which can also make refinancing easier.

You may also contact a mortgage professional who can sit with you and go over the many options a refinance has to offer.

Then, once you've determined that you'll qualify, review your financial situation, including your mortgage statement, and what you want to accomplish with a refinance. Be crystal clear on these points when you're discussing options with a mortgage broker or bank and remember not to focus exclusively on any one thing, such as rate or payment, since you could end up missing an important component of the loan you agree to.

Most importantly, rely on your own assessment of your current mortgage relative to the new quotes you receive, and run numbers on each of them to determine which makes the most sense according to your goals.

Have you ever refinanced your mortgage? What were the main factors that led to your decision and how much did you end up saving?

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Q2 - I'm buying my first home and wanted to know if I need to get an appraisal and an inspection on the new house?

A - Both a home inspection and an appraisal are designed to protect you against potential issues with your new home. Although they have totally different purposes, it makes the most sense to rely on each to help confirm that you have found the perfect home.

The appraiser will make note of obvious construction problems such as termite damage, dry rot or leaking roofs or basements. Other obvious interior or exterior damage that could affect the salability of the property will also be reported.

However, appraisers are not construction experts and won't find or report items that are not obvious. They won't turn on every light switch, run every faucet or inspect the attic or mechanicals. That's where the home inspector comes in. They generally perform a detailed inspection and can educate you about possible concerns or defects with the home.

Accompany the inspector during the home inspection. This is your opportunity to gain knowledge of major systems, appliances and fixtures, learn maintenance schedules and tips, and to ask questions about the condition of the home.

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Q3 - Hi. I am a sophomore in high school in California. I've decided to become a real estate broker and plan on attending college in California. But I would like to work in New York, so what are some ways or options I have once I finish school to move from San Francisco to New York and get a job at a real estate firm?

A - Choosing a career in real estate early in your education process can afford you the opportunity to explore the diversity of the field. You might consider applying for internships now with local brokerages, developers, and investors, so that you can learn more about career opportunities under the real estate umbrella. Your school may be helpful in finding placements or referring you to the appropriate higher education programs that will give you the knowledge and skill sets to help you pursue your passion.

It is always helpful to get some local experience before you relocate. Additionally, having a resume will make your placement in New York easier.

Continue to visit our website and others to learn more about the variety of brokerage brands and the properties they represent. It's also helpful to learn what's required by New York State for licensure, as it differs from California law.

Good luck, and we invite you to come see us when you're in New York!

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If you have a real estate question for Dottie, please send it to; Reporters@WorldPropertyChannel.com