| |
| |
|
Nationalrealtyresource.com
|
| Home | Find a topic | Links | Guest Book |
| Welcome |
|
|
|
11 Steps Away From Buying a Home
There is no doubt that the market for houses has been on fire recently. More and more people are taking advantage of low interest rates and easy mortgage loan terms to go from being renters to being home owners. With so many people entering the market, it is inevitable that questions will arise. There are many things to consider when buying your first home. Some of the most important steps to buy a house are: Step 1: Learning the home buying process Start by learning as much as you can about how the home buying and mortgage application process works. Read as much as you can about buying a home. Check out the many books in your local library that offer hints to first time home buyers. Read financial web sites on the internet for tips for first time home buyers. You may even want to sign up for a class aimed at first time homeowners. Many towns and cities offer these kinds of classes, and they can be a great source of information for the buyer looking for his or her first home. Step 2: Find out the pre-qualified price range It is important to find out how much you can borrow before you start looking for a home. Talk with several mortgage lenders in your area and get pre-qualified for a particular price range. The mortgage lender will be able to help you determine how much you can borrow based on your annual income. In general, mortgage lenders recommend that all home related expenses, including the mortgage payment, insurance premiums and real estate taxes, do not exceed 28% of your monthly income. Step 3: Get Pre-approved for mortgage loan The next step is to get pre-approved for mortgage financing. This is similar to getting pre-qualified for a price range, but it is a more formal process. You will need to supply proof of your income for the pre-approval process to move forward. Most lenders will want to see income tax returns from the past two years as proof of the income you are claiming. Step 4: House hunting After you have been pre-approved for your mortgage loan, it is time to actually start house hunting with a realtor (find out why you need to find a realtor before buying a house?). Your mortgage lender will give you a letter stating that you have been pre-approved for a mortgage and the amount you are authorized to borrow. You will need to present this letter to the real estate agent when you get started. It is important to get pre-approved for a mortgage loan before beginning your home search. The real estate agent and real estate company will be much more willing to work with you if they know you can afford the home you are looking at. In addition, sellers will take your offer much more seriously if it is accompanied by a pre-approval letter from your mortgage lender. Step 5: Make an offer Once you have found a home that meets your needs, it is time to make an offer on the property. You will already know the most you can spend from the pre-approval process, and you probably will have your own ideas on what the property is actually worth. In addition, your real estate agent can guide you through the negotiation process and offer procedures. A copy of your pre-approval letter will be presented as part of the written offer. This will ensure the seller that your offer is legitimate. Step 6: Negotiation process If the seller accepts your first offer, congratulations. Your negotiations are over and you're ready to start preparing for your move. More likely, however, is that the seller will come back with a counter-offer. This negotiation process can go on for a short or long amount of time, depending on factors like the motivation of the seller, the local real estate market, and a host of other factors. The real estate agent will be a good guide through the negotiation process. After all, he or she will have been through this process many times before. Step 7: Provide copy of Purchase and Sale Agreement to mortgage broker After the negotiation process has been completed, you will need to present your mortgage broker with a copy of the Purchase and Sale Agreement for the home. Step 8: Work to close the mortgage loan After presenting the Purchase and Sales Agreement, you will need to work with the mortgage broker to ensure you meet all the conditions required for the closing of the mortgage loan. Step 9: ome inspection prior closing Prior to closing, you will want to make sure to have a thorough home inspection performed by a qualified and certified home inspector. A home inspection will protect you from flaws in the construction and condition of the home that are not obvious to the naked eye. Home inspections can uncover things like foundation cracks, termite infestation and other home quality issues. Step 10: Hand over down payment After the home inspection has been performed and the report has come back clean (or all the items uncovered have been repaired), it is time for the buyer to actually hand over the money for the down payment and sign the loan documents. Step 11: Collect the house key After the closing of the loan, the fun part of home buying begins. Your real estate agent will hand over the keys to your new home and you can actually move in and enjoy your beautiful new home. Welcome to moving day! Andrew is the web owner of Home Buying Tips: How to buy a house, a website that provides complete guide on home buying, selling house, home mortgage, foreclosure, real estate investment and more. You can visit his website at:http://www.buy-and-sell-house-fast.com/
MORE RESOURCES:
Real-Estate - Google News |
|
|
|
RELATED ARTICLES
Follow-Up - The Key To Successful Closings If everyone always did everything they said they'd do, we'd all be a lot richer. Unfortunately, tasks are overlooked, and the ball is often dropped. Buying Houses at Discount Prices Buying a house is the best way you can create immediate equity. Gaining equity through buying a house is something which is very easy to do, as long as you follow these guidelines. Small Town Stone House with a Long History As a native Midwesterner, the first thing I noticed when moving to the Delaware Valley was the enormous number of fieldstone houses. Frankly, I'd never seen such a thing. Checklist for Buying a Home I had a client who called saying that his bath tub just fallen through the floor in his new home (new to him). Mold had eaten away the floor from the crawlspace up. What is a Foreclosure? A foreclosure is an action taken against a property owner by seizure of his/her real property. It can be for many reasons. Buying a Newly-Built Home? Ten Benefits of Using a Real Estate Professional It might not seem necessary to involve a real estate professional in a transaction where a buyer can deal directly with a builder. However, by using a real estate professional, you have someone to protect your interests and guide you along the right path. Real Estate Season is Here Yes, it has finally arrived. This is the time of year when the MLS or Multiple Listing Services go up like crazy in all most every city, town and village. Real Estate Investing - The Dream House Effect Several years ago I developed a philosophy in renovating houses which resulted in a finished product that I call a "Dream House" or "Doll House."How many houses on the market today look very ordinary and less than perfect? How many look "Plain Jane?" What is the difference between these "average" houses and the house on the block that is strikingly different at even the distance of a windshield view?The pronounced difference in the outstanding property offered for sale might be brilliant new lawn grass. Buying A Holiday Home in Rural Ireland Ireland has recently witnessed an upsurge in the number of investors buying holiday homes in some of the country's most scenic areas. With stars like Jeremy Irons and Daniel Day-Lewis popping up in the quaint villages of West Cork, prices in many of these areas are at a premium. Can I Sell My Private Mortgage Notes? In this country millions of homes are sold every year. In most cases buyers go to a bank or finance company to seek mortgage financing. Just Give Me Eleven Reasons to Buy in Dubai Buying overseas property is not always for the fainthearted but we think Dubai is an exception to this. Here are eleven reasons to buy in Dubai:1. Ten Steps for Becoming a Successful Real Estate Investor The secret to success in real estate investment is finding bargain properties that you can "flip" quickly for a profit. Here are a few ideas for becoming a successful investor:1) Obtain sound advice from investors who are already successful. Do Open Houses Work? What are the odds that you'll find your dream at a Sunday open house? What is the likelihood that your home will sell at an open house? Open houses are an integral part of the home sale business. But, do they work?There are two types of open houses. Should You Buy Hud Homes? Buy HUD homes are sometimes the cheapest option available for a common man to own a house. The fact that teachers and police officers could buy HUD homes at 50% off the market value attracts more potential buyers. Is Housing and Real Estate Bubble Hype Irrational Exuberance? Not so, says the author of this article and four real estate books including the recent "1001 Tips for Buying and Selling a Home". The upside of the hype is for real estate consumers and investors. Commercial Income Property Financing: Part 1 of 3 Welcome to this first portion of a three-part series about income property. In this first segment we will be discussing financing options for commercial income properties as well as the upside (and downside) of owning this type of property. Selling Your Home - Alone or with a Broker? How do you decide whether to sell your home (or land, farm, ranch, etc.) on your own or use a real estate broker? There are pluses and minuses to each approach. Apres-Ski European tax haven Andorra enjoys the same fiscal benefits as better known Monaco, adding to property demand from those looking for residency in a tax shelter as well as traditional ski chalet buyers who flock to the country between December and April each year.With the end of the ski season last month many ski resorts in Europe have closed up shop until early December with overseas property owners having little prospect of rental income in the summer months. Essential Buyer's Guide for Overseas Real Estate It's been said many a time that overseas real estate buyers leave their brain on the plane when they step out into the sun in their overseas destination of choice. They've already fallen in love with the country, its people, climate and lifestyle and they've come to snap up that dream home. Do You Have the Correct Home Buyer Mindset to be Buying a Home? By learning what you need to know and preparing how to purchase a home ahead of time, you will be less likely to become so enamored with a particular property that you fall into the traps and the pitfalls that are so often the result of IDM, or Irrational Decision Making.Do not allow your emotions to come before sound and rational reasoning when making the decision to purchase a home.
|
| |
| |
|
Home | Guest Book |Site Map | Recommended Resources | Search Powered By: TJTMEDIA |
| © 2006 |
