The government, after being in the people business for decades, has taken a realistic attitude towards average people with credit issues. You are not the only one to have lost a job, gone through a divorce or had medical trauma in your life. When these things happen something has to give.
I can understand when average people take their paycheck home and try to figure out what bills to pay. Most people that have credit issues were in pretty good shape at one time in their lives. As I stated before things happen, bills accumulated and priorities such as putting food on the table came first. So after putting food on the table and paying the rent or mortgage, you became delinquent in other debts.
Remember when you buy a home, you have to pay the closing costs and down payment. This where the US Government in the form of the FHA can help. How does this happen? Well, the FHA has taken the position that a new home buyer can accept gift funds towards a down payment. The only catch is those funds must come from an approved source. Your family, for instance, can give you the money for the down payment. It CANNOT be a loan. That would impact your ability to make mortgage payments in the eyes of the FHA. The down payment can also come from an approved non-profit organization.
Approved non-profits must first be 501C organizations. Now that we know we can get down apyment assistance, let's cover the requirements to get approved for a loan.
Under government guidelines you must have at least one (1) year of on time bill payments. This means paying every bill that is reported on your credit report. NO EXCEPTIONS! If you cannot do this, you most certainly are going to have a difficult time convincing an underwriter that you have the habit of paying your bills on time. The second requirement is evidence of paying your rent on time for two (2) years.
Unlike a conventional bank that won't even talk to consumers with credit issues, the government's program may be your only opportunity to purchase a home. Now analyze all of the things we've covered and decide if it's worth it. The Federal Government is aggressively making home ownership a reality. Do you want to be included? It's your decision.
This may not have been your idea of a home buying plan, but now that you've read this I hope it makes sense.
In my next article I'll discuss how a good rental is vitally important when it comes to qualifying for a home mortage financing whether it's in California, Florida or Rhode Island.
Chuck Lunsford is the owner and developer of EasyFloridaHomeLoans.com. He offers advice on how to get your credit in order and working for you. Visit his website and learn more about how to obtain florida home financing.
Article Source: http://EzineArticles.com/?expert=Chuck_Lunsford
Friday, September 7, 2007
Home Buying Tips
Here are three home buying tips you may not have heard before.
1. Home Buying Tip - A House Isn't Always The Best Plan
Real estate agents and others may say that buying a home is always a good idea for you. It's good for them, as well as for title companies and finance companies. But it isn't necessarily a good idea for you in every case.
For example, there are towns where the home values haven't gone up much in ten years. In the last year (this is being written in 2007) the prices in many areas have actually dropped in value. Obviously home values do not always go up in the short-term, so don't buy a home as a get-rich-quick scheme.
Even if you are certain that prices will rise where you are, a home isn't necessarily a good investment, if rents are low. A good example is Tucson, Arizona, where a two-bedroom home might sell for $190,000, but you can rent one for just $750 per month. Spend $700 less each month versus buying, and bank that money, and you could be financially further ahead three years from now (especially now that the market has slowed there).
How long will you be in the home? It's an important question because buying and later selling your home can cost 10% of the home value. In other words, it will have to go up that much in value just to even break even when you sell. Move in the first couple years, and if prices have gone nowhere, you could end up losing thousands of dollars.
2. Home Buying Tip - Real Estate Agents Are Not Your Friends
If your agent actually is your friend, she still may not look out for your best interest. She legally can't, if she is working for the seller of a home. Generally, if she isn't specifically working as a buyer's agent, she must do her best for the seller - the one paying the commission. Suppose you say something like "I might go $6,000 higher." She's legally obligated to tell the seller about your comment.
Do you have a buyers agent? Be careful anyhow, because even good agents talk. Avoid saying things you don't want known by everyone. Remember too that agents make money only when there is a sale, and make more on higher-priced homes. What does this mean? It's possible your agent will be less-than-objective when helping you choose a house.
3. Home Buying Tip - Try Low Offers
Truly low offers are embarrassing for an agent to bring to a seller, and maybe even embarrassing for you to make. On the other hand, I have a friend who embarrassed himself into a lakefront home for 15% less than it's true value. How would you like to immediately increase your net worth by $40,000 when buying a home?
Low offers are rarely accepted, by the way. You'll spend a lot of time making offers, you'll annoy real estate agents, and you'll let a nice home or two slip away. But if you don't have time constraints, or the fantasy that there is one "perfect" house for you, making low offers can save you thousands, perhaps even tens of thousands of dollars. One last home buying tip: If you never even get a counter-offer, you may really be trying to go too low on your offers.
Copyright Steve Gillman. To see a photo of the house we bought for $17,500, get a free ebook on how to buy Cheap Homes, and more, visit: http://www.HousesUnderFiftyThousand.com
Article Source: http://EzineArticles.com/?expert=Steven_Gillman
1. Home Buying Tip - A House Isn't Always The Best Plan
Real estate agents and others may say that buying a home is always a good idea for you. It's good for them, as well as for title companies and finance companies. But it isn't necessarily a good idea for you in every case.
For example, there are towns where the home values haven't gone up much in ten years. In the last year (this is being written in 2007) the prices in many areas have actually dropped in value. Obviously home values do not always go up in the short-term, so don't buy a home as a get-rich-quick scheme.
Even if you are certain that prices will rise where you are, a home isn't necessarily a good investment, if rents are low. A good example is Tucson, Arizona, where a two-bedroom home might sell for $190,000, but you can rent one for just $750 per month. Spend $700 less each month versus buying, and bank that money, and you could be financially further ahead three years from now (especially now that the market has slowed there).
How long will you be in the home? It's an important question because buying and later selling your home can cost 10% of the home value. In other words, it will have to go up that much in value just to even break even when you sell. Move in the first couple years, and if prices have gone nowhere, you could end up losing thousands of dollars.
2. Home Buying Tip - Real Estate Agents Are Not Your Friends
If your agent actually is your friend, she still may not look out for your best interest. She legally can't, if she is working for the seller of a home. Generally, if she isn't specifically working as a buyer's agent, she must do her best for the seller - the one paying the commission. Suppose you say something like "I might go $6,000 higher." She's legally obligated to tell the seller about your comment.
Do you have a buyers agent? Be careful anyhow, because even good agents talk. Avoid saying things you don't want known by everyone. Remember too that agents make money only when there is a sale, and make more on higher-priced homes. What does this mean? It's possible your agent will be less-than-objective when helping you choose a house.
3. Home Buying Tip - Try Low Offers
Truly low offers are embarrassing for an agent to bring to a seller, and maybe even embarrassing for you to make. On the other hand, I have a friend who embarrassed himself into a lakefront home for 15% less than it's true value. How would you like to immediately increase your net worth by $40,000 when buying a home?
Low offers are rarely accepted, by the way. You'll spend a lot of time making offers, you'll annoy real estate agents, and you'll let a nice home or two slip away. But if you don't have time constraints, or the fantasy that there is one "perfect" house for you, making low offers can save you thousands, perhaps even tens of thousands of dollars. One last home buying tip: If you never even get a counter-offer, you may really be trying to go too low on your offers.
Copyright Steve Gillman. To see a photo of the house we bought for $17,500, get a free ebook on how to buy Cheap Homes, and more, visit: http://www.HousesUnderFiftyThousand.com
Article Source: http://EzineArticles.com/?expert=Steven_Gillman
Smart Home Buying
It's a sorry sight when you see so many homes being repossessed. Repo's and foreclosures and more prevalent than ever before as first-time home buyers are making some cardinal mistakes during the buying process that are leading to problems later on. One of the biggest mistakes people are making is not having their finances completely in order and arranged before buying a home. The buying of a home is an awesome responsibility both financial and otherwise and not being prepared for those responsibilities is one of the largest causes of repossessions and mortgage defaults.
Your credit is intricately tied into the purchase of a home. In fact, your credit will determine the amount that you will be able to afford to borrow on a home. Get in touch with your credit bureau and get a copy of your report. This will detail your credit history and allow you to discover anything that may be detrimental to your mortgage application. Outstanding credit issues can dramatically reduce the amount you are eligible to borrow, so it's a good idea to see to any of these things. Pay them out if necessary and get release letters from the debtors so that you can show them to a prospective lender if the paid debts have not yet been removed off your report.
The next logical step is to secure a pre-approval from a mortgage lender. This will take some careful shopping to find the loan that is right for you. There are so many different kinds of mortgage available it pays to take the time to investigate not only the loan but the lender itself. Make sure you are borrowing from a lender who has a good reputation and a good track record. This is critically important as there are many fly-by-night lenders who will take advantage of a borrower who does not do their homework. Make sure you ask about interest rates and whether or not they are fixed or variable. This can have a big impact on your monthly payments so make sure you ask about all aspects of the loan before signing it.
Finally you should be able to start looking for a home. Be careful in recognizing the difference between your needs and your wants in a home. Don't look for more home than you can handle. Be choosy when looking and if you find a suitable candidate make sure that you look it over a few times before making an offer.
Calum and Kathy MacKenzie are experienced and professional Tampa, Florida real estate agents who specialize in helping families relocate to the Tampa area.
They've lived and worked in New Tampa for eleven years, and their extensive knowledge of New Tampa real estate can help make relocation a breeze.
Article Source: http://EzineArticles.com/?expert=Calum_MacKenzie
Your credit is intricately tied into the purchase of a home. In fact, your credit will determine the amount that you will be able to afford to borrow on a home. Get in touch with your credit bureau and get a copy of your report. This will detail your credit history and allow you to discover anything that may be detrimental to your mortgage application. Outstanding credit issues can dramatically reduce the amount you are eligible to borrow, so it's a good idea to see to any of these things. Pay them out if necessary and get release letters from the debtors so that you can show them to a prospective lender if the paid debts have not yet been removed off your report.
The next logical step is to secure a pre-approval from a mortgage lender. This will take some careful shopping to find the loan that is right for you. There are so many different kinds of mortgage available it pays to take the time to investigate not only the loan but the lender itself. Make sure you are borrowing from a lender who has a good reputation and a good track record. This is critically important as there are many fly-by-night lenders who will take advantage of a borrower who does not do their homework. Make sure you ask about interest rates and whether or not they are fixed or variable. This can have a big impact on your monthly payments so make sure you ask about all aspects of the loan before signing it.
Finally you should be able to start looking for a home. Be careful in recognizing the difference between your needs and your wants in a home. Don't look for more home than you can handle. Be choosy when looking and if you find a suitable candidate make sure that you look it over a few times before making an offer.
Calum and Kathy MacKenzie are experienced and professional Tampa, Florida real estate agents who specialize in helping families relocate to the Tampa area.
They've lived and worked in New Tampa for eleven years, and their extensive knowledge of New Tampa real estate can help make relocation a breeze.
Article Source: http://EzineArticles.com/?expert=Calum_MacKenzie
Home Buying 101 - How Much House Can You Afford?
Starting a home buying process means answering a lot of questions:
Are you ready to buy a home? How much of a mortgage loan can you afford? How's your credit? What size house do you need? How are your cash reserves?
The more Q&A, research and soul searching you do in advance, the smoother the process will be later on. Let's look, then, at one of the key questions from this list.
What Can You Afford?
Before house hunting, you should determine how much of a mortgage you can comfortably afford. "Comfortably" means you can pay your mortgage each month and still have money for living expenses, savings, and quality-of-life niceties.
In other words, you don't want a mortgage payment that forces you to "squeak by" each month. To determine your mortgage comfort-zone, you need three things: a budget, a price and a mortgage calculator. For the price, just start with the cost of a house you think you might be interested in buying.
At first, don't worry about whether the price is too high -- you'll find that out soon enough when you run the numbers.
Next, run the home price through a mortgage calculator at current interest rates and at a 30-year fixes mortgage. You might choose a different mortgage type later on, but this exercise is just to get a ballpark mortgage payment based on home price. So choose the 30-year fixed option for the sake of simplicity.
Mortgage calculators can easily be found on the Internet. Just type "mortgage calculator" into any major search engine, and you'll find several. Or, you can use the calculators we provide at HomeBuyingInstitute.com.
Once you’ve obtained an approximate monthly payment for various mortgage sizes, you can more accurately figure the price ranges into your budget. It’s a quick and easy way to see what homes are inside your comfort zone -- and to find out exactly what your comfort zone is in the first place.
Copyright 2006, Brandon Cornett. You may republish this article in its entirety, provided you leave the byline, author's note and website hyperlink intact.
Article Source: http://EzineArticles.com/?expert=Brandon_Cornett
Are you ready to buy a home? How much of a mortgage loan can you afford? How's your credit? What size house do you need? How are your cash reserves?
The more Q&A, research and soul searching you do in advance, the smoother the process will be later on. Let's look, then, at one of the key questions from this list.
What Can You Afford?
Before house hunting, you should determine how much of a mortgage you can comfortably afford. "Comfortably" means you can pay your mortgage each month and still have money for living expenses, savings, and quality-of-life niceties.
In other words, you don't want a mortgage payment that forces you to "squeak by" each month. To determine your mortgage comfort-zone, you need three things: a budget, a price and a mortgage calculator. For the price, just start with the cost of a house you think you might be interested in buying.
At first, don't worry about whether the price is too high -- you'll find that out soon enough when you run the numbers.
Next, run the home price through a mortgage calculator at current interest rates and at a 30-year fixes mortgage. You might choose a different mortgage type later on, but this exercise is just to get a ballpark mortgage payment based on home price. So choose the 30-year fixed option for the sake of simplicity.
Mortgage calculators can easily be found on the Internet. Just type "mortgage calculator" into any major search engine, and you'll find several. Or, you can use the calculators we provide at HomeBuyingInstitute.com.
Once you’ve obtained an approximate monthly payment for various mortgage sizes, you can more accurately figure the price ranges into your budget. It’s a quick and easy way to see what homes are inside your comfort zone -- and to find out exactly what your comfort zone is in the first place.
Copyright 2006, Brandon Cornett. You may republish this article in its entirety, provided you leave the byline, author's note and website hyperlink intact.
Article Source: http://EzineArticles.com/?expert=Brandon_Cornett
Home Buying Secrets
Key for invention is practical research
Home sellers won’t pick up the phone and call you with a maintenance free home with an excellent mortgage. It’s your responsibility to find out gems! Read more real estate information materials, chatting with friends and experts, research schools and neighborhoods is the best way to achieve your target. Discover how best to buy and maintain a home.
Go for planned approach and get preparatory
Plan your career. Developing a home buying plan can helps you to focus on the important factors and organize the entire process. Loan beforehand helps you to determine the home price you can afford and presents you as a genuine prospect to the seller. Make a note planning your actions and getting preparatory will always protects you out of the panic mode and allows you to take advantages of opportunities. Always keep in mind a thorough plan will save both time and money!
Value! Value! Value! Vital one!
Now days many of them are looking for a stable growth while guarding against the possibilities of falling prices, corporate layoffs, low interest rates that can dramatically affect your home values. If you buy with an eye towards enhancement, you can customize the home to fit your needs.
Home buying practice involves – what you want in a home before you go out for shopping
First of all list out the features that are most vital to you in deciding on which home to buy i.e. fenced-in yard, RV parking space, central air conditioning, etc… establish your criteria earlier as possible as you can.
Find out which type of loans fits according to your needs fixed vs. adjustable rate mortgages
In case of your first home if you plan to own for a short time, then ARM is the best type of loan. In other case if it’s your dream home, planned to raise a family in, then you may want the stability of a fixed rate mortgage. If you go for ARM, then index should be based on the Cost of funds index if rates are increasing and if treasury bills are decreasing. Make sure the teaser rate is well understood and what the real estate would be.
What ever loan you may choose, ensure that you analyze all the closing costs
If you have a mortgage escrow account and private mortgage insurance, then ensure that you understand the terms and cancellation procedures. There should be no prepayment penalties so that you can exploit an accelerated mortgage plan. Make a note a good mortgage reduction plan can save you thousands in interest costs, shorten your loan term, with only small extra principal payments. Incase you have experienced a negative changes in your marital status, job, health you can slip back to the standard payments in your mortgage contract.
Sign out a contract that protects you!
Contract you put, allows you to arrange for financing, inspect the home and negotiate any problems that you uncover.
Place you in the seller’s shoe!
You are at the critical position where to make out the most important decisions that will affect both your life and the life of the seller. If you some time to understand the cause that the seller bought the home, reason for selling, any home improvements made or not made, you will be at a better position to evaluate the home and negotiate a better deals. At last, home buying process excludes the professionals and comes down to the individuals buying and selling the home. A closer relationship with seller may help you in deciding whether and for how much to buy a particular home.
Build up a mortgage shopping chart
One of the most important decisions to make before signing a contract on home is how to finance the purchase. Now days you can apply for loans over the internet or even use mortgage broker to shop for your loan with hundreds of lenders. It is better if you create a chart that lists different types of loans, fees, and at least five mortgage providers.
Prefer home inspection before buying it!
Paying for a well qualified home inspection before you buy a home is not just spending a “little extra money” for peace of mind. It is absolutely vital for any one who does not want to spend out thousands of dollars for repairs.
Protect yourself with protection plan
Adopt protection plan. What is it? It is a negotiable contract between the buyers and sellers which won’t overlap or replace home owner’s insurance policy. This type of warranty can save the new home owner from lots of head aches, at the same side put seller’s fears to rest. The warranty includes mechanical breakdowns etc….
Article Source: http://EzineArticles.com/?expert=Ron_Victor
Home sellers won’t pick up the phone and call you with a maintenance free home with an excellent mortgage. It’s your responsibility to find out gems! Read more real estate information materials, chatting with friends and experts, research schools and neighborhoods is the best way to achieve your target. Discover how best to buy and maintain a home.
Go for planned approach and get preparatory
Plan your career. Developing a home buying plan can helps you to focus on the important factors and organize the entire process. Loan beforehand helps you to determine the home price you can afford and presents you as a genuine prospect to the seller. Make a note planning your actions and getting preparatory will always protects you out of the panic mode and allows you to take advantages of opportunities. Always keep in mind a thorough plan will save both time and money!
Value! Value! Value! Vital one!
Now days many of them are looking for a stable growth while guarding against the possibilities of falling prices, corporate layoffs, low interest rates that can dramatically affect your home values. If you buy with an eye towards enhancement, you can customize the home to fit your needs.
Home buying practice involves – what you want in a home before you go out for shopping
First of all list out the features that are most vital to you in deciding on which home to buy i.e. fenced-in yard, RV parking space, central air conditioning, etc… establish your criteria earlier as possible as you can.
Find out which type of loans fits according to your needs fixed vs. adjustable rate mortgages
In case of your first home if you plan to own for a short time, then ARM is the best type of loan. In other case if it’s your dream home, planned to raise a family in, then you may want the stability of a fixed rate mortgage. If you go for ARM, then index should be based on the Cost of funds index if rates are increasing and if treasury bills are decreasing. Make sure the teaser rate is well understood and what the real estate would be.
What ever loan you may choose, ensure that you analyze all the closing costs
If you have a mortgage escrow account and private mortgage insurance, then ensure that you understand the terms and cancellation procedures. There should be no prepayment penalties so that you can exploit an accelerated mortgage plan. Make a note a good mortgage reduction plan can save you thousands in interest costs, shorten your loan term, with only small extra principal payments. Incase you have experienced a negative changes in your marital status, job, health you can slip back to the standard payments in your mortgage contract.
Sign out a contract that protects you!
Contract you put, allows you to arrange for financing, inspect the home and negotiate any problems that you uncover.
Place you in the seller’s shoe!
You are at the critical position where to make out the most important decisions that will affect both your life and the life of the seller. If you some time to understand the cause that the seller bought the home, reason for selling, any home improvements made or not made, you will be at a better position to evaluate the home and negotiate a better deals. At last, home buying process excludes the professionals and comes down to the individuals buying and selling the home. A closer relationship with seller may help you in deciding whether and for how much to buy a particular home.
Build up a mortgage shopping chart
One of the most important decisions to make before signing a contract on home is how to finance the purchase. Now days you can apply for loans over the internet or even use mortgage broker to shop for your loan with hundreds of lenders. It is better if you create a chart that lists different types of loans, fees, and at least five mortgage providers.
Prefer home inspection before buying it!
Paying for a well qualified home inspection before you buy a home is not just spending a “little extra money” for peace of mind. It is absolutely vital for any one who does not want to spend out thousands of dollars for repairs.
Protect yourself with protection plan
Adopt protection plan. What is it? It is a negotiable contract between the buyers and sellers which won’t overlap or replace home owner’s insurance policy. This type of warranty can save the new home owner from lots of head aches, at the same side put seller’s fears to rest. The warranty includes mechanical breakdowns etc….
Article Source: http://EzineArticles.com/?expert=Ron_Victor
Home Buying Terminology -- What's An Appraisal?
During the home buying process, you’ll hear the term "appraisal" mentioned at some point.
Chances are, you already have a general idea what this term means. But when it comes to mortgages and home buying, you need to know exactly what an appraisal involves and how it affects you.
First, a definition:
Appraisal -- A professional appraiser’s estimate of the market value of a property. Appraisals take into account the local market conditions and the characteristics of a property. They are required by most lenders.
In other words, the appraisal is the lender’s way of determining a realistic market value of your future home. The lender uses the appraisal to ensure that the home is actually worth the price you’ve agreed to pay.
In the unfortunate event that you can’t pay your mortgage, the bank will foreclose on the home and resell it. Not a nice thought -- but it’s reality. The appraisal is how the lender protects its own financial interests.
Generally, you’ll have little control over the appraisal process and won’t even be present for it. Chances are, your lender will arrange the appraisal, and the house will either appraise at the asking price or not. Hopefully the former.
If the home appraises for less than the asking price, you have two options. You can come up with the difference, or the seller can reduce the asking price to match the appraisal.
Also keep in mind that an appraisal is not a home inspection. A home inspection is something you should obtain to protect your investment. An appraisal is the appraiser's opinion about the value of your prospective home. But that's it. Appraisers will not test the functionality of appliances, inspect the roof, or perform other tasks a home inspector would do.
* Copyright 2006, Brandon Cornett. You may republish this article in its entirety, provided you leave the byline, author's note and website hyperlink intact.
Article Source: http://EzineArticles.com/?expert=Brandon_Cornett
Chances are, you already have a general idea what this term means. But when it comes to mortgages and home buying, you need to know exactly what an appraisal involves and how it affects you.
First, a definition:
Appraisal -- A professional appraiser’s estimate of the market value of a property. Appraisals take into account the local market conditions and the characteristics of a property. They are required by most lenders.
In other words, the appraisal is the lender’s way of determining a realistic market value of your future home. The lender uses the appraisal to ensure that the home is actually worth the price you’ve agreed to pay.
In the unfortunate event that you can’t pay your mortgage, the bank will foreclose on the home and resell it. Not a nice thought -- but it’s reality. The appraisal is how the lender protects its own financial interests.
Generally, you’ll have little control over the appraisal process and won’t even be present for it. Chances are, your lender will arrange the appraisal, and the house will either appraise at the asking price or not. Hopefully the former.
If the home appraises for less than the asking price, you have two options. You can come up with the difference, or the seller can reduce the asking price to match the appraisal.
Also keep in mind that an appraisal is not a home inspection. A home inspection is something you should obtain to protect your investment. An appraisal is the appraiser's opinion about the value of your prospective home. But that's it. Appraisers will not test the functionality of appliances, inspect the roof, or perform other tasks a home inspector would do.
* Copyright 2006, Brandon Cornett. You may republish this article in its entirety, provided you leave the byline, author's note and website hyperlink intact.
Article Source: http://EzineArticles.com/?expert=Brandon_Cornett
New Home Buying Guide - House Hunting Tips
The first step in creating a house hunting plan is to define what is most important to you. Get together with your family and discuss what you need in a new home. There are a number of questions you can ask to help guide you. What size of home would best suit you? Are there features that your family cannot live without? Do you have special circumstances to consider in terms of accessibility or safety?
Evaluating floor plans is an important aspect in your new home as the floor plan is the skeleton that supports family life. It’s important to consider your family’s interaction within the home and ensure that the house facilitates communication and socializing. Consider living spaces that are accessible to all family members as well as functional spaces that help facilitate your family’s everyday activities.
The location of your new home is also very important. Consider the proximity to your job, schools and public transportation. Also look closely at the community and environment by taking a tour of the neighborhood and consulting people who live there. If the community is under construction, tour other communities nearby or by the same builder.
Also look at vacant land around desired locations and seeing if there are plans to build in the space. Plans to build other homes of equal or more value may help the value of the home, but if the space is set aside for commercial space could depreciate the value of the house.
Once you’ve decided on the attributes of your ideal home, split your list into musts and wants. You can start your search online. Sites such as NewHomeGuide.com list a number of new homes for sale and you can search for available homes using the criteria you defined. Also take this list with you when you look at homes or talk to builders to remind you what is most important in your search.
If you are working with a real estate agent, communicate your list of wants and needs to your agent. As you begin to look at houses, be sure to provide your agent with constructive feedback that will help them refine your house hunt.
As you are looking at homes, be sure to check off the features on your list that each house possesses. If you cannot find a home that meets all of your wants after looking at several houses, reevaluate your list and determine if your search criteria is realistic. You may need to change some of your musts to wants.
My name is Robert Stark. I have been in the industry of real estate investing for over 17 years. My real estate investing endeavors have run the gamut from vans down by the river to mansions on the mountain side. In the last 5 years I have been able to focus on buying new homes, and through my experiences I have acquired a considerable amount of home buying knowledge that I would like to share with anyone who cares to listen.
Article Source: http://EzineArticles.com/?expert=Robert_H._Stark
Evaluating floor plans is an important aspect in your new home as the floor plan is the skeleton that supports family life. It’s important to consider your family’s interaction within the home and ensure that the house facilitates communication and socializing. Consider living spaces that are accessible to all family members as well as functional spaces that help facilitate your family’s everyday activities.
The location of your new home is also very important. Consider the proximity to your job, schools and public transportation. Also look closely at the community and environment by taking a tour of the neighborhood and consulting people who live there. If the community is under construction, tour other communities nearby or by the same builder.
Also look at vacant land around desired locations and seeing if there are plans to build in the space. Plans to build other homes of equal or more value may help the value of the home, but if the space is set aside for commercial space could depreciate the value of the house.
Once you’ve decided on the attributes of your ideal home, split your list into musts and wants. You can start your search online. Sites such as NewHomeGuide.com list a number of new homes for sale and you can search for available homes using the criteria you defined. Also take this list with you when you look at homes or talk to builders to remind you what is most important in your search.
If you are working with a real estate agent, communicate your list of wants and needs to your agent. As you begin to look at houses, be sure to provide your agent with constructive feedback that will help them refine your house hunt.
As you are looking at homes, be sure to check off the features on your list that each house possesses. If you cannot find a home that meets all of your wants after looking at several houses, reevaluate your list and determine if your search criteria is realistic. You may need to change some of your musts to wants.
My name is Robert Stark. I have been in the industry of real estate investing for over 17 years. My real estate investing endeavors have run the gamut from vans down by the river to mansions on the mountain side. In the last 5 years I have been able to focus on buying new homes, and through my experiences I have acquired a considerable amount of home buying knowledge that I would like to share with anyone who cares to listen.
Article Source: http://EzineArticles.com/?expert=Robert_H._Stark
Home Buying Seminar
One of the most important aspects of first time home buying is knowledge about what you are doing and more importantly how to accomplish it with out incident.
Attending a home buying seminar will help you to better understand the home purchasing process and to know the terms better that you will be hearing while involved in the process of purchase. They will explain for your what is a prebuilt home, and what is a modular home How to purchase a condo, or have a condo prebuilt for you while making sure that it is cost efficient and within your budget.
The difference between a prepurchased home and a prebuilt home as well as what it means to get in on the ground floor of a pre built community will become clear as you listen to the speakers, who may include contractors, builders and agents. Each of them has an area of expertise that they are willing to share with you regarding your new home purchase.
Making the home buying process easier and providing clear knowledge and information is what a home buying seminar will offer you. It will help you to clearly define your goals in the purchase as well as show you nearly everything that you need to know and do to purchase a home. Buying a home is emotional. It is exciting and exhilarating particularly for first time purchasers and the excitement can in fact carry you into a situation fraught with unexpected expenses and burdens if we are carried away by our own excitement rather than having at our fingertips the information we need to make an informed purchse.
It can also show you how to purchase with minimal down payments, how to choose a mortgage, which mortgage is best for you, ways to take advantage of government incentives and how to calculate your closing costs and find a home that is well within your price range.
Saving you time and money on such things as home inspections, negotiations on price and repairs as well as being your own realty representative are just a few of the things you may take away from your home buying seminar. Everything about the home buying process may have its pitfalls and difficulties. Making the purchase as easy as possible is the goal of the home buying seminar. In the long run, learning before we buy is the best and wisest choice for all of us.
For further details, please visit First Release Homes
Attending a home buying seminar will help you to better understand the home purchasing process and to know the terms better that you will be hearing while involved in the process of purchase. They will explain for your what is a prebuilt home, and what is a modular home How to purchase a condo, or have a condo prebuilt for you while making sure that it is cost efficient and within your budget.
The difference between a prepurchased home and a prebuilt home as well as what it means to get in on the ground floor of a pre built community will become clear as you listen to the speakers, who may include contractors, builders and agents. Each of them has an area of expertise that they are willing to share with you regarding your new home purchase.
Making the home buying process easier and providing clear knowledge and information is what a home buying seminar will offer you. It will help you to clearly define your goals in the purchase as well as show you nearly everything that you need to know and do to purchase a home. Buying a home is emotional. It is exciting and exhilarating particularly for first time purchasers and the excitement can in fact carry you into a situation fraught with unexpected expenses and burdens if we are carried away by our own excitement rather than having at our fingertips the information we need to make an informed purchse.
It can also show you how to purchase with minimal down payments, how to choose a mortgage, which mortgage is best for you, ways to take advantage of government incentives and how to calculate your closing costs and find a home that is well within your price range.
Saving you time and money on such things as home inspections, negotiations on price and repairs as well as being your own realty representative are just a few of the things you may take away from your home buying seminar. Everything about the home buying process may have its pitfalls and difficulties. Making the purchase as easy as possible is the goal of the home buying seminar. In the long run, learning before we buy is the best and wisest choice for all of us.
For further details, please visit First Release Homes
Article Source: http://EzineArticles.com/?expert=Hayi_Mansoor
Home Buying Process: Pre-Settlement Checklist for Home Buyers
Settlement (also referred to as closing) is a critical part of the home buying process.
During settlement, ownership of the home gets transferred from the seller to the buyer. This involves a lot of paperwork, a lot of signatures, and usually a lot of questions.
As a home buyer, you can prepare for settlement by understanding what you need to do before the actual day of settlement. This will make the entire home buying process smoother and less stressful.
Some of the items on this list may seem obvious, but I've included them anyway to make the list as complete as possible. Keep in mind that settlement laws and requirements may vary from state to state.
Pre-Settlement Checklist:
* Loan Approval - This is first and foremost, because you can't proceed toward settlement / closing until you get approved for the loan. Once you're approved for the loan, the settlement process is in motion.
* Truth-in-Lending Statement - Shortly after applying for the loan (usually within three business days), the lender will give you a truth-in-lending statement. This statement shows the total estimated cost of the loan, including fees, interest rates and payment terms.
* Set the Date - The time and place of settlement will usually be agreed upon between the lender, the settlement company, and the buyer and seller.
* Transfer Utilities - Call to transfer all applicable utilities (gas, electric, etc.) to your name, effective on the settlement date.
* Hazard Insurance - Most lenders will require hazard and liability insurance, at least up to the loan amount. You need this to satisfy their requirements, but you should also choose a policy that protects your investment and give you peace of mind.
* Final Walk-Through - A day or two before settlement, you will conduct a final walk-through of the house. This is your last chance to view the property before taking ownership of it. Make sure everything is as you remember it (no new damages, all conveyed items present, etc.). Also, if you made the contract contingent upon certain repairs (based on the home inspection), make sure those repairs have been completed.
* Settlement Statement - At least one business day before settlement, you should receive a settlement statement (also referred to as a HUD-1 statement). This document will list all the costs you're required to pay at settlement. Review it carefully. If you find errors or items you don't understand, bring it up with your real estate agent, attorney or settlement agent. Don't let your questions go unanswered!
* Certified Check - In most cases, you will need to bring a certified check with you to settlement to cover all the closing costs. The amount of this check will be based on the settlement statement. Be sure to bring a photo ID with you as well.
Understanding the settlement process will help ensure a smoother home buying process. Be proactive about the items on this list. Don't just wait for them to happen -- make them happen.
* Copyright 2006, Brandon Cornett. You may republish this article if you keep the byline and author's note, and also leave the hyperlinks active.
Learn more!
To learn more about the home buying process visit HomeBuyingInstitute.com, the Internet's largest library of home buying advice. Visit: http://www.homebuyinginstitute.com today!
Article Source: http://EzineArticles.com/?expert=Brandon_Cornett
During settlement, ownership of the home gets transferred from the seller to the buyer. This involves a lot of paperwork, a lot of signatures, and usually a lot of questions.
As a home buyer, you can prepare for settlement by understanding what you need to do before the actual day of settlement. This will make the entire home buying process smoother and less stressful.
Some of the items on this list may seem obvious, but I've included them anyway to make the list as complete as possible. Keep in mind that settlement laws and requirements may vary from state to state.
Pre-Settlement Checklist:
* Loan Approval - This is first and foremost, because you can't proceed toward settlement / closing until you get approved for the loan. Once you're approved for the loan, the settlement process is in motion.
* Truth-in-Lending Statement - Shortly after applying for the loan (usually within three business days), the lender will give you a truth-in-lending statement. This statement shows the total estimated cost of the loan, including fees, interest rates and payment terms.
* Set the Date - The time and place of settlement will usually be agreed upon between the lender, the settlement company, and the buyer and seller.
* Transfer Utilities - Call to transfer all applicable utilities (gas, electric, etc.) to your name, effective on the settlement date.
* Hazard Insurance - Most lenders will require hazard and liability insurance, at least up to the loan amount. You need this to satisfy their requirements, but you should also choose a policy that protects your investment and give you peace of mind.
* Final Walk-Through - A day or two before settlement, you will conduct a final walk-through of the house. This is your last chance to view the property before taking ownership of it. Make sure everything is as you remember it (no new damages, all conveyed items present, etc.). Also, if you made the contract contingent upon certain repairs (based on the home inspection), make sure those repairs have been completed.
* Settlement Statement - At least one business day before settlement, you should receive a settlement statement (also referred to as a HUD-1 statement). This document will list all the costs you're required to pay at settlement. Review it carefully. If you find errors or items you don't understand, bring it up with your real estate agent, attorney or settlement agent. Don't let your questions go unanswered!
* Certified Check - In most cases, you will need to bring a certified check with you to settlement to cover all the closing costs. The amount of this check will be based on the settlement statement. Be sure to bring a photo ID with you as well.
Understanding the settlement process will help ensure a smoother home buying process. Be proactive about the items on this list. Don't just wait for them to happen -- make them happen.
* Copyright 2006, Brandon Cornett. You may republish this article if you keep the byline and author's note, and also leave the hyperlinks active.
Learn more!
To learn more about the home buying process visit HomeBuyingInstitute.com, the Internet's largest library of home buying advice. Visit: http://www.homebuyinginstitute.com today!
Article Source: http://EzineArticles.com/?expert=Brandon_Cornett
Home Buying Process
Buying a home is a very big investment for most people. It’s a big decision to make. A booming real estate market and easy availability of finances is making this dream come true for many people. Owning a home is not just a good investment, but it also offers other advantages such as tax savings, limited monthly costs, forced savings and, most importantly, the feeling of being independent. There are many prerequisites for owning a home: a stable income, a good credit report, some cash for a down payment and up-front fees, the ability to get a mortgage and, most importantly, the house.
The home buying process is rather complicated, especially for a first time buyer, and may take several weeks. The first stage in the process is to identify a good house. Consider the location, the neighborhood, facilities both in the house as well as nearby, the amenities in the house, proximity to the workplace or the school, the kind of home you want, and many other factors. You can get the help of a real estate agent for this. Newspaper columns, the Internet, “for sale” signs, and friends and family members are also some of the most common sources of information.
The next stage is to identify your credit rating. Is it good enough to attract a good mortgage rate easily? Plan your finances to cover the mortgage payments every month, work out how much you can really afford (make a budget), determine your net worth, find a good mortgage agent, get a pre-approval for the mortgage, make an offer to the seller, finalize the deal, exchange contracts and title for the house, and finally you can move in. The offer documents generally contain the selling price, any concessions desired, financing contingencies, home inspection contingencies, a clear definition of what is contained in the sale, and the deposit amount that is tendered with the offer. You would need the help of a lawyer, a home inspector, an appraiser, an insurance broker, a land surveyor, and, if you are building or rebuilding the house, a builder or contractor.
The formalities which need to be completed before the final closing are the settlement statement, contract, loan papers, title insurance, homeowner’s insurance, the title or deed, and the down payment and closing costs. Before signing the final contract, check the kind of disclosures offered by the seller, home inspection reports, the real estate agent’s title search services, and the other costs involved in the whole process. Mortgage loan insurance application fee and premium, appraisal fee, deposit, down payment, home inspection fee, land registration fee, property insurance, title insurance, legal fees and disbursements are some of the general up-front costs.
Home Buying provides detailed information on Home Buying, Home Buying Process, Home Buying Tips, Buying A Home With Bad Credit and more. Home Buying is affiliated with Home Selling Assistance. ===>
Article Source: http://EzineArticles.com/?expert=Richard_Romando
The home buying process is rather complicated, especially for a first time buyer, and may take several weeks. The first stage in the process is to identify a good house. Consider the location, the neighborhood, facilities both in the house as well as nearby, the amenities in the house, proximity to the workplace or the school, the kind of home you want, and many other factors. You can get the help of a real estate agent for this. Newspaper columns, the Internet, “for sale” signs, and friends and family members are also some of the most common sources of information.
The next stage is to identify your credit rating. Is it good enough to attract a good mortgage rate easily? Plan your finances to cover the mortgage payments every month, work out how much you can really afford (make a budget), determine your net worth, find a good mortgage agent, get a pre-approval for the mortgage, make an offer to the seller, finalize the deal, exchange contracts and title for the house, and finally you can move in. The offer documents generally contain the selling price, any concessions desired, financing contingencies, home inspection contingencies, a clear definition of what is contained in the sale, and the deposit amount that is tendered with the offer. You would need the help of a lawyer, a home inspector, an appraiser, an insurance broker, a land surveyor, and, if you are building or rebuilding the house, a builder or contractor.
The formalities which need to be completed before the final closing are the settlement statement, contract, loan papers, title insurance, homeowner’s insurance, the title or deed, and the down payment and closing costs. Before signing the final contract, check the kind of disclosures offered by the seller, home inspection reports, the real estate agent’s title search services, and the other costs involved in the whole process. Mortgage loan insurance application fee and premium, appraisal fee, deposit, down payment, home inspection fee, land registration fee, property insurance, title insurance, legal fees and disbursements are some of the general up-front costs.
Home Buying provides detailed information on Home Buying, Home Buying Process, Home Buying Tips, Buying A Home With Bad Credit and more. Home Buying is affiliated with Home Selling Assistance. ===>
Article Source: http://EzineArticles.com/?expert=Richard_Romando
New Home Buying & Building Tips
With new construction, it is extremely important to find a reputable builder. Two of the most important things to seek out in builders are the rapport you feel you can establish with them and their experience. In terms of a builder’s experience, ask for references and follow them up. There are no better sources than families living in the homes of the builder to attest to the workmanship and comfort of the home itself. Additionally, feel free to ask the builder for his credentials and if he’s received any awards or industry recognition.
Take the time to ensure that your new home will be built with quality materials. One of the best ways to check into this is to tour the construction site and examine other homes the builder has constructed. Ask to see model homes and evaluate them carefully. Examine the most basic elements from the foundation to the types of pipe and wiring used. Also be sure that your builder has a fair approach on taxes to ensure that you are not being charged taxes for a completed home during the time of construction.
You will also need to weigh the pros and cons associated with the different types of new homes. If you are considering a spec home, you may have to forgo certain elements of customization such as colors and finishes. However, one appeal of a spec home is the ability to move into your new home quickly and with little hassle. Plus, the longer you wait to purchase, the better the chance that the price of the home will come down since it costs the builder to stand vacant.
In the case of pre-construction homes, the opposite holds true. The earlier you decide to purchase, the less the home will cost. As construction proceeds on a new home, more and more buyers become interested as it becomes clearer what the home will look like.
You may find a great deal on a “builder’s close out” home. These types of houses are ones that must be sold in order for the builder to move on to another project. However, beware as this phrase is sometimes used as a marketing ploy to convince buyers that they are getting a deal.
Finally, be sure to carefully evaluate and compare each builder’s warranty and after-sales service arrangement. Though the actual design and construction of your home will take a matter of months, you may rely on your builder even years later.
In the end, the best plan is simply to do your home buying research and be thorough when it comes to buying a new home. Going the extra mile can help to find a quality home at an affordable price.
My name is Robert Stark. I have been in the industry of real estate investing for over 17 years. My real estate investing endeavors have run the gamut from vans down by the river to mansions on the mountain side. In the last 5 years I have been able to focus on buying new homes, and through my experiences I have acquired a considerable amount of home buying knowledge that I would like to share with anyone who cares to listen.
Article Source: http://EzineArticles.com/?expert=Robert_H._Stark
Take the time to ensure that your new home will be built with quality materials. One of the best ways to check into this is to tour the construction site and examine other homes the builder has constructed. Ask to see model homes and evaluate them carefully. Examine the most basic elements from the foundation to the types of pipe and wiring used. Also be sure that your builder has a fair approach on taxes to ensure that you are not being charged taxes for a completed home during the time of construction.
You will also need to weigh the pros and cons associated with the different types of new homes. If you are considering a spec home, you may have to forgo certain elements of customization such as colors and finishes. However, one appeal of a spec home is the ability to move into your new home quickly and with little hassle. Plus, the longer you wait to purchase, the better the chance that the price of the home will come down since it costs the builder to stand vacant.
In the case of pre-construction homes, the opposite holds true. The earlier you decide to purchase, the less the home will cost. As construction proceeds on a new home, more and more buyers become interested as it becomes clearer what the home will look like.
You may find a great deal on a “builder’s close out” home. These types of houses are ones that must be sold in order for the builder to move on to another project. However, beware as this phrase is sometimes used as a marketing ploy to convince buyers that they are getting a deal.
Finally, be sure to carefully evaluate and compare each builder’s warranty and after-sales service arrangement. Though the actual design and construction of your home will take a matter of months, you may rely on your builder even years later.
In the end, the best plan is simply to do your home buying research and be thorough when it comes to buying a new home. Going the extra mile can help to find a quality home at an affordable price.
My name is Robert Stark. I have been in the industry of real estate investing for over 17 years. My real estate investing endeavors have run the gamut from vans down by the river to mansions on the mountain side. In the last 5 years I have been able to focus on buying new homes, and through my experiences I have acquired a considerable amount of home buying knowledge that I would like to share with anyone who cares to listen.
Article Source: http://EzineArticles.com/?expert=Robert_H._Stark
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